Advantage Alpha Capital Partners LP Grows Stock Position in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Advantage Alpha Capital Partners LP lifted its stake in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) by 115.7% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 750,282 shares of the company's stock after purchasing an additional 402,488 shares during the quarter. AvidXchange comprises 1.4% of Advantage Alpha Capital Partners LP's investment portfolio, making the stock its 23rd biggest holding. Advantage Alpha Capital Partners LP owned about 0.36% of AvidXchange worth $6,085,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently made changes to their positions in the company. FMR LLC lifted its holdings in shares of AvidXchange by 272.5% in the 3rd quarter. FMR LLC now owns 13,733,769 shares of the company's stock worth $111,381,000 after purchasing an additional 10,046,893 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in AvidXchange by 8.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,528,875 shares of the company's stock worth $12,399,000 after buying an additional 114,763 shares during the last quarter. Integrated Investment Consultants LLC bought a new position in shares of AvidXchange in the third quarter valued at $197,000. Intech Investment Management LLC acquired a new position in shares of AvidXchange during the third quarter valued at about $396,000. Finally, Connor Clark & Lunn Investment Management Ltd. increased its position in shares of AvidXchange by 52.1% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 801,087 shares of the company's stock worth $6,497,000 after acquiring an additional 274,375 shares in the last quarter. 80.58% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts recently weighed in on AVDX shares. Keefe, Bruyette & Woods raised their price target on shares of AvidXchange from $9.00 to $10.00 and gave the company a "market perform" rating in a research report on Thursday, November 7th. KeyCorp cut their target price on AvidXchange from $15.00 to $12.00 and set an "overweight" rating on the stock in a research report on Thursday, August 1st. UBS Group increased their price target on AvidXchange from $10.00 to $10.50 and gave the company a "neutral" rating in a research report on Thursday, November 7th. Robert W. Baird cut their price objective on shares of AvidXchange from $16.00 to $14.00 and set an "outperform" rating on the stock in a report on Thursday, August 1st. Finally, BMO Capital Markets increased their price target on AvidXchange from $10.00 to $11.00 and gave the company a "market perform" rating in a research report on Friday, November 8th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $11.39.

AvidXchange Price Performance

NASDAQ:AVDX traded down $0.13 during trading hours on Tuesday, hitting $11.46. The stock had a trading volume of 1,450,720 shares, compared to its average volume of 2,071,231. The company has a 50 day simple moving average of $8.82 and a two-hundred day simple moving average of $9.72. The firm has a market capitalization of $2.36 billion, a price-to-earnings ratio of 558.50 and a beta of 1.00. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.32 and a quick ratio of 1.32. AvidXchange Holdings, Inc. has a one year low of $7.38 and a one year high of $13.56.

Insider Activity at AvidXchange

In other news, CEO Michael Praeger sold 6,701 shares of the company's stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $8.17, for a total value of $54,747.17. Following the completion of the transaction, the chief executive officer now directly owns 10,410,983 shares in the company, valued at approximately $85,057,731.11. This represents a 0.06 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Joel Wilhite sold 19,358 shares of the stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $8.15, for a total value of $157,767.70. Following the transaction, the insider now owns 400,278 shares in the company, valued at $3,262,265.70. This trade represents a 4.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 43,756 shares of company stock valued at $358,780. Company insiders own 10.40% of the company's stock.

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.