US Bancorp DE Increases Stock Position in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

US Bancorp DE boosted its stake in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 111,114.9% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 52,271 shares of the company’s stock after buying an additional 52,224 shares during the quarter. US Bancorp DE’s holdings in AvidXchange were worth $424,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Lazard Asset Management LLC purchased a new position in AvidXchange during the first quarter worth about $7,621,000. California State Teachers Retirement System boosted its stake in shares of AvidXchange by 1.0% in the first quarter. California State Teachers Retirement System now owns 161,292 shares of the company’s stock valued at $2,121,000 after purchasing an additional 1,656 shares during the period. American Century Companies Inc. boosted its stake in shares of 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 during the period. Interval Partners LP purchased a new position in shares of AvidXchange in the second quarter valued at approximately $1,833,000. Finally, Dimensional Fund Advisors LP boosted its stake in shares of AvidXchange by 5.6% in the second quarter. Dimensional Fund Advisors LP now owns 4,317,134 shares of the company’s stock valued at $52,062,000 after purchasing an additional 230,777 shares during the period. Hedge funds and other institutional investors own 80.58% of the company’s stock.

AvidXchange Stock Up 4.1 %

AVDX stock opened at $10.48 on Tuesday. The company has a current ratio of 1.36, a quick ratio of 1.36 and a debt-to-equity ratio of 0.19. AvidXchange Holdings, Inc. has a twelve month low of $7.38 and a twelve month high of $13.56. The company’s 50 day moving average is $8.18 and its two-hundred day moving average is $9.80. The stock has a market cap of $2.18 billion, a P/E ratio of 503.50 and a beta of 1.00.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the stock. KeyCorp lowered their price objective on shares of AvidXchange from $15.00 to $12.00 and set an “overweight” rating for the company in a research note on Thursday, August 1st. JPMorgan Chase & Co. lowered shares of AvidXchange from an “overweight” rating to a “neutral” rating and lowered their price objective for the company from $11.00 to $9.00 in a research note on Tuesday, August 20th. BMO Capital Markets raised their price objective on shares of AvidXchange from $10.00 to $11.00 and gave the company a “market perform” rating in a research note on Friday. Piper Sandler raised their price objective on shares of AvidXchange from $9.00 to $10.00 and gave the company a “neutral” rating in a research note on Thursday, November 7th. Finally, Robert W. Baird reduced their target price on shares of AvidXchange from $16.00 to $14.00 and set an “outperform” rating on the stock in a report 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’s stock. Based on data from MarketBeat.com, AvidXchange has a consensus rating of “Hold” and a consensus target price of $11.18.

Insiders Place Their Bets

In other AvidXchange news, insider Joel Wilhite sold 47,308 shares of the firm’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $8.10, for a total transaction of $383,194.80. Following the sale, the insider now owns 413,687 shares of the company’s stock, valued at approximately $3,350,864.70. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider Joel Wilhite sold 47,308 shares of the firm’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $8.10, for a total transaction of $383,194.80. Following the transaction, the insider now directly owns 413,687 shares in the company, valued at approximately $3,350,864.70. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, President Daniel Drees sold 20,069 shares of the firm’s stock in a transaction that occurred on Tuesday, August 27th. The stock was 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 approximately $6,014,079.12. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 166,386 shares of company stock valued at $1,343,044. 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.