Geode Capital Management LLC Boosts Stock Position in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Geode Capital Management LLC raised its holdings in AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 5.0% during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 4,266,265 shares of the company’s stock after acquiring an additional 201,847 shares during the quarter. Geode Capital Management LLC owned approximately 2.07% of AvidXchange worth $34,607,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Captrust Financial Advisors grew its holdings in shares of AvidXchange by 9.2% in the third quarter. Captrust Financial Advisors now owns 17,350 shares of the company’s stock worth $141,000 after purchasing an additional 1,465 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its position in AvidXchange by 29.6% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 13,211 shares of the company’s stock valued at $107,000 after buying an additional 3,019 shares during the period. Principal Financial Group Inc. grew its stake in AvidXchange by 17.1% in the 2nd quarter. Principal Financial Group Inc. now owns 23,479 shares of the company’s stock worth $283,000 after acquiring an additional 3,421 shares in the last quarter. Point72 DIFC Ltd purchased a new position in shares of AvidXchange during the third quarter worth approximately $37,000. Finally, Allspring Global Investments Holdings LLC bought a new stake in shares of AvidXchange during the third quarter valued at approximately $38,000. Hedge funds and other institutional investors own 80.58% of the company’s stock.

AvidXchange Stock Performance

Shares of AVDX stock opened at $10.46 on Thursday. AvidXchange Holdings, Inc. has a 12-month low of $7.38 and a 12-month high of $13.56. The business’s fifty day simple moving average is $10.15 and its 200-day simple moving average is $9.75. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.11. The company has a market cap of $2.15 billion, a PE ratio of 517.50 and a beta of 1.20.

Analyst Ratings Changes

AVDX has been the topic of several research reports. KeyCorp raised their price objective on AvidXchange from $12.00 to $13.00 and gave the stock an “overweight” rating in a report on Thursday, December 5th. BTIG Research started coverage on AvidXchange in a research note on Wednesday, December 11th. They set a “buy” rating and a $14.00 price target on the stock. Barclays lifted their price objective on AvidXchange from $11.00 to $13.00 and gave the company an “overweight” rating in a report on Monday, November 18th. Piper Sandler increased their target price on shares of AvidXchange from $9.00 to $10.00 and gave the stock a “neutral” rating in a report on Thursday, November 7th. Finally, The Goldman Sachs Group boosted their price target on shares of AvidXchange from $9.00 to $10.00 and gave the company a “sell” rating in a report on Monday, December 2nd. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, AvidXchange presently has a consensus rating of “Hold” and a consensus target price of $11.68.

Insider Activity at AvidXchange

In other AvidXchange news, insider Ryan Stahl sold 7,427 shares of the business’s stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $8.58, for a total transaction of $63,723.66. Following the sale, the insider now owns 369,603 shares of the company’s stock, valued at approximately $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 at this link. Also, CEO Michael Praeger sold 42,377 shares of the firm’s stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $11.40, for a total transaction of $483,097.80. Following the completion of the transaction, the chief executive officer now directly 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 have sold 88,120 shares of company stock valued at $980,407 in the last ninety days. Corporate insiders own 10.40% of the company’s stock.

About AvidXchange

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.