Barclays PLC Acquires 201,679 Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Barclays PLC raised its stake in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 239.8% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 285,768 shares of the company’s stock after buying an additional 201,679 shares during the quarter. Barclays PLC owned about 0.14% of AvidXchange worth $2,318,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the company. Point72 DIFC Ltd acquired a new stake in AvidXchange in the third quarter worth $37,000. Allspring Global Investments Holdings LLC bought a new stake in shares of AvidXchange in the 3rd quarter valued at $38,000. CWM LLC raised its stake in AvidXchange by 7,259.8% during the 3rd quarter. CWM LLC now owns 6,771 shares of the company’s stock worth $55,000 after buying an additional 6,679 shares during the period. nVerses Capital LLC bought a new position in AvidXchange during the second quarter worth about $66,000. Finally, Y Intercept Hong Kong Ltd bought a new stake in shares of AvidXchange in the third quarter worth about $86,000. 80.58% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on AVDX. Bank of America decreased their price objective on AvidXchange from $12.00 to $8.00 and set an “underperform” rating for the company in a research report on Tuesday, October 15th. UBS Group raised their price objective on shares of AvidXchange from $10.00 to $10.50 and gave the stock a “neutral” rating in a report on Thursday, November 7th. KeyCorp upped their target price on shares of AvidXchange from $12.00 to $13.00 and gave the stock an “overweight” rating in a research note on Thursday, December 5th. BMO Capital Markets lifted their price target on AvidXchange from $10.00 to $11.00 and gave the company a “market perform” rating in a research note on Friday, November 8th. Finally, Barclays increased their price objective on AvidXchange from $11.00 to $13.00 and gave the stock an “overweight” rating in a report on Monday, November 18th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $11.68.

AvidXchange Stock Up 1.1 %

NASDAQ:AVDX opened at $10.46 on Thursday. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.11. The stock’s 50 day moving average price is $10.15 and its two-hundred day moving average price is $9.75. AvidXchange Holdings, Inc. has a twelve month low of $7.38 and a twelve month high of $13.56. The firm has a market capitalization of $2.15 billion, a price-to-earnings ratio of 517.50 and a beta of 1.20.

Insider Activity

In other AvidXchange news, Director James E. Hausman sold 25,000 shares of the firm’s stock in a transaction on Monday, December 9th. The stock was sold at an average price of $11.25, for a total transaction of $281,250.00. Following the completion of the sale, the director now owns 2,112,232 shares of the company’s stock, valued at $23,762,610. This trade represents a 1.17 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Michael Praeger sold 42,377 shares of the firm’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $11.40, for a total transaction of $483,097.80. Following the sale, the chief executive officer now owns 10,381,033 shares of the company’s stock, valued at approximately $118,343,776.20. This represents a 0.41 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 88,120 shares of company stock valued at $980,407 in the last quarter. 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.