UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Has $3.43 Million Stake in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 5.1% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 422,697 shares of the company’s stock after purchasing an additional 20,665 shares during the quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned about 0.21% of AvidXchange worth $3,428,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. FMR LLC raised its position in shares of AvidXchange by 272.5% in the 3rd quarter. FMR LLC now owns 13,733,769 shares of the company’s stock valued at $111,381,000 after acquiring an additional 10,046,893 shares during the period. American Century Companies Inc. increased its stake 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 purchasing an additional 1,586,510 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in AvidXchange by 5.6% in the second quarter. Dimensional Fund Advisors LP now owns 4,317,134 shares of the company’s stock worth $52,062,000 after purchasing an additional 230,777 shares during the period. Millennium Management LLC boosted its position in shares of AvidXchange by 9.8% during the second quarter. Millennium Management LLC now owns 2,770,662 shares of the company’s stock worth $33,414,000 after purchasing an additional 246,462 shares in the last quarter. Finally, Tremblant Capital Group grew its holdings in shares of AvidXchange by 0.3% in the 2nd quarter. Tremblant Capital Group now owns 2,170,114 shares of the company’s stock valued at $26,172,000 after buying an additional 5,971 shares during the period. Institutional investors and hedge funds own 80.58% of the company’s stock.

AvidXchange Trading Down 0.1 %

Shares of AvidXchange stock opened at $11.15 on Friday. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.32 and a current ratio of 1.32. The firm has a 50-day moving average of $9.70 and a 200-day moving average of $9.76. AvidXchange Holdings, Inc. has a 52-week low of $7.38 and a 52-week high of $13.56. The stock has a market cap of $2.29 billion, a PE ratio of 563.50 and a beta of 1.20.

Insider Activity

In related news, CEO Michael Praeger sold 42,377 shares of AvidXchange stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $11.40, for a total transaction of $483,097.80. Following the sale, the chief executive officer now directly owns 10,381,033 shares of the company’s stock, valued at approximately $118,343,776.20. The trade was a 0.41 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director James E. Hausman sold 25,000 shares of the stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $11.25, for a total transaction of $281,250.00. Following the completion of the transaction, the director now directly owns 2,112,232 shares of the company’s stock, valued at approximately $23,762,610. The trade was a 1.17 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 95,741 shares of company stock worth $1,042,365. 10.40% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of research firms have issued reports on AVDX. Barclays boosted their target price on AvidXchange from $11.00 to $13.00 and gave the company an “overweight” rating in a research note on Monday, November 18th. Piper Sandler boosted their price objective on AvidXchange from $9.00 to $10.00 and gave the company a “neutral” rating in a research report on Thursday, November 7th. Compass Point raised AvidXchange from a “neutral” rating to a “buy” rating and increased their target price for the stock from $8.00 to $15.00 in a research note on Thursday, November 7th. Keefe, Bruyette & Woods lifted their price target on shares of AvidXchange from $10.00 to $12.00 and gave the company a “market perform” rating in a research note on Monday, December 9th. Finally, UBS Group increased their price objective on shares of 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 assigned a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $11.68.

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.