Capstone Investment Advisors LLC Sells 7,016 Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Capstone Investment Advisors LLC decreased its stake in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 37.5% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 11,682 shares of the company’s stock after selling 7,016 shares during the period. Capstone Investment Advisors LLC’s holdings in AvidXchange were worth $95,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Allspring Global Investments Holdings LLC purchased a new stake in AvidXchange in the third quarter worth $38,000. nVerses Capital LLC bought a new stake in shares of AvidXchange during the 2nd quarter valued at $66,000. CWM LLC grew its position in shares of AvidXchange by 7,259.8% in the 3rd 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 period. Xponance Inc. bought a new position in shares of AvidXchange in the 2nd quarter worth about $133,000. Finally, Arbor Investment Advisors LLC bought a new position in shares of AvidXchange in the 3rd quarter worth about $98,000. Hedge funds and other institutional investors own 80.58% of the company’s stock.

Analyst Upgrades and Downgrades

AVDX has been the topic of a number of recent research reports. Barclays upped their price objective on shares of AvidXchange from $11.00 to $13.00 and gave the stock an “overweight” rating in a report on Monday, November 18th. BMO Capital Markets upped their price target on AvidXchange from $10.00 to $11.00 and gave the stock a “market perform” rating in a research note on Friday, November 8th. 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 note on Tuesday, October 15th. JPMorgan Chase & Co. cut 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 note on Tuesday, August 20th. Finally, UBS Group lifted their price target on AvidXchange from $10.00 to $10.50 and gave the stock a “neutral” 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 company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $11.39.

Insider Activity at AvidXchange

In related news, insider Ryan Stahl sold 7,621 shares of the business’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 transaction of $61,958.73. Following the completion of the sale, the insider now directly owns 377,030 shares in the company, valued at approximately $3,065,253.90. The trade was a 1.98 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Over the last 90 days, insiders sold 17,697 shares of company stock worth $146,265. 10.40% of the stock is owned by insiders.

AvidXchange Price Performance

Shares of AVDX opened at $11.44 on Monday. The firm has a market cap of $2.35 billion, a PE ratio of 572.00 and a beta of 1.00. AvidXchange Holdings, Inc. has a 1-year low of $7.38 and a 1-year high of $13.56. 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 fifty day simple moving average of $9.11 and a two-hundred day simple moving average of $9.72.

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.