Advantage Alpha Capital Partners LP Has $6.09 Million Stock Holdings in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Advantage Alpha Capital Partners LP increased its position in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 115.7% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 750,282 shares of the company’s stock after purchasing an additional 402,488 shares during the quarter. AvidXchange makes up approximately 1.4% of Advantage Alpha Capital Partners LP’s holdings, making the stock its 23rd biggest holding. Advantage Alpha Capital Partners LP’s holdings in AvidXchange were worth $6,085,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. SG Americas Securities LLC increased its holdings in shares of AvidXchange by 2.9% during the second quarter. SG Americas Securities LLC now owns 29,813 shares of the company’s stock worth $360,000 after buying an additional 835 shares in the last quarter. California State Teachers Retirement System grew its position in AvidXchange by 1.0% during the 1st quarter. California State Teachers Retirement System now owns 161,292 shares of the company’s stock worth $2,121,000 after acquiring an additional 1,656 shares during the last quarter. Advisors Asset Management Inc. increased its holdings in AvidXchange by 96.3% during the 1st quarter. Advisors Asset Management Inc. now owns 4,309 shares of the company’s stock valued at $57,000 after purchasing an additional 2,114 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its position in AvidXchange by 29.6% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 13,211 shares of the company’s stock valued at $107,000 after purchasing an additional 3,019 shares during the last quarter. Finally, Principal Financial Group Inc. boosted its stake in AvidXchange by 17.1% in the second quarter. Principal Financial Group Inc. now owns 23,479 shares of the company’s stock worth $283,000 after purchasing an additional 3,421 shares in the last quarter. 80.58% of the stock is owned by institutional investors.

Insider Activity

In other news, insider Ryan Stahl sold 7,427 shares of the business’s stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $8.58, for a total value of $63,723.66. Following the sale, the insider now directly owns 369,603 shares in the company, valued at $3,171,193.74. The trade was a 1.97 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Michael Praeger sold 6,701 shares of the company’s stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $8.17, for a total value of $54,747.17. Following the transaction, the chief executive officer now directly owns 10,410,983 shares of the company’s stock, valued at approximately $85,057,731.11. This trade represents a 0.06 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 43,756 shares of company stock worth $358,780 over the last quarter. 10.40% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

AVDX has been the subject of a number of research reports. KeyCorp lowered their target price on AvidXchange from $15.00 to $12.00 and set an “overweight” rating for the company in a research note on Thursday, August 1st. The Goldman Sachs Group boosted their target price on shares of AvidXchange from $7.00 to $9.00 and gave the stock a “sell” rating in a research note on Thursday, November 7th. Wells Fargo & Company increased their price target 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 objective on shares of AvidXchange from $9.00 to $10.00 and gave the stock a “neutral” rating in a research report on Thursday, November 7th. Finally, BMO Capital Markets upped their price objective on AvidXchange from $10.00 to $11.00 and gave the stock a “market perform” rating in a report on Friday, November 8th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and six have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $11.39.

AvidXchange Stock Up 3.8 %

Shares of AvidXchange stock opened at $11.59 on Tuesday. 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 company has a market capitalization of $2.38 billion, a P/E ratio of 558.50 and a beta of 1.00. The business has a 50-day moving average of $8.82 and a two-hundred day moving average of $9.72. AvidXchange Holdings, Inc. has a 1 year low of $7.38 and a 1 year high of $13.56.

AvidXchange 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.