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

Royce & Associates LP lowered its stake in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) by 41.9% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. 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 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. SG Americas Securities LLC lifted its stake in AvidXchange by 2.9% in the second quarter. SG Americas Securities LLC now owns 29,813 shares of the company's stock valued at $360,000 after acquiring an additional 835 shares during the last quarter. California State Teachers Retirement System increased its position in AvidXchange by 1.0% during the first quarter. California State Teachers Retirement System now owns 161,292 shares of the company's stock worth $2,121,000 after buying an additional 1,656 shares during the last quarter. Advisors Asset Management Inc. raised its stake in AvidXchange by 96.3% in the first quarter. Advisors Asset Management Inc. now owns 4,309 shares of the company's stock valued at $57,000 after buying an additional 2,114 shares during the period. ProShare Advisors LLC lifted its position in shares of AvidXchange by 9.7% in the first quarter. ProShare Advisors LLC now owns 27,135 shares of the company's stock valued at $357,000 after buying an additional 2,396 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC boosted its stake in shares of AvidXchange by 29.6% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 13,211 shares of the company's stock worth $107,000 after acquiring an additional 3,019 shares during the period. Institutional investors and hedge funds own 80.58% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on AVDX. UBS Group boosted 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. Keefe, Bruyette & Woods upped their price objective on AvidXchange from $9.00 to $10.00 and gave the company a "market perform" rating in a report on Thursday, November 7th. KeyCorp dropped their target price on AvidXchange from $15.00 to $12.00 and set an "overweight" rating for the company in a report on Thursday, August 1st. Barclays boosted their target price on shares of AvidXchange from $11.00 to $13.00 and gave the company an "overweight" rating in a research report on Monday. Finally, Wells Fargo & Company raised their price target on shares of AvidXchange from $9.00 to $10.00 and gave the stock an "equal weight" rating in a research report on Thursday, November 7th. Two analysts have rated the stock with a sell rating, six have given a hold rating and six have issued a buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Hold" and an average price target of $11.39.

AvidXchange Stock Performance

AVDX opened at $10.71 on Thursday. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.11. The firm has a 50 day moving average of $8.61 and a two-hundred day moving average of $9.74. AvidXchange Holdings, Inc. has a 12-month low of $7.38 and a 12-month high of $13.56. The firm has a market capitalization of $2.20 billion, a PE ratio of 532.00 and a beta of 1.00.

Insider Transactions at AvidXchange

In other news, President Daniel Drees sold 20,069 shares of the stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $7.98, for a total transaction of $160,150.62. Following the sale, the president now owns 753,644 shares of the company's stock, valued at approximately $6,014,079.12. This represents a 2.59 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Ryan Stahl sold 7,427 shares of the company's stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $8.58, for a total transaction of $63,723.66. Following the sale, the insider now owns 369,603 shares in the company, valued at $3,171,193.74. The trade was a 1.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 166,386 shares of company stock valued at $1,343,044 in the last ninety days. 10.40% of the stock is currently 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.