Paloma Partners Management Co Invests $495,000 in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Paloma Partners Management Co acquired a new stake in AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund acquired 61,060 shares of the company's stock, valued at approximately $495,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of AVDX. US Bancorp DE increased its position in shares of AvidXchange by 111,114.9% during the third quarter. US Bancorp DE now owns 52,271 shares of the company's stock valued at $424,000 after buying an additional 52,224 shares during the period. Entropy Technologies LP purchased a new position in AvidXchange in the third quarter worth about $447,000. State of New Jersey Common Pension Fund D raised its holdings in shares of AvidXchange by 39.3% during the third quarter. State of New Jersey Common Pension Fund D now owns 247,947 shares of the company's stock valued at $2,011,000 after purchasing an additional 69,971 shares during the last quarter. California State Teachers Retirement System raised its holdings in shares of 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 last quarter. Finally, American Century Companies Inc. grew its position in AvidXchange by 54.2% during the second quarter. American Century Companies Inc. now owns 4,515,719 shares of the company's stock valued at $54,460,000 after buying an additional 1,586,510 shares during the period. Institutional investors own 80.58% of the company's stock.

Insiders Place Their Bets

In related news, CEO Michael Praeger sold 42,377 shares of the business's stock in a transaction that occurred on Monday, December 2nd. The stock was 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 approximately $118,343,776.20. The trade was a 0.41 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Ryan Stahl sold 7,427 shares of the company's stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $8.58, for a total value of $63,723.66. Following the transaction, the insider now directly owns 369,603 shares of the company's stock, valued at approximately $3,171,193.74. This trade represents a 1.97 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 60,074 shares of company stock worth $629,363 over the last 90 days. Corporate insiders own 10.40% of the company's stock.

AvidXchange Stock Performance

Shares of NASDAQ:AVDX traded up $0.15 during trading on Wednesday, reaching $11.46. The stock had a trading volume of 2,183,487 shares, compared to its average volume of 2,055,626. The stock has a fifty day simple moving average of $9.31 and a two-hundred day simple moving average of $9.73. The firm has a market capitalization of $2.36 billion, a price-to-earnings ratio of 568.50 and a beta of 1.20. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.11. AvidXchange Holdings, Inc. has a 52 week low of $7.38 and a 52 week high of $13.56.

Wall Street Analysts Forecast Growth

AVDX has been the topic of a number of recent research reports. Wells Fargo & Company upped their price target on shares of AvidXchange from $9.00 to $10.00 and gave the company an "equal weight" rating in a research note on Thursday, November 7th. UBS Group increased their price objective on shares of AvidXchange from $10.00 to $10.50 and gave the company a "neutral" rating in a research report on Thursday, November 7th. Compass Point raised shares of AvidXchange from a "neutral" rating to a "buy" rating and raised their price target for the stock from $8.00 to $15.00 in a research report on Thursday, November 7th. BMO Capital Markets lifted their target price 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. Finally, The Goldman Sachs Group lifted their target price on shares of AvidXchange from $9.00 to $10.00 and gave the stock a "sell" rating in a research note on Monday. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $11.46.

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.