Entropy Technologies LP Acquires Shares of 55,173 AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Entropy Technologies LP bought a new position in AvidXchange Holdings, Inc. (NASDAQ:AVDX) during the third quarter, HoldingsChannel.com reports. The fund bought 55,173 shares of the company’s stock, valued at approximately $447,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Allspring Global Investments Holdings LLC purchased a new stake in AvidXchange during the 3rd quarter valued at $38,000. CWM LLC boosted its position in shares of AvidXchange by 7,259.8% during the third quarter. CWM LLC now owns 6,771 shares of the company’s stock valued at $55,000 after buying an additional 6,679 shares during the last quarter. Advisors Asset Management Inc. increased its holdings in AvidXchange by 96.3% in the 1st quarter. Advisors Asset Management Inc. now owns 4,309 shares of the company’s stock worth $57,000 after buying an additional 2,114 shares in the last quarter. nVerses Capital LLC purchased a new position in AvidXchange in the 2nd quarter worth about $66,000. Finally, Arbor Investment Advisors LLC bought a new position in AvidXchange during the 3rd quarter valued at about $98,000. 80.58% of the stock is currently owned by institutional investors.

Insider Transactions at AvidXchange

In other news, insider Joel Wilhite sold 47,308 shares of AvidXchange stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $8.10, for a total value of $383,194.80. Following the completion of the transaction, the insider now owns 413,687 shares in the company, valued at approximately $3,350,864.70. The trade was a 10.26 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, President Daniel Drees sold 20,069 shares of the business’s stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $7.98, for a total transaction of $160,150.62. Following the transaction, the president now owns 753,644 shares in the company, valued at $6,014,079.12. This trade represents a 2.59 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 166,386 shares of company stock valued at $1,343,044. 10.40% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several research analysts have recently weighed in on AVDX shares. Piper Sandler boosted their price objective on shares of AvidXchange from $9.00 to $10.00 and gave the company a “neutral” rating in a report on Thursday, November 7th. Wells Fargo & Company lifted their price target on shares of AvidXchange from $9.00 to $10.00 and gave the stock an “equal weight” rating in a research note on Thursday, November 7th. Susquehanna decreased their target price on AvidXchange from $16.00 to $14.00 and set a “positive” rating on the stock in a report on Thursday, August 1st. 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 report on Friday, November 8th. Finally, Keefe, Bruyette & Woods increased their target price on shares of AvidXchange from $9.00 to $10.00 and gave the stock a “market perform” 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 assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $11.18.

AvidXchange Stock Performance

Shares of NASDAQ AVDX opened at $10.44 on Friday. The firm’s fifty day moving average is $8.39 and its two-hundred day moving average is $9.80. AvidXchange Holdings, Inc. has a 52-week low of $7.38 and a 52-week high of $13.56. The company has a market cap of $2.15 billion, a P/E ratio of 537.00 and a beta of 1.00. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.36 and a current ratio of 1.32.

About AvidXchange

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.