Integrated Investment Consultants LLC Acquires New Position in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Integrated Investment Consultants LLC bought a new position in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 24,290 shares of the company’s stock, valued at approximately $197,000.

A number of other institutional investors also recently bought and sold shares of AVDX. Allspring Global Investments Holdings LLC acquired a new stake in shares of AvidXchange during the 3rd quarter worth approximately $38,000. CWM LLC grew its position in 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 acquiring an additional 6,679 shares during the period. Advisors Asset Management Inc. increased its stake in AvidXchange by 96.3% during the first quarter. Advisors Asset Management Inc. now owns 4,309 shares of the company’s stock worth $57,000 after acquiring an additional 2,114 shares during the last quarter. nVerses Capital LLC purchased a new stake in AvidXchange in the second quarter valued at $66,000. Finally, Arbor Investment Advisors LLC acquired a new position in shares of AvidXchange in the 3rd quarter valued at $98,000. 80.58% of the stock is owned by hedge funds and other institutional investors.

AvidXchange Price Performance

AVDX stock opened at $11.17 on Friday. The business’s 50-day moving average is $8.67 and its two-hundred day moving average is $9.75. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.32 and a quick ratio of 1.32. The firm has a market capitalization of $2.30 billion, a P/E ratio of 532.00 and a beta of 1.00. AvidXchange Holdings, Inc. has a 1 year low of $7.38 and a 1 year high of $13.56.

Analyst Ratings Changes

A number of brokerages recently issued reports on AVDX. Wells Fargo & Company raised their price objective on AvidXchange from $9.00 to $10.00 and gave the stock an “equal weight” rating in a research report on Thursday, November 7th. UBS Group boosted their price target on shares of AvidXchange from $10.00 to $10.50 and gave the company a “neutral” rating in a research note on Thursday, November 7th. JPMorgan Chase & Co. lowered shares of AvidXchange from an “overweight” rating to a “neutral” rating and decreased their price objective for the stock from $11.00 to $9.00 in a report on Tuesday, August 20th. Piper Sandler lifted their target price on shares of AvidXchange from $9.00 to $10.00 and gave the company a “neutral” rating in a report on Thursday, November 7th. Finally, Susquehanna decreased their price target on AvidXchange from $16.00 to $14.00 and set a “positive” rating on the stock in a research note on Thursday, August 1st. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, AvidXchange has a consensus rating of “Hold” and an average price target of $11.39.

Insider Buying and Selling

In other AvidXchange news, CEO Michael Praeger sold 37,225 shares of AvidXchange stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $7.98, for a total transaction of $297,055.50. Following the completion of the sale, the chief executive officer now directly owns 10,453,786 shares of the company’s stock, valued at $83,421,212.28. The trade was a 0.35 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Ryan Stahl sold 7,427 shares of the company’s 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 transaction, the insider now directly owns 369,603 shares of the company’s stock, valued at approximately $3,171,193.74. This represents a 1.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 119,078 shares of company stock worth $959,850. Company insiders own 10.40% of the company’s stock.

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.