Intech Investment Management LLC Makes New Investment in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Intech Investment Management LLC purchased a new stake in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) during the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 48,818 shares of the company's stock, valued at approximately $396,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in AVDX. SG Americas Securities LLC increased its holdings in AvidXchange by 2.9% in the 2nd quarter. SG Americas Securities LLC now owns 29,813 shares of the company's stock worth $360,000 after buying an additional 835 shares during the period. California State Teachers Retirement System lifted its position in AvidXchange by 1.0% during the first quarter. California State Teachers Retirement System now owns 161,292 shares of the company's stock valued at $2,121,000 after purchasing an additional 1,656 shares during the period. Wealth Enhancement Advisory Services LLC lifted its position in AvidXchange by 29.6% during 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 during the period. Principal Financial Group Inc. grew 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 worth $283,000 after purchasing an additional 3,421 shares during the period. Finally, Allspring Global Investments Holdings LLC purchased a new position in shares of AvidXchange during the 3rd quarter valued at about $38,000. Hedge funds and other institutional investors own 80.58% of the company's stock.

AvidXchange Price Performance

Shares of NASDAQ:AVDX traded down $0.06 during midday trading on Tuesday, hitting $11.31. The company had a trading volume of 1,310,107 shares, compared to its average volume of 1,965,305. 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 $2.33 billion, a price-to-earnings ratio of 568.50 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 business's 50-day simple moving average is $9.24 and its 200-day simple moving average is $9.72.

Analyst Ratings Changes

Several research firms recently commented on AVDX. Piper Sandler raised their target price on AvidXchange from $9.00 to $10.00 and gave the stock a "neutral" rating in a report on Thursday, November 7th. Keefe, Bruyette & Woods raised their price target on shares of AvidXchange from $9.00 to $10.00 and gave the company a "market perform" rating in a research report on Thursday, November 7th. BMO Capital Markets upped their price objective on shares of AvidXchange from $10.00 to $11.00 and gave the stock a "market perform" rating in a research report on Friday, November 8th. Barclays raised their target price on AvidXchange from $11.00 to $13.00 and gave the company an "overweight" rating in a research report on Monday, November 18th. Finally, UBS Group upped their price target on AvidXchange from $10.00 to $10.50 and gave the stock a "neutral" rating in a report on Thursday, November 7th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, AvidXchange presently has an average rating of "Hold" and an average price target of $11.46.

Insiders Place Their Bets

In other news, insider Ryan Stahl sold 7,621 shares of the firm's stock in a transaction that occurred on 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 sale, the insider now owns 377,030 shares in the company, valued at $3,065,253.90. This trade represents a 1.98 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders sold 17,697 shares of company stock valued at $146,265 in the last three months. 10.40% of the stock is currently owned by insiders.

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.