Quantbot Technologies LP Takes Position in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Quantbot Technologies LP acquired a new position in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 76,150 shares of the company's stock, valued at approximately $618,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of AVDX. FMR LLC raised its position in shares of AvidXchange by 272.5% in the 3rd quarter. FMR LLC now owns 13,733,769 shares of the company's stock worth $111,381,000 after purchasing an additional 10,046,893 shares during the last quarter. American Century Companies Inc. lifted its position in 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 acquiring an additional 1,586,510 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in AvidXchange by 5.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 4,317,134 shares of the company's stock valued at $52,062,000 after purchasing an additional 230,777 shares during the last quarter. Millennium Management LLC increased its holdings in shares of AvidXchange by 9.8% in the 2nd quarter. Millennium Management LLC now owns 2,770,662 shares of the company's stock worth $33,414,000 after purchasing an additional 246,462 shares in the last quarter. Finally, Tremblant Capital Group raised its stake in shares of AvidXchange by 0.3% in the second quarter. Tremblant Capital Group now owns 2,170,114 shares of the company's stock worth $26,172,000 after purchasing an additional 5,971 shares during the last quarter. Hedge funds and other institutional investors own 80.58% of the company's stock.

Insider Buying and Selling at AvidXchange

In other AvidXchange news, insider Ryan Stahl sold 7,427 shares of AvidXchange stock in a transaction on Wednesday, October 16th. The shares were 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. The trade was a 1.97 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders have sold a total of 17,697 shares of company stock valued at $146,265 over the last ninety days. 10.40% of the stock is currently owned by company insiders.

AvidXchange Price Performance

Shares of AVDX stock traded down $0.07 on Tuesday, hitting $11.37. 1,322,183 shares of the stock traded hands, compared to its average volume of 2,000,071. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.32 and a quick ratio of 1.32. AvidXchange Holdings, Inc. has a 52 week low of $7.38 and a 52 week high of $13.56. The firm has a 50 day simple moving average of $9.18 and a two-hundred day simple moving average of $9.72. The firm has a market cap of $2.34 billion, a price-to-earnings ratio of 572.00 and a beta of 1.19.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on AVDX shares. UBS Group lifted their price objective on AvidXchange from $10.00 to $10.50 and gave the stock a "neutral" rating in a report on Thursday, November 7th. Piper Sandler boosted their price objective on shares of AvidXchange from $9.00 to $10.00 and gave the company a "neutral" rating in a report on Thursday, November 7th. Compass Point upgraded shares of AvidXchange from a "neutral" rating to a "buy" rating and increased their price objective for the company from $8.00 to $15.00 in a research report on Thursday, November 7th. 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 report on Monday. Finally, Barclays raised their price target on AvidXchange from $11.00 to $13.00 and gave the stock an "overweight" rating in a research note on Monday, November 18th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, AvidXchange presently has an average rating of "Hold" and a consensus target price 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.