Capstone Investment Advisors LLC Reduces Stock Position in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Capstone Investment Advisors LLC cut its stake in AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 37.5% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 11,682 shares of the company’s stock after selling 7,016 shares during the quarter. Capstone Investment Advisors LLC’s holdings in AvidXchange were worth $95,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Rockefeller Capital Management L.P. grew its holdings in AvidXchange by 30.4% during the 3rd quarter. Rockefeller Capital Management L.P. now owns 2,314,653 shares of the company’s stock valued at $18,779,000 after buying an additional 538,956 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of AvidXchange by 5.1% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 422,697 shares of the company’s stock valued at $3,428,000 after acquiring an additional 20,665 shares during the period. Providence Capital Advisors LLC grew its stake in AvidXchange by 709.6% during the third quarter. Providence Capital Advisors LLC now owns 649,565 shares of the company’s stock valued at $5,268,000 after acquiring an additional 569,328 shares in the last quarter. Quantbot Technologies LP bought a new stake in AvidXchange during the 3rd quarter worth approximately $618,000. Finally, Advantage Alpha Capital Partners LP grew its position in shares of AvidXchange by 115.7% during the 3rd quarter. Advantage Alpha Capital Partners LP now owns 750,282 shares of the company’s stock valued at $6,085,000 after purchasing an additional 402,488 shares in the last quarter. 80.58% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the company. JPMorgan Chase & Co. cut AvidXchange from an “overweight” rating to a “neutral” rating and reduced their target price for the stock from $11.00 to $9.00 in a research report on Tuesday, August 20th. Wells Fargo & Company raised their target price on shares of AvidXchange from $9.00 to $10.00 and gave the company an “equal weight” rating in a research note on Thursday, November 7th. Piper Sandler boosted their price target on shares of AvidXchange from $9.00 to $10.00 and gave the stock a “neutral” rating in a research note on Thursday, November 7th. Keefe, Bruyette & Woods raised their price objective on shares of AvidXchange from $9.00 to $10.00 and gave the company a “market perform” rating in a research report on Thursday, November 7th. Finally, Bank of America dropped their price objective on shares of AvidXchange from $12.00 to $8.00 and set an “underperform” rating for the company in a report on Tuesday, October 15th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $11.39.

AvidXchange Price Performance

AVDX opened at $11.44 on Monday. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.32 and a quick ratio of 1.32. The stock’s 50 day simple moving average is $9.11 and its 200 day simple moving average is $9.72. The firm has a market cap of $2.35 billion, a price-to-earnings ratio of 572.00 and a beta of 1.00. AvidXchange Holdings, Inc. has a 1 year low of $7.38 and a 1 year high of $13.56.

Insider Transactions at AvidXchange

In other news, insider Ryan Stahl sold 7,621 shares of the company’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $8.13, for a total transaction of $61,958.73. Following the completion of the transaction, the insider now directly owns 377,030 shares of the company’s stock, valued at approximately $3,065,253.90. This represents a 1.98 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Over the last 90 days, insiders have sold 17,697 shares of company stock worth $146,265. Insiders own 10.40% of the company’s stock.

AvidXchange Company Profile

AvidXchange Holdings, Inc provides accounts payable (AP) automation software and payment solutions for middle market businesses and their suppliers in North America. The company offers AP automation software, a SaaS-based solution that automates and digitizes capture, review, approval, and payment of invoices for buyers; the AvidPay network that connects two-sided payments with buyers and suppliers; and the AvidXchange Supplier Hub, which provides supplier insights to cash flow, tools for in-network invoices and payments, and early payment feature.