GSA Capital Partners LLP Takes Position in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

GSA Capital Partners LLP purchased a new stake in AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 171,791 shares of the company's stock, valued at approximately $1,393,000. GSA Capital Partners LLP owned approximately 0.08% of AvidXchange at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Lazard Asset Management LLC acquired a new stake in AvidXchange during the 1st quarter worth $7,621,000. US Bancorp DE grew its holdings in AvidXchange by 111,114.9% during the 3rd quarter. US Bancorp DE now owns 52,271 shares of the company's stock worth $424,000 after acquiring an additional 52,224 shares during the period. California State Teachers Retirement System grew its holdings 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 acquiring an additional 1,656 shares during the period. American Century Companies Inc. grew its holdings in AvidXchange by 54.2% during the 2nd 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 during the period. Finally, Interval Partners LP acquired a new stake in AvidXchange during the 2nd quarter worth $1,833,000. Institutional investors and hedge funds own 80.58% of the company's stock.

Insider Activity

In other news, insider Joel Wilhite sold 47,308 shares of the company's stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $8.10, for a total value of $383,194.80. Following the sale, the insider now directly owns 413,687 shares of the company's stock, valued at approximately $3,350,864.70. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider Joel Wilhite sold 47,308 shares of the company's stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $8.10, for a total value of $383,194.80. Following the transaction, the insider now owns 413,687 shares in the company, valued at approximately $3,350,864.70. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Ryan Stahl sold 7,621 shares of the company's stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $8.13, for a total transaction of $61,958.73. Following the completion of the transaction, the insider now owns 377,030 shares in the company, valued at approximately $3,065,253.90. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 166,386 shares of company stock valued at $1,343,044. 10.40% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the stock. Wells Fargo & Company boosted their price target on shares of AvidXchange from $9.00 to $10.00 and gave the company an "equal weight" rating in a report on Thursday, November 7th. BMO Capital Markets boosted their price target on shares of AvidXchange from $10.00 to $11.00 and gave the company a "market perform" rating in a report on Friday, November 8th. Piper Sandler boosted their price target on shares of AvidXchange from $9.00 to $10.00 and gave the company a "neutral" rating in a report on Thursday, November 7th. UBS Group upped their target price on shares of AvidXchange from $10.00 to $10.50 and gave the stock a "neutral" rating in a research note on Thursday, November 7th. Finally, Bank of America reduced their target price on shares of AvidXchange from $12.00 to $8.00 and set an "underperform" rating for the company in a research note on Tuesday, October 15th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $11.18.

AvidXchange Stock Performance

Shares of AVDX stock traded down $0.05 on Thursday, reaching $10.69. The stock had a trading volume of 735,776 shares, compared to its average volume of 2,073,738. 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 firm's 50-day moving average is $8.33 and its two-hundred day moving average is $9.79. The firm has a market capitalization of $2.20 billion, a price-to-earnings ratio of 533.00 and a beta of 1.00. AvidXchange Holdings, Inc. has a 12 month low of $7.38 and a 12 month high of $13.56.

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.