AvidXchange Holdings, Inc. (NASDAQ:AVDX) Shares Acquired by Connor Clark & Lunn Investment Management Ltd.

Connor Clark & Lunn Investment Management Ltd. boosted its position in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) by 52.1% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 801,087 shares of the company's stock after acquiring an additional 274,375 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned about 0.39% of AvidXchange worth $6,497,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. SG Americas Securities LLC increased its holdings in AvidXchange by 2.9% in the second quarter. SG Americas Securities LLC now owns 29,813 shares of the company's stock valued at $360,000 after buying an additional 835 shares during the last quarter. California State Teachers Retirement System increased its holdings 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 during the last quarter. Advisors Asset Management Inc. raised its position in shares of AvidXchange by 96.3% during the 1st quarter. Advisors Asset Management Inc. now owns 4,309 shares of the company's stock worth $57,000 after acquiring an additional 2,114 shares in the last quarter. ProShare Advisors LLC lifted its stake in AvidXchange by 9.7% during the first quarter. ProShare Advisors LLC now owns 27,135 shares of the company's stock worth $357,000 after purchasing an additional 2,396 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC boosted its holdings in AvidXchange by 29.6% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 13,211 shares of the company's stock valued at $107,000 after purchasing an additional 3,019 shares in the last quarter. 80.58% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

AVDX has been the subject of several recent analyst reports. KeyCorp reduced their price objective on shares of AvidXchange from $15.00 to $12.00 and set an "overweight" rating for the company in a research report on Thursday, August 1st. Keefe, Bruyette & Woods upped their price objective on shares of AvidXchange from $9.00 to $10.00 and gave the company a "market perform" rating in a research note on Thursday, November 7th. Compass Point raised AvidXchange from a "neutral" rating to a "buy" rating and raised their price objective for the stock from $8.00 to $15.00 in a report on Thursday, November 7th. The Goldman Sachs Group boosted their target price on AvidXchange from $7.00 to $9.00 and gave the company a "sell" rating in a report on Thursday, November 7th. Finally, Susquehanna dropped their price target on AvidXchange from $16.00 to $14.00 and set a "positive" rating on the stock in a research note on Thursday, August 1st. 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's stock. Based on data from MarketBeat.com, AvidXchange presently has a consensus rating of "Hold" and an average target price of $11.39.

AvidXchange Stock Performance

Shares of AVDX stock traded up $0.30 during mid-day trading on Friday, hitting $11.17. The stock had a trading volume of 2,329,404 shares, compared to its average volume of 2,414,515. The firm has a market cap of $2.30 billion, a PE ratio of 543.50 and a beta of 1.00. The company's 50-day simple moving average is $8.74 and its 200-day simple moving average is $9.74. 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 fifty-two week low of $7.38 and a fifty-two week high of $13.56.

Insider Buying and Selling

In other AvidXchange news, insider Ryan Stahl sold 7,427 shares of the firm's stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $8.58, for a total value of $63,723.66. Following the completion of the sale, 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Michael Praeger sold 37,225 shares of the company's stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $7.98, for a total transaction of $297,055.50. Following the transaction, the chief executive officer now directly owns 10,453,786 shares in the company, valued at approximately $83,421,212.28. This trade represents a 0.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 119,078 shares of company stock valued at $959,850 over the last ninety days. Corporate insiders own 10.40% of the company's stock.

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.