275,000 Shares in AvidXchange Holdings, Inc. (NASDAQ:AVDX) Bought by Circumference Group LLC

Circumference Group LLC bought a new stake in AvidXchange Holdings, Inc. (NASDAQ:AVDX) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 275,000 shares of the company’s stock, valued at approximately $2,230,000. AvidXchange comprises about 2.3% of Circumference Group LLC’s portfolio, making the stock its 20th biggest position. Circumference Group LLC owned 0.13% of AvidXchange as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC bought a new stake in shares of AvidXchange in the 3rd quarter worth approximately $38,000. CWM LLC boosted its position in 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 period. nVerses Capital LLC bought a new position in shares of AvidXchange during the second quarter valued at about $66,000. Arbor Investment Advisors LLC bought a new position in shares of AvidXchange during the third quarter valued at about $98,000. Finally, Wealth Enhancement Advisory Services LLC increased its holdings in shares of AvidXchange by 29.6% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 13,211 shares of the company’s stock worth $107,000 after buying an additional 3,019 shares during the period. Hedge funds and other institutional investors own 80.58% of the company’s stock.

Analysts Set New Price Targets

AVDX has been the topic of several recent research reports. The Goldman Sachs Group raised their price target on AvidXchange from $7.00 to $9.00 and gave the stock a “sell” rating in a research report on Thursday, November 7th. Barclays raised their target price on shares of AvidXchange from $11.00 to $13.00 and gave the stock an “overweight” rating in a report on Monday, November 18th. JPMorgan Chase & Co. lowered shares of AvidXchange from an “overweight” rating to a “neutral” rating and lowered their price target for the company from $11.00 to $9.00 in a report on Tuesday, August 20th. 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 report on Thursday, November 7th. Finally, 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 research report on Thursday, November 7th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $11.39.

AvidXchange Price Performance

Shares of NASDAQ AVDX opened at $11.44 on Monday. 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 company has a 50 day simple moving average of $9.11 and a two-hundred day simple moving average of $9.72. AvidXchange Holdings, Inc. has a fifty-two week low of $7.38 and a fifty-two week high of $13.56. The company has a market capitalization of $2.35 billion, a price-to-earnings ratio of 572.00 and a beta of 1.00.

Insider Transactions at AvidXchange

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