State Street Corp Acquires 54,403 Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX)

State Street Corp boosted its position in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) by 1.5% during the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 3,763,694 shares of the company's stock after purchasing an additional 54,403 shares during the quarter. State Street Corp owned about 1.83% of AvidXchange worth $30,524,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Point72 DIFC Ltd purchased a new stake in shares of AvidXchange during the third quarter valued at approximately $37,000. Point72 Asset Management L.P. purchased a new position in shares of AvidXchange in the third quarter worth $7,920,000. Jacobs Levy Equity Management Inc. bought a new position in shares of AvidXchange during the third quarter valued at $25,339,000. Circumference Group LLC purchased a new stake in shares of AvidXchange during the third quarter valued at $2,230,000. Finally, Atom Investors LP bought a new stake in AvidXchange in the 3rd quarter worth about $213,000. 80.58% of the stock is currently owned by institutional investors.

AvidXchange Price Performance

Shares of NASDAQ AVDX traded down $0.07 during midday trading on Friday, reaching $10.56. The stock had a trading volume of 2,922,746 shares, compared to its average volume of 2,032,998. The company has a market capitalization of $2.17 billion, a price-to-earnings ratio of 531.50 and a beta of 1.20. AvidXchange Holdings, Inc. has a 12-month low of $7.38 and a 12-month high of $13.56. The stock has a 50-day moving average of $10.07 and a 200-day moving average of $9.76. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.32 and a current ratio of 1.32.

Insider Buying and Selling

In related news, insider Ryan Stahl sold 7,621 shares of the firm's stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $8.13, for a total transaction of $61,958.73. Following the completion of the transaction, the insider now directly owns 377,030 shares of the company's stock, valued at approximately $3,065,253.90. This trade represents a 1.98 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Michael Praeger sold 42,377 shares of the business's stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $11.40, for a total transaction 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. The trade was a 0.41 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 95,741 shares of company stock valued at $1,042,365. Company insiders own 10.40% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on AVDX. Barclays upped their target price on shares of AvidXchange from $11.00 to $13.00 and gave the company an "overweight" rating in a research note on Monday, November 18th. Keefe, Bruyette & Woods increased their price objective on shares of AvidXchange from $10.00 to $12.00 and gave the company a "market perform" rating in a research report on Monday, December 9th. UBS Group lifted their target price 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. The Goldman Sachs Group increased their price target on AvidXchange from $9.00 to $10.00 and gave the company a "sell" rating in a report on Monday, December 2nd. Finally, Compass Point raised AvidXchange from a "neutral" rating to a "buy" rating and lifted their price objective for the stock from $8.00 to $15.00 in a report on Thursday, November 7th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $11.68.

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.