Entropy Technologies LP Invests $447,000 in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Entropy Technologies LP purchased a new position in AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) during the 3rd quarter, according to its most recent 13F filing with the SEC. The firm purchased 55,173 shares of the company's stock, valued at approximately $447,000.

Several other hedge funds and other institutional investors have also made changes to their positions in AVDX. American Century Companies Inc. lifted its holdings in AvidXchange by 54.2% during the second quarter. American Century Companies Inc. now owns 4,515,719 shares of the company's stock worth $54,460,000 after acquiring an additional 1,586,510 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in AvidXchange by 5.6% during the second quarter. Dimensional Fund Advisors LP now owns 4,317,134 shares of the company's stock worth $52,062,000 after acquiring an additional 230,777 shares in the last quarter. Millennium Management LLC lifted its holdings in AvidXchange by 9.8% during the second quarter. Millennium Management LLC now owns 2,770,662 shares of the company's stock worth $33,414,000 after acquiring an additional 246,462 shares in the last quarter. Tremblant Capital Group lifted its holdings in AvidXchange by 0.3% during the second quarter. Tremblant Capital Group now owns 2,170,114 shares of the company's stock worth $26,172,000 after acquiring an additional 5,971 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA lifted its holdings in AvidXchange by 2.6% during the second quarter. Massachusetts Financial Services Co. MA now owns 1,821,585 shares of the company's stock worth $21,968,000 after acquiring an additional 46,791 shares in the last quarter. 80.58% of the stock is currently owned by institutional investors.

Insider Activity at AvidXchange

In related news, 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 completion of the transaction, the insider now owns 369,603 shares in the company, 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 document filed with the SEC, which is accessible through this hyperlink. Also, CEO Michael Praeger sold 37,225 shares of AvidXchange stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $7.98, for a total value of $297,055.50. Following the transaction, the chief executive officer now owns 10,453,786 shares of the company's stock, valued at $83,421,212.28. The trade was a 0.35 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 166,386 shares of company stock valued at $1,343,044. 10.40% of the stock is owned by insiders.

AvidXchange Stock Down 2.8 %

Shares of NASDAQ:AVDX traded down $0.30 during midday trading on Friday, reaching $10.44. The company had a trading volume of 1,833,922 shares, compared to its average volume of 2,079,049. The company has a quick ratio of 1.36, a current ratio of 1.32 and a debt-to-equity ratio of 0.11. The business's 50 day moving average price is $8.44 and its 200 day moving average price is $9.79. The stock has a market cap of $2.15 billion, a PE ratio of 537.00 and a beta of 1.00. AvidXchange Holdings, Inc. has a 1-year low of $7.38 and a 1-year high of $13.56.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. Compass Point upgraded AvidXchange from a "neutral" rating to a "buy" rating and lifted their target price for the stock from $8.00 to $15.00 in a report on Thursday, November 7th. JPMorgan Chase & Co. downgraded AvidXchange from an "overweight" rating to a "neutral" rating and dropped their price target for the company from $11.00 to $9.00 in a research note on Tuesday, August 20th. 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. 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 dropped their price target on AvidXchange from $12.00 to $8.00 and set an "underperform" rating on the stock in a research note on Tuesday, October 15th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, AvidXchange currently has an average rating of "Hold" and a consensus price target of $11.18.

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.