Sanctuary Advisors LLC Decreases Holdings in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Sanctuary Advisors LLC reduced its stake in AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 20.6% during the third quarter, Holdings Channel.com reports. The institutional investor owned 38,190 shares of the company’s stock after selling 9,886 shares during the period. Sanctuary Advisors LLC’s holdings in AvidXchange were worth $310,000 as of its most recent filing with the SEC.

Several other institutional investors also recently added to or reduced their stakes in the stock. Captrust Financial Advisors grew its position in shares of AvidXchange by 9.2% during the 3rd quarter. Captrust Financial Advisors now owns 17,350 shares of the company’s stock valued at $141,000 after acquiring an additional 1,465 shares during the period. Wealth Enhancement Advisory Services LLC grew its holdings in AvidXchange by 29.6% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 13,211 shares of the company’s stock valued at $107,000 after purchasing an additional 3,019 shares during the period. Principal Financial Group Inc. increased its position in AvidXchange by 17.1% in the second quarter. Principal Financial Group Inc. now owns 23,479 shares of the company’s stock worth $283,000 after buying an additional 3,421 shares during the last quarter. Point72 DIFC Ltd bought a new stake in shares of AvidXchange in the third quarter valued at $37,000. Finally, Allspring Global Investments Holdings LLC purchased a new position in shares of AvidXchange during the 3rd quarter valued at $38,000. Institutional investors own 80.58% of the company’s stock.

AvidXchange Price Performance

AVDX opened at $10.37 on Friday. The firm has a market cap of $2.13 billion, a PE ratio of 517.50 and a beta of 1.20. The stock has a 50-day moving average price of $10.27 and a 200-day moving average price of $9.76. AvidXchange Holdings, Inc. has a 1 year low of $7.38 and a 1 year high of $13.56. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.32 and a quick ratio of 1.32.

Wall Street Analyst Weigh In

A number of analysts recently commented on the stock. Compass Point upgraded shares of AvidXchange from a “neutral” rating to a “buy” rating and upped their price target for the company from $8.00 to $15.00 in a research note on Thursday, November 7th. UBS Group raised their price target on AvidXchange from $10.00 to $10.50 and gave the stock a “neutral” rating in a report on Thursday, November 7th. Bank of America reduced their price target on AvidXchange from $12.00 to $8.00 and set an “underperform” rating for the company in a research report on Tuesday, October 15th. BMO Capital Markets increased their price objective on AvidXchange from $10.00 to $11.00 and gave the stock a “market perform” rating in a report on Friday, November 8th. Finally, Piper Sandler lifted their target price on AvidXchange from $9.00 to $10.00 and gave the company a “neutral” rating in a report on Thursday, November 7th. Two 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.com, AvidXchange currently has a consensus rating of “Hold” and an average price target of $11.68.

Insider Buying and Selling at AvidXchange

In other news, insider Ryan Stahl sold 7,427 shares of the company’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 sale, the insider now directly owns 369,603 shares of the company’s stock, valued at $3,171,193.74. This represents a 1.97 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Teresa Mackintosh sold 13,316 shares of the firm’s stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $11.44, for a total value of $152,335.04. Following the completion of the sale, the director now directly owns 47,388 shares of the company’s stock, valued at $542,118.72. The trade was a 21.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 88,120 shares of company stock valued at $980,407. 10.40% of the stock is owned by company insiders.

AvidXchange Company 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.