AvidXchange Holdings, Inc. (NASDAQ:AVDX) Position Boosted by Fmr LLC

FMR LLC lifted its holdings in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) by 272.5% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 13,733,769 shares of the company's stock after purchasing an additional 10,046,893 shares during the quarter. FMR LLC owned about 6.68% of AvidXchange worth $111,381,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of AVDX. Allspring Global Investments Holdings LLC acquired a new position in shares of AvidXchange during the 3rd quarter worth about $38,000. CWM LLC raised its stake in AvidXchange by 7,259.8% during the 3rd quarter. CWM LLC now owns 6,771 shares of the company's stock worth $55,000 after acquiring an additional 6,679 shares in the last quarter. nVerses Capital LLC purchased a new stake in AvidXchange in the second quarter valued at $66,000. Arbor Investment Advisors LLC acquired a new position in AvidXchange in the third quarter valued at $98,000. Finally, Wealth Enhancement Advisory Services LLC grew its holdings in shares of AvidXchange by 29.6% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 13,211 shares of the company's stock worth $107,000 after purchasing an additional 3,019 shares during the last quarter. 80.58% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the company. JPMorgan Chase & Co. lowered AvidXchange from an "overweight" rating to a "neutral" rating and cut their price target for the stock from $11.00 to $9.00 in a research report on Tuesday, August 20th. BMO Capital Markets increased their price target on shares of AvidXchange from $10.00 to $11.00 and gave the stock a "market perform" rating in a research note on Friday, November 8th. Bank of America dropped their price objective on shares of AvidXchange from $12.00 to $8.00 and set an "underperform" rating on the stock in a research note on Tuesday, October 15th. Wells Fargo & Company increased their target price on shares of AvidXchange from $9.00 to $10.00 and gave the stock an "equal weight" rating in a research note on Thursday, November 7th. Finally, Barclays boosted their price target on AvidXchange from $11.00 to $13.00 and gave the company an "overweight" rating in a research report on Monday, November 18th. Two investment 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. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $11.54.

AvidXchange Stock Down 1.8 %

Shares of NASDAQ AVDX traded down $0.21 on Thursday, hitting $11.25. The company had a trading volume of 1,927,347 shares, compared to its average volume of 2,055,124. The firm has a market capitalization of $2.31 billion, a P/E ratio of 565.50 and a beta of 1.20. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.11. AvidXchange Holdings, Inc. has a 12-month low of $7.38 and a 12-month high of $13.56. The business has a 50 day moving average of $9.37 and a two-hundred day moving average of $9.74.

Insider Buying and Selling at AvidXchange

In other AvidXchange news, CEO Michael Praeger sold 42,377 shares of the company's stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $11.40, for a total value of $483,097.80. Following the transaction, 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 SEC, which is available at the SEC website. Also, insider Ryan Stahl sold 7,427 shares of the stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $8.58, for a total value of $63,723.66. Following the transaction, the insider now 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. Insiders sold 60,074 shares of company stock valued at $629,363 over the last 90 days. 10.40% of the stock is owned by corporate insiders.

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.