AvidXchange Holdings, Inc. (NASDAQ:AVDX) Shares Sold by Royce & Associates LP

Royce & Associates LP lowered its position in AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) by 41.9% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 99,974 shares of the company's stock after selling 72,000 shares during the period. Royce & Associates LP's holdings in AvidXchange were worth $811,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the stock. Sumitomo Mitsui Trust Group Inc. boosted its holdings in AvidXchange by 9.1% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,862,225 shares of the company's stock valued at $15,103,000 after purchasing an additional 155,008 shares during the period. GSA Capital Partners LLP purchased a new position in shares of AvidXchange during the third quarter worth approximately $1,393,000. Entropy Technologies LP purchased a new position in shares of AvidXchange during the third quarter worth approximately $447,000. Versor Investments LP purchased a new position in shares of AvidXchange during the third quarter worth approximately $216,000. Finally, State of New Jersey Common Pension Fund D increased its stake in shares of AvidXchange by 39.3% in the third quarter. State of New Jersey Common Pension Fund D now owns 247,947 shares of the company's stock worth $2,011,000 after buying an additional 69,971 shares during the period. Institutional investors own 80.58% of the company's stock.

AvidXchange Stock Up 1.5 %

Shares of NASDAQ:AVDX traded up $0.16 during trading hours on Thursday, hitting $10.87. The company's stock had a trading volume of 1,713,605 shares, compared to its average volume of 2,070,565. 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 has a market capitalization of $2.24 billion, a price-to-earnings ratio of 532.00 and a beta of 1.00. The firm's fifty day moving average price is $8.61 and its 200 day moving average price is $9.74. AvidXchange Holdings, Inc. has a 52 week low of $7.38 and a 52 week high of $13.56.

Analyst Ratings Changes

AVDX has been the topic of several analyst reports. KeyCorp decreased their target price on shares of AvidXchange from $15.00 to $12.00 and set an "overweight" rating on the stock in a research note on Thursday, August 1st. JPMorgan Chase & Co. cut shares of AvidXchange from an "overweight" rating to a "neutral" rating and cut their price target for the company from $11.00 to $9.00 in a report on Tuesday, August 20th. UBS Group lifted their price target on shares of AvidXchange from $10.00 to $10.50 and gave the company a "neutral" rating in a report on Thursday, November 7th. Robert W. Baird cut their price target on shares of AvidXchange from $16.00 to $14.00 and set an "outperform" rating on the stock in a report on Thursday, August 1st. Finally, The Goldman Sachs Group boosted their target price on shares of AvidXchange from $7.00 to $9.00 and gave the company a "sell" rating in a report on Thursday, November 7th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, AvidXchange presently has an average rating of "Hold" and a consensus price target of $11.39.

Insider Buying and Selling

In other AvidXchange news, President Daniel Drees sold 20,069 shares of the company's stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $7.98, for a total transaction of $160,150.62. Following the transaction, the president now owns 753,644 shares in the company, valued at approximately $6,014,079.12. This represents a 2.59 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Joel Wilhite sold 47,308 shares of the company's stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $8.10, for a total transaction of $383,194.80. Following the transaction, the insider now owns 413,687 shares in the company, valued at $3,350,864.70. The trade was a 10.26 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 166,386 shares of company stock worth $1,343,044 in the last 90 days. 10.40% of the stock is owned by corporate insiders.

AvidXchange Company 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.