226,373 Shares in AvidXchange Holdings, Inc. (NASDAQ:AVDX) Purchased by PDT Partners LLC

PDT Partners LLC acquired 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 disclosure with the Securities and Exchange Commission (SEC). The firm acquired 226,373 shares of the company's stock, valued at approximately $1,836,000. PDT Partners LLC owned approximately 0.11% of AvidXchange at the end of the most recent reporting period.

A number of other institutional investors also recently added to or reduced their stakes in AVDX. Verition Fund Management LLC purchased a new stake in shares of AvidXchange during the third quarter worth about $804,000. Captrust Financial Advisors grew its stake in shares of AvidXchange by 9.2% during the third quarter. Captrust Financial Advisors now owns 17,350 shares of the company's stock worth $141,000 after acquiring an additional 1,465 shares during the last quarter. Rockefeller Capital Management L.P. lifted its holdings in shares of AvidXchange by 30.4% during the third quarter. Rockefeller Capital Management L.P. now owns 2,314,653 shares of the company's stock worth $18,779,000 after purchasing an additional 538,956 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of AvidXchange by 5.1% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 422,697 shares of the company's stock worth $3,428,000 after purchasing an additional 20,665 shares during the period. Finally, Providence Capital Advisors LLC lifted its holdings in AvidXchange by 709.6% in the third quarter. Providence Capital Advisors LLC now owns 649,565 shares of the company's stock valued at $5,268,000 after acquiring an additional 569,328 shares during the period. Institutional investors own 80.58% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on AVDX. Keefe, Bruyette & Woods increased their target price on AvidXchange from $9.00 to $10.00 and gave the stock a "market perform" rating in a research note on Thursday, November 7th. Barclays increased their price objective on AvidXchange from $11.00 to $13.00 and gave the company an "overweight" rating in a report on Monday, November 18th. BMO Capital Markets increased their price objective on AvidXchange from $10.00 to $11.00 and gave the company a "market perform" rating in a report on Friday, November 8th. Bank of America dropped their price objective on AvidXchange from $12.00 to $8.00 and set an "underperform" rating on the stock in a report on Tuesday, October 15th. Finally, The Goldman Sachs Group increased their price objective on AvidXchange from $7.00 to $9.00 and gave the company a "sell" rating in a report on Thursday, November 7th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and six have given a buy rating to the company's stock. According to MarketBeat, AvidXchange currently has an average rating of "Hold" and an average target price of $11.39.

Insiders Place Their Bets

In other news, insider Ryan Stahl sold 7,427 shares of AvidXchange stock in a transaction 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 completion of the sale, the insider now owns 369,603 shares of the company's stock, valued at $3,171,193.74. The trade was a 1.97 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Over the last 90 days, insiders sold 17,697 shares of company stock valued at $146,265. Corporate insiders own 10.40% of the company's stock.

AvidXchange Price Performance

AvidXchange stock remained flat at $11.44 during mid-day trading on Friday. The company's stock had a trading volume of 680,229 shares, compared to its average volume of 2,066,304. 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 firm has a 50-day moving average price of $9.11 and a 200 day moving average price of $9.72. The firm has a market cap of $2.35 billion, a P/E ratio of 572.00 and a beta of 1.00. AvidXchange Holdings, Inc. has a one year low of $7.38 and a one year 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.