AvidXchange Holdings, Inc. (NASDAQ:AVDX) Shares Bought by Rockefeller Capital Management L.P.

Rockefeller Capital Management L.P. grew its stake in AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) by 30.4% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,314,653 shares of the company's stock after purchasing an additional 538,956 shares during the period. Rockefeller Capital Management L.P. owned about 1.13% of AvidXchange worth $18,779,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC acquired a new stake in shares of AvidXchange in the third quarter valued at about $38,000. CWM LLC boosted its holdings in shares of AvidXchange by 7,259.8% during the 3rd quarter. CWM LLC now owns 6,771 shares of the company's stock worth $55,000 after purchasing an additional 6,679 shares during the last quarter. nVerses Capital LLC purchased a new stake in shares of AvidXchange in the second quarter valued at approximately $66,000. Arbor Investment Advisors LLC acquired a new position in AvidXchange during the third quarter worth $98,000. Finally, Wealth Enhancement Advisory Services LLC grew its holdings in AvidXchange by 29.6% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 13,211 shares of the company's stock valued at $107,000 after buying an additional 3,019 shares in the last quarter. Institutional investors and hedge funds own 80.58% of the company's stock.

AvidXchange Stock Down 0.6 %

NASDAQ AVDX traded down $0.07 during trading on Monday, reaching $11.37. 1,322,183 shares of the company's stock were exchanged, compared to its average volume of 2,057,625. AvidXchange Holdings, Inc. has a 1 year low of $7.38 and a 1 year high of $13.56. The stock has a market cap of $2.34 billion, a P/E ratio of 572.00 and a beta of 1.00. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.32 and a current ratio of 1.32. The company has a 50 day moving average price of $9.18 and a two-hundred day moving average price of $9.72.

Insider Buying and Selling at AvidXchange

In other news, insider Ryan Stahl sold 7,621 shares of AvidXchange stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $8.13, for a total transaction of $61,958.73. Following the sale, the insider now owns 377,030 shares in the company, valued at approximately $3,065,253.90. The trade was a 1.98 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders have sold 17,697 shares of company stock worth $146,265 over the last three months. Insiders own 10.40% of the company's stock.

Analyst Ratings Changes

Several brokerages recently weighed in on AVDX. Compass Point upgraded AvidXchange from a "neutral" rating to a "buy" rating and increased their price objective for the stock from $8.00 to $15.00 in a research report on Thursday, November 7th. BMO Capital Markets upped their target price on shares of AvidXchange from $10.00 to $11.00 and gave the company a "market perform" rating in a research report on Friday, November 8th. Piper Sandler lifted their price target on shares of AvidXchange from $9.00 to $10.00 and gave the company a "neutral" rating in a research report on Thursday, November 7th. Bank of America reduced their price target on shares of AvidXchange from $12.00 to $8.00 and set an "underperform" rating on the stock in a research note on Tuesday, October 15th. Finally, UBS Group increased their price objective on shares of AvidXchange from $10.00 to $10.50 and gave the stock a "neutral" rating in a research report on Thursday, November 7th. 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 a consensus rating of "Hold" and an average 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.