Quantbot Technologies LP Invests $618,000 in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Quantbot Technologies LP acquired a new stake in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 76,150 shares of the company’s stock, valued at approximately $618,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. SG Americas Securities LLC grew its holdings in shares of AvidXchange by 2.9% during the second quarter. SG Americas Securities LLC now owns 29,813 shares of the company’s stock worth $360,000 after buying an additional 835 shares in the last quarter. California State Teachers Retirement System grew its stake in AvidXchange by 1.0% in the 1st quarter. California State Teachers Retirement System now owns 161,292 shares of the company’s stock worth $2,121,000 after acquiring an additional 1,656 shares during the period. Wealth Enhancement Advisory Services LLC raised its holdings in AvidXchange by 29.6% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 13,211 shares of the company’s stock valued at $107,000 after acquiring an additional 3,019 shares during the last quarter. Principal Financial Group Inc. boosted its holdings in shares of AvidXchange by 17.1% during the second quarter. Principal Financial Group Inc. now owns 23,479 shares of the company’s stock worth $283,000 after purchasing an additional 3,421 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC purchased a new stake in shares of AvidXchange in the third quarter valued at $38,000. Hedge funds and other institutional investors own 80.58% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on AVDX. Wells Fargo & Company increased their target price on AvidXchange from $9.00 to $10.00 and gave the stock an “equal weight” rating in a research report on Thursday, November 7th. The Goldman Sachs Group boosted their target price on shares of AvidXchange from $9.00 to $10.00 and gave the company a “sell” rating in a report on Monday. JPMorgan Chase & Co. downgraded shares of AvidXchange from an “overweight” rating to a “neutral” rating and cut their price target for the stock from $11.00 to $9.00 in a research note on Tuesday, August 20th. UBS Group upped their price objective on AvidXchange from $10.00 to $10.50 and gave the stock a “neutral” rating in a report on Thursday, November 7th. Finally, Barclays boosted their price target on AvidXchange from $11.00 to $13.00 and gave the company an “overweight” rating in a research report on Monday, November 18th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $11.46.

AvidXchange Stock Down 0.6 %

Shares of NASDAQ:AVDX opened at $11.37 on Tuesday. The company has a 50 day moving average of $9.18 and a two-hundred day moving average of $9.72. AvidXchange Holdings, Inc. has a 52-week low of $7.38 and a 52-week high of $13.56. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.11. The company has a market capitalization of $2.34 billion, a price-to-earnings ratio of 572.00 and a beta of 1.00.

Insider Activity at AvidXchange

In other AvidXchange news, insider Ryan Stahl sold 7,427 shares of the firm’s stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $8.58, for a total transaction of $63,723.66. Following the completion of the sale, the insider now owns 369,603 shares in the company, valued at $3,171,193.74. This trade represents a 1.97 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In the last three months, insiders sold 17,697 shares of company stock valued at $146,265. 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.