Rockefeller Capital Management L.P. Purchases 538,956 Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Rockefeller Capital Management L.P. increased its position in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 30.4% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,314,653 shares of the company’s stock after buying an additional 538,956 shares during the period. Rockefeller Capital Management L.P.’s holdings in AvidXchange were worth $18,779,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of AVDX. Allspring Global Investments Holdings LLC acquired a new stake in AvidXchange during the 3rd quarter worth about $38,000. nVerses Capital LLC bought a new stake in AvidXchange in the second quarter worth approximately $66,000. CWM LLC increased its holdings in AvidXchange by 7,259.8% in the third quarter. CWM LLC now owns 6,771 shares of the company’s stock worth $55,000 after purchasing an additional 6,679 shares in the last quarter. Xponance Inc. acquired a new position in AvidXchange in the second quarter valued at approximately $133,000. Finally, Arbor Investment Advisors LLC acquired a new position in AvidXchange in the third quarter valued at approximately $98,000. Institutional investors and hedge funds own 80.58% of the company’s stock.

Insiders Place Their Bets

In other AvidXchange news, insider Ryan Stahl sold 7,427 shares of AvidXchange stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $8.58, for a total transaction of $63,723.66. Following the transaction, the insider now owns 369,603 shares of the company’s stock, valued at $3,171,193.74. This trade represents a 1.97 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In the last ninety days, insiders sold 17,697 shares of company stock valued at $146,265. Corporate insiders own 10.40% of the company’s stock.

AvidXchange Stock Performance

NASDAQ 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 company has a fifty day moving average price of $9.11 and a 200-day moving average price of $9.72. AvidXchange Holdings, Inc. has a 1 year low of $7.38 and a 1 year high of $13.56. The firm has a market cap of $2.35 billion, a price-to-earnings ratio of 572.00 and a beta of 1.00.

Analyst Ratings Changes

AVDX has been the topic of several recent analyst reports. JPMorgan Chase & Co. lowered AvidXchange from an “overweight” rating to a “neutral” rating and dropped their price target for the company from $11.00 to $9.00 in a research note on Tuesday, August 20th. The Goldman Sachs Group boosted their price target on AvidXchange from $7.00 to $9.00 and gave the company a “sell” rating in a research note on Thursday, November 7th. UBS Group boosted their price target on AvidXchange from $10.00 to $10.50 and gave the company a “neutral” rating in a research note on Thursday, November 7th. Barclays boosted their price target on AvidXchange from $11.00 to $13.00 and gave the company an “overweight” rating in a research note on Monday, November 18th. Finally, Compass Point raised AvidXchange from a “neutral” rating to a “buy” rating and boosted their price target for the company from $8.00 to $15.00 in a research note on Thursday, November 7th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $11.39.

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.