ARK Investment Management LLC lifted its stake in AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) by 17.4% during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,161,998 shares of the company's stock after acquiring an additional 171,908 shares during the period. ARK Investment Management LLC owned 0.56% of AvidXchange worth $9,424,000 at the end of the most recent reporting period.
Other institutional investors have also made changes to their positions in the company. TimesSquare Capital Management LLC raised its stake in shares of AvidXchange by 6.8% in the 1st quarter. TimesSquare Capital Management LLC now owns 1,970,837 shares of the company's stock valued at $25,917,000 after acquiring an additional 124,988 shares in the last quarter. Lisanti Capital Growth LLC raised its stake in shares of AvidXchange by 58.3% in the 1st quarter. Lisanti Capital Growth LLC now owns 167,715 shares of the company's stock valued at $2,205,000 after acquiring an additional 61,795 shares in the last quarter. Lazard Asset Management LLC bought a new position in shares of AvidXchange in the 1st quarter valued at approximately $7,621,000. California State Teachers Retirement System raised its stake in shares of AvidXchange by 1.0% in the 1st quarter. California State Teachers Retirement System now owns 161,292 shares of the company's stock valued at $2,121,000 after acquiring an additional 1,656 shares in the last quarter. Finally, American Century Companies Inc. increased its position in AvidXchange by 54.2% in the 2nd quarter. American Century Companies Inc. now owns 4,515,719 shares of the company's stock worth $54,460,000 after buying an additional 1,586,510 shares during the period. 80.58% of the stock is owned by institutional investors.
AvidXchange Price Performance
AVDX traded up $0.07 during trading on Friday, hitting $10.07. The company's stock had a trading volume of 3,213,919 shares, compared to its average volume of 2,082,455. The firm's 50 day moving average price is $8.18 and its two-hundred day moving average price is $9.83. The company has a quick ratio of 1.36, a current ratio of 1.36 and a debt-to-equity ratio of 0.19. AvidXchange Holdings, Inc. has a 12 month low of $7.38 and a 12 month high of $13.56. The stock has a market capitalization of $2.09 billion, a price-to-earnings ratio of -167.83 and a beta of 1.00.
Wall Street Analyst Weigh In
AVDX has been the topic of several recent analyst reports. The Goldman Sachs Group lifted their price target on AvidXchange from $7.00 to $9.00 and gave the stock a "sell" rating in a research report on Thursday. JPMorgan Chase & Co. downgraded AvidXchange from an "overweight" rating to a "neutral" rating and dropped their price target for the stock from $11.00 to $9.00 in a research report on Tuesday, August 20th. Robert W. Baird decreased their price objective on AvidXchange from $16.00 to $14.00 and set an "outperform" rating on the stock in a report on Thursday, August 1st. Bank of America decreased their price objective on AvidXchange from $12.00 to $8.00 and set an "underperform" rating on the stock in a report on Tuesday, October 15th. Finally, Compass Point raised AvidXchange from a "neutral" rating to a "buy" rating and lifted their price objective for the stock from $8.00 to $15.00 in a report on Thursday. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $11.18.
Check Out Our Latest Stock Report on AvidXchange
Insider Transactions at AvidXchange
In other news, insider Ryan Stahl sold 7,427 shares of the business's stock in a transaction on Wednesday, October 16th. The stock was 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 owns 369,603 shares in the company, valued at $3,171,193.74. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other AvidXchange news, insider Joel Wilhite sold 47,308 shares of the business's stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $8.10, for a total value of $383,194.80. Following the completion of the transaction, the insider now directly owns 413,687 shares of the company's stock, valued at approximately $3,350,864.70. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Ryan Stahl sold 7,427 shares of the business's stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $8.58, for a total value of $63,723.66. Following the completion of the transaction, the insider now directly owns 369,603 shares of the company's stock, valued at approximately $3,171,193.74. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 166,386 shares of company stock worth $1,343,044 over the last 90 days. 10.40% of the stock is owned by insiders.
AvidXchange Company Profile
(
Free Report)
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.
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