AvidXchange Holdings, Inc. (NASDAQ:AVDX) Stake Boosted by Advantage Alpha Capital Partners LP

Advantage Alpha Capital Partners LP increased its position in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 115.7% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 750,282 shares of the company’s stock after acquiring an additional 402,488 shares during the period. AvidXchange comprises approximately 1.4% of Advantage Alpha Capital Partners LP’s portfolio, making the stock its 23rd biggest holding. Advantage Alpha Capital Partners LP owned about 0.36% of AvidXchange worth $6,085,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of the company. Allspring Global Investments Holdings LLC acquired a new position in shares of AvidXchange during the 3rd quarter worth $38,000. CWM LLC increased its position in AvidXchange by 7,259.8% during the third quarter. CWM LLC now owns 6,771 shares of the company’s stock worth $55,000 after buying an additional 6,679 shares during the last quarter. Advisors Asset Management Inc. raised 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 valued at $57,000 after buying an additional 2,114 shares in the last quarter. nVerses Capital LLC acquired a new stake in shares of AvidXchange in the second quarter worth about $66,000. Finally, Arbor Investment Advisors LLC bought a new stake in shares of AvidXchange during the 3rd quarter worth about $98,000. Institutional investors and hedge funds own 80.58% of the company’s stock.

AvidXchange Price Performance

Shares of AVDX stock opened at $11.59 on Tuesday. AvidXchange Holdings, Inc. has a 12 month low of $7.38 and a 12 month high of $13.56. The company has a market capitalization of $2.38 billion, a P/E ratio of 558.50 and a beta of 1.00. The stock has a 50 day moving average of $8.82 and a two-hundred day moving average of $9.72. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.11.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the company. Barclays boosted their target price on AvidXchange from $11.00 to $13.00 and gave the stock an “overweight” rating in a report on Monday, November 18th. Bank of America reduced their price objective on shares of AvidXchange from $12.00 to $8.00 and set an “underperform” rating for the company in a research note on Tuesday, October 15th. BMO Capital Markets raised their target price on shares of AvidXchange from $10.00 to $11.00 and gave the company a “market perform” rating in a research note on Friday, November 8th. JPMorgan Chase & Co. lowered shares of AvidXchange from an “overweight” rating to a “neutral” rating and cut their target price for the stock from $11.00 to $9.00 in a research report on Tuesday, August 20th. Finally, Susquehanna lowered their price target on AvidXchange from $16.00 to $14.00 and set a “positive” rating on the stock in a research report on Thursday, August 1st. Two investment 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. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $11.39.

Insider Activity at AvidXchange

In other AvidXchange news, CEO Michael Praeger sold 6,701 shares of AvidXchange stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $8.17, for a total transaction of $54,747.17. Following the sale, the chief executive officer now directly owns 10,410,983 shares of the company’s stock, valued at approximately $85,057,731.11. The trade was a 0.06 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Ryan Stahl sold 7,621 shares of the company’s stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $8.13, for a total value of $61,958.73. Following the completion of the sale, the insider now owns 377,030 shares in the company, valued at approximately $3,065,253.90. This represents a 1.98 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 43,756 shares of company stock worth $358,780. 10.40% of the stock is owned by corporate insiders.

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.