Verition Fund Management LLC Takes Position in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Verition Fund Management LLC acquired a new position in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 99,096 shares of the company’s stock, valued at approximately $804,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of AVDX. Allspring Global Investments Holdings LLC bought a new stake in AvidXchange during the third quarter valued at about $38,000. CWM LLC increased its stake in shares of AvidXchange by 7,259.8% in the third quarter. CWM LLC now owns 6,771 shares of the company’s stock worth $55,000 after purchasing an additional 6,679 shares during the period. nVerses Capital LLC acquired a new position in shares of AvidXchange during the 2nd quarter worth about $66,000. Arbor Investment Advisors LLC bought a new stake in AvidXchange during the 3rd quarter valued at approximately $98,000. Finally, Wealth Enhancement Advisory Services LLC grew 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 buying an additional 3,019 shares during the last quarter. 80.58% of the stock is currently owned by institutional investors and hedge funds.

AvidXchange Trading Down 3.3 %

AVDX stock opened at $11.18 on Tuesday. 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 business’s 50 day moving average is $9.50 and its 200-day moving average is $9.73. The firm has a market cap of $2.30 billion, a P/E ratio of 578.00 and a beta of 1.19.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on AVDX shares. The Goldman Sachs Group upped their price target on AvidXchange from $9.00 to $10.00 and gave the stock a “sell” rating in a report on Monday, December 2nd. Keefe, Bruyette & Woods upped their target price on shares of AvidXchange from $10.00 to $12.00 and gave the company a “market perform” rating in a research note on Monday. Wells Fargo & Company raised their price target on shares of AvidXchange from $9.00 to $10.00 and gave the stock an “equal weight” rating in a research report on Thursday, November 7th. Bank of America cut their price objective on shares of AvidXchange from $12.00 to $8.00 and set an “underperform” rating for the company in a research report on Tuesday, October 15th. Finally, UBS Group lifted their target price on AvidXchange from $10.00 to $10.50 and gave the stock a “neutral” rating in a research report on Thursday, November 7th. Two analysts have rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $11.50.

Insider Activity at AvidXchange

In related news, CEO Michael Praeger sold 42,377 shares of AvidXchange stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $11.40, for a total transaction of $483,097.80. Following the completion of the transaction, the chief executive officer now directly owns 10,381,033 shares of the company’s stock, valued at $118,343,776.20. This trade represents a 0.41 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Ryan Stahl sold 7,621 shares of the company’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $8.13, for a total transaction of $61,958.73. Following the sale, the insider now directly owns 377,030 shares in the company, valued at $3,065,253.90. This represents a 1.98 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 60,074 shares of company stock valued at $629,363 in the last 90 days. 10.40% of the stock is owned by corporate 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.