Point72 Asset Management L.P. Takes $7.92 Million Position in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Point72 Asset Management L.P. bought a new position in AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 976,610 shares of the company's stock, valued at approximately $7,920,000. Point72 Asset Management L.P. owned approximately 0.47% of AvidXchange at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the business. FMR LLC lifted its position in shares of AvidXchange by 272.5% during the 3rd quarter. FMR LLC now owns 13,733,769 shares of the company's stock valued at $111,381,000 after acquiring an additional 10,046,893 shares during the last quarter. Jacobs Levy Equity Management Inc. purchased a new stake in shares of AvidXchange during the third quarter valued at $25,339,000. American Century Companies Inc. boosted its position in shares of AvidXchange by 54.2% in the 2nd quarter. American Century Companies Inc. now owns 4,515,719 shares of the company's stock valued at $54,460,000 after purchasing an additional 1,586,510 shares during the period. Providence Capital Advisors LLC lifted its stake in AvidXchange by 709.6% during the third quarter. Providence Capital Advisors LLC now owns 649,565 shares of the company's stock valued at $5,268,000 after buying an additional 569,328 shares in the last quarter. Finally, Rockefeller Capital Management L.P. boosted its holdings in shares of AvidXchange by 30.4% in the third quarter. Rockefeller Capital Management L.P. now owns 2,314,653 shares of the company's stock worth $18,779,000 after buying an additional 538,956 shares during the period. 80.58% of the stock is currently owned by institutional investors.

AvidXchange Stock Performance

Shares of NASDAQ AVDX traded up $0.31 during trading hours on Friday, hitting $11.56. 1,854,339 shares of the stock were exchanged, compared to its average volume of 1,806,328. The firm has a market capitalization of $2.38 billion, a P/E ratio of 573.00 and a beta of 1.20. AvidXchange Holdings, Inc. has a one year low of $7.38 and a one year high of $13.56. 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 company's 50 day moving average is $9.44 and its 200 day moving average is $9.73.

Analyst Upgrades and Downgrades

AVDX has been the topic of a number of recent analyst reports. 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. Piper Sandler increased their price target on shares of AvidXchange from $9.00 to $10.00 and gave the stock a "neutral" rating in a research report on Thursday, November 7th. Compass Point upgraded shares of AvidXchange from a "neutral" rating to a "buy" rating and upped their price objective for the company from $8.00 to $15.00 in a research note on Thursday, November 7th. UBS Group lifted their target price on shares of AvidXchange from $10.00 to $10.50 and gave the company a "neutral" rating in a research note on Thursday, November 7th. Finally, JPMorgan Chase & Co. downgraded shares of AvidXchange from an "overweight" rating to a "neutral" rating and dropped their price target for the stock from $11.00 to $9.00 in a research note on Tuesday, August 20th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $11.35.

Insider Buying and Selling at AvidXchange

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 sale, the chief executive officer now owns 10,381,033 shares in the company, valued at approximately $118,343,776.20. This trade represents a 0.41 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Ryan Stahl sold 7,427 shares of AvidXchange stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $8.58, for a total value of $63,723.66. Following the sale, the insider now directly owns 369,603 shares in the company, valued at approximately $3,171,193.74. This trade represents a 1.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 60,074 shares of company stock worth $629,363 over the last ninety days. Company insiders own 10.40% of the company's stock.

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.