US Bancorp DE Boosts Stock Position in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

US Bancorp DE boosted its stake in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) by 111,114.9% during the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 52,271 shares of the company's stock after buying an additional 52,224 shares during the period. US Bancorp DE's holdings in AvidXchange were worth $424,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Allspring Global Investments Holdings LLC bought a new stake in shares of AvidXchange in the third quarter valued at about $38,000. CWM LLC increased its holdings in AvidXchange by 7,259.8% during the third quarter. CWM LLC now owns 6,771 shares of the company's stock valued at $55,000 after buying an additional 6,679 shares during the period. Advisors Asset Management Inc. lifted its holdings in AvidXchange by 96.3% during the first quarter. Advisors Asset Management Inc. now owns 4,309 shares of the company's stock worth $57,000 after buying an additional 2,114 shares during the period. nVerses Capital LLC bought a new stake in AvidXchange during the 2nd quarter valued at $66,000. Finally, Arbor Investment Advisors LLC purchased a new position in shares of AvidXchange during the third quarter worth $98,000. 80.58% of the stock is owned by hedge funds and other institutional investors.

AvidXchange Stock Up 1.7 %

Shares of AvidXchange stock traded up $0.18 during trading hours on Tuesday, hitting $10.66. The company had a trading volume of 1,496,507 shares, compared to its average volume of 2,081,508. The company's 50-day moving average is $8.23 and its two-hundred day moving average is $9.79. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.36 and a quick ratio of 1.36. AvidXchange Holdings, Inc. has a twelve month low of $7.38 and a twelve month high of $13.56. The company has a market cap of $2.22 billion, a P/E ratio of 503.50 and a beta of 1.00.

Insiders Place Their Bets

In other news, insider Ryan Stahl sold 7,427 shares of the firm's stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $8.58, for a total transaction of $63,723.66. Following the transaction, the insider now directly owns 369,603 shares in the company, valued at approximately $3,171,193.74. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, insider Joel Wilhite sold 18,028 shares of the business's stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $7.98, for a total transaction of $143,863.44. Following the sale, the insider now owns 419,636 shares of the company's stock, valued at approximately $3,348,695.28. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Ryan Stahl sold 7,427 shares of AvidXchange stock in a transaction that occurred on Wednesday, October 16th. The shares were 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 of the company's stock, valued at approximately $3,171,193.74. The trade was a 0.00 % 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 over the last quarter. Company insiders own 10.40% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. UBS Group lifted their target price on shares of AvidXchange from $10.00 to $10.50 and gave the company a "neutral" rating in a report on Thursday, November 7th. Piper Sandler increased their price objective on AvidXchange from $9.00 to $10.00 and gave the company a "neutral" rating in a research note on Thursday, November 7th. JPMorgan Chase & Co. lowered AvidXchange from an "overweight" rating to a "neutral" rating and dropped their price target for the company from $11.00 to $9.00 in a research report on Tuesday, August 20th. BMO Capital Markets boosted their price target on shares of AvidXchange from $10.00 to $11.00 and gave the company a "market perform" rating in a research report on Friday. Finally, Bank of America lowered their price objective on AvidXchange from $12.00 to $8.00 and set an "underperform" rating for the company in a research report on Tuesday, October 15th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and six have given a buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Hold" and an average price target of $11.18.

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.