Atom Investors LP Buys Shares of 26,242 AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Atom Investors LP bought a new stake in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund bought 26,242 shares of the company’s stock, valued at approximately $213,000.

Other large investors also recently added to or reduced their stakes in the company. US Bancorp DE raised its stake in AvidXchange by 111,114.9% during the 3rd quarter. US Bancorp DE now owns 52,271 shares of the company’s stock valued at $424,000 after purchasing an additional 52,224 shares during the period. Entropy Technologies LP acquired a new stake in AvidXchange during the 3rd quarter valued at $447,000. State of New Jersey Common Pension Fund D raised its stake in AvidXchange by 39.3% during the 3rd quarter. State of New Jersey Common Pension Fund D now owns 247,947 shares of the company’s stock valued at $2,011,000 after purchasing an additional 69,971 shares during the period. California State Teachers Retirement System raised its stake in AvidXchange by 1.0% during the 1st quarter. California State Teachers Retirement System now owns 161,292 shares of the company’s stock valued at $2,121,000 after purchasing an additional 1,656 shares during the period. Finally, American Century Companies Inc. grew its holdings in shares of AvidXchange by 54.2% during the 2nd quarter. American Century Companies Inc. now owns 4,515,719 shares of the company’s stock valued at $54,460,000 after acquiring an additional 1,586,510 shares in the last quarter. 80.58% of the stock is owned by institutional investors and hedge funds.

AvidXchange Price Performance

NASDAQ AVDX opened at $11.46 on Thursday. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.11. The company has a fifty day simple moving average of $9.31 and a 200 day simple moving average of $9.73. The company has a market cap of $2.36 billion, a P/E ratio of 568.50 and a beta of 1.20. AvidXchange Holdings, Inc. has a 1 year low of $7.38 and a 1 year high of $13.56.

Insider Buying and Selling

In other AvidXchange news, CEO Michael Praeger sold 42,377 shares of the stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $11.40, for a total value of $483,097.80. Following the completion of the sale, the chief executive officer now directly owns 10,381,033 shares of the company’s stock, valued at $118,343,776.20. This represents a 0.41 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Ryan Stahl sold 7,427 shares of the stock in a transaction 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 completion of the sale, the insider now directly owns 369,603 shares of the company’s stock, valued at approximately $3,171,193.74. This trade represents a 1.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 60,074 shares of company stock valued at $629,363. Company insiders own 10.40% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently issued reports on AVDX shares. UBS Group lifted their price objective on AvidXchange from $10.00 to $10.50 and gave the company a “neutral” rating in a research report 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. BMO Capital Markets increased 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. The Goldman Sachs Group lifted their target price on shares of AvidXchange from $9.00 to $10.00 and gave the company a “sell” rating in a research note on Monday. Finally, Wells Fargo & Company boosted their target price on shares of AvidXchange from $9.00 to $10.00 and gave the stock an “equal weight” rating in a research report on Thursday, November 7th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, AvidXchange presently has an average rating of “Hold” and an average target price of $11.46.

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.