Edgestream Partners L.P. Trims Stock Holdings in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Edgestream Partners L.P. decreased its position in AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) by 85.5% in the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 13,450 shares of the company's stock after selling 79,065 shares during the period. Edgestream Partners L.P.'s holdings in AvidXchange were worth $109,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of AVDX. SG Americas Securities LLC raised its stake in shares of AvidXchange by 2.9% during the 2nd quarter. SG Americas Securities LLC now owns 29,813 shares of the company's stock worth $360,000 after acquiring an additional 835 shares in the last quarter. Captrust Financial Advisors boosted its position in shares of AvidXchange by 9.2% in the 3rd quarter. Captrust Financial Advisors now owns 17,350 shares of the company's stock worth $141,000 after purchasing an additional 1,465 shares in the last quarter. California State Teachers Retirement System grew its stake in AvidXchange by 1.0% during the 1st quarter. California State Teachers Retirement System now owns 161,292 shares of the company's stock worth $2,121,000 after buying an additional 1,656 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its stake in AvidXchange by 29.6% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 13,211 shares of the company's stock worth $107,000 after buying an additional 3,019 shares during the last quarter. Finally, Principal Financial Group Inc. increased its position in AvidXchange by 17.1% during the 2nd quarter. Principal Financial Group Inc. now owns 23,479 shares of the company's stock valued at $283,000 after buying an additional 3,421 shares in the last quarter. Institutional investors own 80.58% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on AVDX shares. The Goldman Sachs Group boosted their price target on AvidXchange from $9.00 to $10.00 and gave the stock a "sell" rating in a research note on Monday, December 2nd. KeyCorp boosted their target price on shares of AvidXchange from $12.00 to $13.00 and gave the stock an "overweight" rating in a research report on Thursday. Wells Fargo & Company raised their price target on shares of AvidXchange from $9.00 to $10.00 and gave the stock an "equal weight" rating in a report on Thursday, November 7th. Keefe, Bruyette & Woods boosted their price objective on shares of AvidXchange from $9.00 to $10.00 and gave the company a "market perform" rating in a report on Thursday, November 7th. Finally, Compass Point raised AvidXchange from a "neutral" rating to a "buy" rating and upped their target price for the company from $8.00 to $15.00 in a research report on Thursday, November 7th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and five have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of "Hold" and an average target price of $11.35.

Insiders Place Their Bets

In related news, CEO Michael Praeger sold 42,377 shares of the company's stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $11.40, for a total value of $483,097.80. Following the completion of the sale, the chief executive officer now owns 10,381,033 shares of the company's stock, valued at approximately $118,343,776.20. This represents a 0.41 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Ryan Stahl sold 7,427 shares of AvidXchange stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $8.58, for a total transaction of $63,723.66. Following the transaction, the insider now directly owns 369,603 shares in the company, valued at $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 have sold 60,074 shares of company stock valued at $629,363 in the last ninety days. 10.40% of the stock is currently owned by corporate insiders.

AvidXchange Price Performance

AVDX traded up $0.31 on Friday, reaching $11.56. 1,854,339 shares of the company's stock were exchanged, compared to its average volume of 1,806,328. AvidXchange Holdings, Inc. has a twelve month low of $7.38 and a twelve month high of $13.56. The stock has a market cap of $2.38 billion, a PE ratio of 573.00 and a beta of 1.20. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.32 and a quick ratio of 1.32. The stock's fifty day moving average price is $9.44 and its 200-day moving average price is $9.74.

About AvidXchange

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.