226,373 Shares in AvidXchange Holdings, Inc. (NASDAQ:AVDX) Purchased by PDT Partners LLC

PDT Partners LLC acquired a new stake in AvidXchange Holdings, Inc. (NASDAQ:AVDX) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 226,373 shares of the company’s stock, valued at approximately $1,836,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. FMR LLC boosted its stake in shares of AvidXchange by 272.5% in the third quarter. FMR LLC now owns 13,733,769 shares of the company’s stock valued at $111,381,000 after buying an additional 10,046,893 shares in the last quarter. American Century Companies Inc. lifted its holdings in 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. Providence Capital Advisors LLC grew its stake in shares of AvidXchange by 709.6% during the 3rd quarter. Providence Capital Advisors LLC now owns 649,565 shares of the company’s stock worth $5,268,000 after purchasing an additional 569,328 shares during the period. Rockefeller Capital Management L.P. increased its holdings in shares of AvidXchange by 30.4% in the 3rd quarter. Rockefeller Capital Management L.P. now owns 2,314,653 shares of the company’s stock valued at $18,779,000 after purchasing an additional 538,956 shares in the last quarter. Finally, Advantage Alpha Capital Partners LP lifted its stake in shares of AvidXchange by 115.7% in the third quarter. Advantage Alpha Capital Partners LP now owns 750,282 shares of the company’s stock valued at $6,085,000 after purchasing an additional 402,488 shares during the period. Institutional investors and hedge funds own 80.58% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the stock. BMO Capital Markets upped their target price on shares of AvidXchange from $10.00 to $11.00 and gave the stock a “market perform” rating in a research report on Friday, November 8th. Keefe, Bruyette & Woods upped their price target on AvidXchange from $9.00 to $10.00 and gave the stock a “market perform” rating in a report on Thursday, November 7th. Wells Fargo & Company lifted their price objective on AvidXchange from $9.00 to $10.00 and gave the stock an “equal weight” rating in a report on Thursday, November 7th. Compass Point upgraded AvidXchange from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $8.00 to $15.00 in a research report on Thursday, November 7th. Finally, The Goldman Sachs Group raised their price target on AvidXchange from $7.00 to $9.00 and gave the company a “sell” rating in a research report on Thursday, November 7th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $11.39.

AvidXchange Stock Performance

Shares of NASDAQ AVDX opened at $11.44 on Friday. The company has a 50-day simple moving average of $9.11 and a 200-day simple moving average of $9.73. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.32 and a quick ratio of 1.32. The company 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 12 month low of $7.38 and a 12 month high of $13.56.

Insider Buying and Selling

In other AvidXchange news, insider Ryan Stahl sold 7,621 shares of the business’s stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $8.13, for a total value of $61,958.73. Following the completion of the transaction, 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 position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Over the last 90 days, insiders have sold 17,697 shares of company stock worth $146,265. 10.40% of the stock is owned by 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.