Geode Capital Management LLC raised its stake in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) by 5.0% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 4,266,265 shares of the company's stock after buying an additional 201,847 shares during the quarter. Geode Capital Management LLC owned about 2.07% of AvidXchange worth $34,607,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Barclays PLC increased its holdings in AvidXchange by 239.8% during the 3rd quarter. Barclays PLC now owns 285,768 shares of the company's stock worth $2,318,000 after acquiring an additional 201,679 shares during the period. Y Intercept Hong Kong Ltd purchased a new position in shares of AvidXchange during the 3rd quarter valued at $86,000. State Street Corp raised its position in shares of AvidXchange by 1.5% in the third quarter. State Street Corp now owns 3,763,694 shares of the company's stock worth $30,524,000 after buying an additional 54,403 shares in the last quarter. Point72 DIFC Ltd bought a new stake in AvidXchange during the third quarter valued at $37,000. Finally, Point72 Asset Management L.P. purchased a new position in AvidXchange during the third quarter worth about $7,920,000. 80.58% of the stock is currently owned by institutional investors.
AvidXchange Trading Up 0.5 %
NASDAQ:AVDX traded up $0.05 during trading hours on Thursday, hitting $10.51. The company had a trading volume of 603,361 shares, compared to its average volume of 2,015,766. 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 has a 50-day moving average price of $10.20 and a 200 day moving average price of $9.76. The company has a market capitalization of $2.16 billion, a PE ratio of 517.50 and a beta of 1.20. AvidXchange Holdings, Inc. has a 52 week low of $7.38 and a 52 week high of $13.56.
Analyst Upgrades and Downgrades
A number of analysts have recently issued reports on AVDX shares. BMO Capital Markets lifted their price target on AvidXchange from $10.00 to $11.00 and gave the company a "market perform" rating in a research report on Friday, November 8th. The Goldman Sachs Group raised their price target on AvidXchange from $9.00 to $10.00 and gave the company a "sell" rating in a research report on Monday, December 2nd. Bank of America cut their price objective on AvidXchange from $12.00 to $8.00 and set an "underperform" rating for the company in a report on Tuesday, October 15th. KeyCorp boosted their target price on AvidXchange from $12.00 to $13.00 and gave the stock an "overweight" rating in a research report on Thursday, December 5th. Finally, BTIG Research initiated coverage on shares of AvidXchange in a research report on Wednesday, December 11th. They set a "buy" rating and a $14.00 price target on the stock. Two research analysts have rated the stock with a sell rating, six have given a hold rating and six have given a buy rating to the stock. According to MarketBeat, AvidXchange currently has a consensus rating of "Hold" and a consensus price target of $11.68.
Read Our Latest Report on AvidXchange
Insider Activity
In related news, CEO Michael Praeger sold 42,377 shares of the 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 transaction, the chief executive officer now directly owns 10,381,033 shares in the company, valued at $118,343,776.20. This trade represents a 0.41 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Ryan Stahl sold 7,427 shares of the business's 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 sale, the insider now directly owns 369,603 shares in the company, valued at $3,171,193.74. The trade was a 1.97 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 88,120 shares of company stock valued at $980,407. Corporate insiders own 10.40% of the company's stock.
About AvidXchange
(
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.
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