AvidXchange Holdings, Inc. (NASDAQ:AVDX) Shares Sold by Creative Planning

Creative Planning trimmed its stake in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 42.3% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 22,290 shares of the company’s stock after selling 16,345 shares during the period. Creative Planning’s holdings in AvidXchange were worth $181,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. CWM LLC grew its holdings in AvidXchange by 7,259.8% during 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. grew its holdings 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 period. nVerses Capital LLC acquired a new stake in AvidXchange during the second quarter worth about $66,000. Xponance Inc. acquired a new stake in AvidXchange during the second quarter worth about $133,000. Finally, Natixis acquired a new stake in AvidXchange during the first quarter worth about $203,000. 80.58% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CEO Michael Praeger sold 37,225 shares of AvidXchange 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 $297,055.50. Following the transaction, the chief executive officer now owns 10,453,786 shares in the company, valued at approximately $83,421,212.28. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other AvidXchange news, CEO Michael Praeger sold 37,225 shares of AvidXchange stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $7.98, for a total value of $297,055.50. Following the sale, the chief executive officer now owns 10,453,786 shares in the company, valued at $83,421,212.28. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Ryan Stahl sold 7,427 shares of AvidXchange stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $8.58, for a total value of $63,723.66. Following the completion of the sale, the insider now owns 369,603 shares in the company, valued at $3,171,193.74. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 166,386 shares of company stock worth $1,343,044. 10.40% of the stock is owned by corporate insiders.

AvidXchange Stock Performance

Shares of AvidXchange stock opened at $10.48 on Tuesday. AvidXchange Holdings, Inc. has a one year low of $7.38 and a one year high of $13.56. The company has a market cap of $2.18 billion, a price-to-earnings ratio of 503.50 and a beta of 1.00. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.36 and a current ratio of 1.36. The business’s 50 day moving average price is $8.18 and its 200 day moving average price is $9.80.

Wall Street Analyst Weigh In

Several analysts have commented on AVDX shares. KeyCorp dropped their price objective on AvidXchange from $15.00 to $12.00 and set an “overweight” rating on the stock in a report on Thursday, August 1st. Piper Sandler raised their price objective on AvidXchange from $9.00 to $10.00 and gave the company a “neutral” rating in a report on Thursday, November 7th. Wells Fargo & Company raised their price objective on AvidXchange from $9.00 to $10.00 and gave the company an “equal weight” rating in a report on Thursday, November 7th. Keefe, Bruyette & Woods raised their price objective on AvidXchange from $9.00 to $10.00 and gave the company a “market perform” rating in a report on Thursday, November 7th. Finally, Robert W. Baird dropped their price objective on AvidXchange from $16.00 to $14.00 and set an “outperform” rating on the stock in a report on Thursday, August 1st. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and six have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $11.18.

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.