Integrated Investment Consultants LLC Buys New Stake in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Integrated Investment Consultants LLC purchased a new stake in AvidXchange Holdings, Inc. (NASDAQ:AVDX) in the third quarter, HoldingsChannel reports. The institutional investor purchased 24,290 shares of the company’s stock, valued at approximately $197,000.

Other large investors also recently bought and sold shares of the company. US Bancorp DE increased its position in shares of AvidXchange by 111,114.9% during the third quarter. US Bancorp DE now owns 52,271 shares of the company’s stock worth $424,000 after purchasing an additional 52,224 shares in the last quarter. Lazard Asset Management LLC purchased a new position in AvidXchange during the 1st quarter worth approximately $7,621,000. Entropy Technologies LP acquired a new position in AvidXchange during the third quarter worth approximately $447,000. State of New Jersey Common Pension Fund D lifted its stake in 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 valued at $2,011,000 after buying an additional 69,971 shares during the last quarter. Finally, American Century Companies Inc. boosted its holdings in shares of AvidXchange by 54.2% in the second quarter. American Century Companies Inc. now owns 4,515,719 shares of the company’s stock valued at $54,460,000 after acquiring an additional 1,586,510 shares during the period. Institutional investors and hedge funds own 80.58% of the company’s stock.

AvidXchange Price Performance

Shares of NASDAQ AVDX opened at $11.17 on Friday. The company’s fifty day moving average is $8.67 and its two-hundred day moving average is $9.75. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.32 and a current ratio of 1.32. The firm has a market capitalization of $2.30 billion, a P/E ratio of 532.00 and a beta of 1.00. AvidXchange Holdings, Inc. has a one year low of $7.38 and a one year high of $13.56.

Analyst Upgrades and Downgrades

AVDX has been the topic of a number of recent research reports. The Goldman Sachs Group lifted 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. Keefe, Bruyette & Woods lifted their price objective on shares of AvidXchange from $9.00 to $10.00 and gave the company a “market perform” rating in a research note on Thursday, November 7th. Barclays increased their target price on shares of AvidXchange from $11.00 to $13.00 and gave the stock an “overweight” rating in a research note on Monday, November 18th. Bank of America dropped their price target on AvidXchange from $12.00 to $8.00 and set an “underperform” rating on the stock in a research report on Tuesday, October 15th. Finally, Wells Fargo & Company increased their price objective on AvidXchange from $9.00 to $10.00 and gave the stock an “equal weight” rating in a research report on Thursday, November 7th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and six have given a buy rating to the stock. According to MarketBeat, AvidXchange has an average rating of “Hold” and an average price target of $11.39.

Insider Buying and Selling

In related news, CEO Michael Praeger sold 37,225 shares of AvidXchange stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $7.98, for a total transaction of $297,055.50. Following the completion of the transaction, the chief executive officer now directly owns 10,453,786 shares of the company’s stock, valued at approximately $83,421,212.28. The trade was a 0.35 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Ryan Stahl sold 7,427 shares of the company’s stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $8.58, for a total value of $63,723.66. Following the completion of the sale, the insider now directly owns 369,603 shares in the company, valued at $3,171,193.74. This trade represents a 1.97 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 119,078 shares of company stock valued at $959,850. Corporate insiders own 10.40% of the company’s stock.

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.