Providence Capital Advisors LLC boosted its stake in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) by 709.6% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 649,565 shares of the company's stock after buying an additional 569,328 shares during the period. Providence Capital Advisors LLC owned about 0.32% of AvidXchange worth $5,268,000 at the end of the most recent reporting period.
A number of other hedge funds also recently bought and sold shares of the company. Quantbot Technologies LP purchased a new stake in shares of AvidXchange in the third quarter valued at $618,000. Advantage Alpha Capital Partners LP lifted its stake in AvidXchange by 115.7% in the 3rd quarter. Advantage Alpha Capital Partners LP now owns 750,282 shares of the company's stock worth $6,085,000 after acquiring an additional 402,488 shares in the last quarter. FMR LLC boosted its position in AvidXchange by 272.5% during the 3rd quarter. FMR LLC now owns 13,733,769 shares of the company's stock worth $111,381,000 after acquiring an additional 10,046,893 shares during the period. Charles Schwab Investment Management Inc. grew its stake in AvidXchange by 8.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,528,875 shares of the company's stock valued at $12,399,000 after acquiring an additional 114,763 shares in the last quarter. Finally, Integrated Investment Consultants LLC purchased a new stake in shares of AvidXchange in the third quarter worth approximately $197,000. 80.58% of the stock is owned by hedge funds and other institutional investors.
AvidXchange Stock Performance
AVDX traded down $0.02 during trading on Thursday, hitting $11.44. The stock had a trading volume of 1,053,426 shares, compared to its average volume of 2,066,812. The firm has a market cap of $2.35 billion, a PE ratio of 579.50 and a beta of 1.00. The company has a current ratio of 1.32, a quick 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 company has a 50 day simple moving average of $8.98 and a 200-day simple moving average of $9.73.
Wall Street Analysts Forecast Growth
A number of brokerages recently commented on AVDX. BMO Capital Markets boosted their price objective on shares of AvidXchange from $10.00 to $11.00 and gave the company a "market perform" rating in a research report on Friday, November 8th. Barclays boosted their price target on shares of AvidXchange from $11.00 to $13.00 and gave the company an "overweight" rating in a report on Monday, November 18th. JPMorgan Chase & Co. lowered AvidXchange from an "overweight" rating to a "neutral" rating and cut their price objective for the stock from $11.00 to $9.00 in a report on Tuesday, August 20th. Wells Fargo & Company boosted their target price on AvidXchange from $9.00 to $10.00 and gave the company an "equal weight" rating in a research note on Thursday, November 7th. Finally, UBS Group upped their target price on AvidXchange from $10.00 to $10.50 and gave the stock a "neutral" rating in a research report on Thursday, November 7th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, AvidXchange currently has an average rating of "Hold" and a consensus target price of $11.39.
Get Our Latest Stock Report on AvidXchange
Insider Transactions at AvidXchange
In other AvidXchange news, insider Ryan Stahl sold 7,621 shares of the stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $8.13, for a total value of $61,958.73. Following the completion of the sale, the insider now directly owns 377,030 shares of the company's stock, valued at $3,065,253.90. This represents a 1.98 % 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 Joel Wilhite sold 19,358 shares of the firm's stock in a transaction on Friday, August 30th. The stock was sold at an average price of $8.15, for a total transaction of $157,767.70. Following the completion of the sale, the insider now owns 400,278 shares in the company, valued at $3,262,265.70. This represents a 4.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 37,055 shares of company stock worth $304,033. Company insiders own 10.40% of the company's stock.
About AvidXchange
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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.
Further Reading
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