Compelling Upgrade: AvidXchange Holdings Gets New Buy Rating from Compass Point
Fintel reported on November 7, 2024, that Compass Point has raised its outlook for AvidXchange Holdings (NasdaqGS:AVDX) from Neutral to Buy.
Analyst Price Forecast Signals Positive Growth
As of October 22, 2024, analysts project a one-year price target for AvidXchange Holdings at $10.68 per share. The estimates range from a low of $7.07 to a high of $15.75, indicating a potential increase of 6.76% from the most recent closing price of $10.00 per share.
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Projected Revenue Growth Looks Promising
AvidXchange Holdings is anticipated to generate annual revenue of $459 million, marking a growth of 7.33%. However, the forecasted annual non-GAAP earnings per share (EPS) stands at -0.27.
Fund Sentiment Reveals Increased Interest
Currently, there are 430 funds or institutions holding positions in AvidXchange Holdings, reflecting an increase of 14 owners or 3.37% over the last quarter. The average portfolio weight dedicated to AVDX is now 0.42%, up by 23.47%. Shares owned by institutions rose by 4.17% in the past three months, totaling 197,867,000 shares. 
The put/call ratio for AVDX is at 0.08, suggesting a bullish outlook among investors.
Senvest Management owns 10,876,000 shares, representing 5.23% of AvidXchange. Notably, this is an increase from their previous holding of 9,413,000 shares, reflecting a growth of 13.45% in their investment.
Bain Capital Venture Investors holds 9,140,000 shares, which is 4.40% of the company, showing no change in the last quarter.
Greenhouse Funds LLLP significantly raised its holdings to 6,493,000 shares, a 31.19% increase from the 4,468,000 shares reported earlier. Their investment in AVDX also saw a portfolio increase of 10.83% over the past quarter.
North Reef Capital Management owns 6,300,000 shares, representing 3.03% of the company. This is up from 5,500,000 shares, indicating a 12.70% increase, although overall, their portfolio allocation in AVDX decreased by 6.65% last quarter.
Furthermore, VTSMX – Vanguard Total Stock Market Index Fund Investor Shares holds 5,086,000 shares or 2.45% of the company, marking a slight increase from 5,021,000 shares, albeit with a decrease in their allocation by 9.67% for the last quarter.
AvidXchange Holdings: Company Overview
(This description is provided by the company.)
AvidXchange is a prominent provider of accounts payable automation software and payment solutions tailored for middle-market businesses and their suppliers. Their end-to-end software and payment platform digitizes and streamlines the accounts payable processes for over 7,000 businesses and have facilitated payments to more than 700,000 suppliers in the past five years.
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This story originally appeared on Fintel.
The views and opinions expressed herein are those of the author and do not necessarily reflect the views of Nasdaq, Inc.
