AvidXchange Holdings, Inc. (NASDAQ:AVDX) Shares Sold by Senvest Management LLC

Senvest Management LLC lessened its stake in AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) by 9.5% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 9,843,010 shares of the company's stock after selling 1,033,410 shares during the quarter. AvidXchange accounts for approximately 2.8% of Senvest Management LLC's holdings, making the stock its 15th biggest position. Senvest Management LLC owned approximately 4.74% of AvidXchange worth $79,827,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. SG Americas Securities LLC boosted its stake in shares of AvidXchange by 2.9% in the second quarter. SG Americas Securities LLC now owns 29,813 shares of the company's stock worth $360,000 after acquiring an additional 835 shares during the period. California State Teachers Retirement System boosted its position in shares of AvidXchange by 1.0% during the first quarter. California State Teachers Retirement System now owns 161,292 shares of the company's stock valued at $2,121,000 after buying an additional 1,656 shares during the period. Advisors Asset Management Inc. boosted its holdings in AvidXchange by 96.3% during the 1st quarter. Advisors Asset Management Inc. now owns 4,309 shares of the company's stock valued at $57,000 after acquiring an additional 2,114 shares during the period. Wealth Enhancement Advisory Services LLC grew its holdings in shares of AvidXchange by 29.6% in 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. Finally, Principal Financial Group Inc. grew its stake in AvidXchange by 17.1% in the 2nd quarter. Principal Financial Group Inc. now owns 23,479 shares of the company's stock worth $283,000 after acquiring an additional 3,421 shares in the last quarter. 80.58% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. UBS Group increased their target price on AvidXchange from $10.00 to $10.50 and gave the company a "neutral" rating in a research report on Thursday, November 7th. Barclays increased their price objective on AvidXchange from $11.00 to $13.00 and gave the company an "overweight" rating in a report on Monday, November 18th. BMO Capital Markets lifted their price objective on AvidXchange from $10.00 to $11.00 and gave the company a "market perform" rating in a research note on Friday, November 8th. Piper Sandler lifted their price target on AvidXchange from $9.00 to $10.00 and gave the company a "neutral" rating in a research note on Thursday, November 7th. Finally, Bank of America decreased their price objective on shares of AvidXchange from $12.00 to $8.00 and set an "underperform" rating on the stock in a report on Tuesday, October 15th. Two equities research 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's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $11.39.

Insider Buying and Selling at AvidXchange

In other AvidXchange news, insider Ryan Stahl sold 7,427 shares of the business's stock in a transaction 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 directly owns 369,603 shares of the company's stock, valued at approximately $3,171,193.74. The trade was a 1.97 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Joel Wilhite sold 18,028 shares of the firm's stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $7.98, for a total value of $143,863.44. Following the completion of the sale, the insider now directly owns 419,636 shares of the company's stock, valued at approximately $3,348,695.28. This trade represents a 4.12 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 119,078 shares of company stock valued at $959,850 over the last quarter. 10.40% of the stock is owned by company insiders.

AvidXchange Trading Up 2.8 %

Shares of NASDAQ AVDX traded up $0.30 during midday trading on Friday, reaching $11.17. 2,329,404 shares of the stock were exchanged, compared to its average volume of 2,414,515. The company has a 50 day simple moving average of $8.74 and a 200 day simple moving average of $9.73. The stock has a market capitalization of $2.30 billion, a P/E ratio of 543.50 and a beta of 1.00. AvidXchange Holdings, Inc. has a twelve month low of $7.38 and a twelve month high of $13.56. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.32 and a current ratio of 1.32.

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.