Wealth Enhancement Advisory Services LLC Acquires 3,019 Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Wealth Enhancement Advisory Services LLC lifted its holdings in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 29.6% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 13,211 shares of the company’s stock after acquiring an additional 3,019 shares during the period. Wealth Enhancement Advisory Services LLC’s holdings in AvidXchange were worth $107,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Advisors Asset Management Inc. increased its holdings in AvidXchange by 96.3% during the 1st quarter. Advisors Asset Management Inc. now owns 4,309 shares of the company’s stock worth $57,000 after purchasing an additional 2,114 shares in the last quarter. Allspring Global Investments Holdings LLC purchased a new position in shares of AvidXchange during the third quarter valued at approximately $38,000. nVerses Capital LLC purchased a new position in shares of AvidXchange during the second quarter valued at approximately $66,000. 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 buying an additional 6,679 shares in the last quarter. Finally, Xponance Inc. purchased a new stake in AvidXchange in the 2nd quarter valued at $133,000. Institutional investors and hedge funds own 80.58% of the company’s stock.

Insider Activity

In related news, insider Ryan Stahl sold 7,621 shares of AvidXchange stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $8.13, for a total value of $61,958.73. Following the completion of the transaction, the insider now directly owns 377,030 shares in the company, valued at approximately $3,065,253.90. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other AvidXchange news, President Daniel Drees sold 20,069 shares of the stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $7.98, for a total value of $160,150.62. Following the sale, the president now directly owns 753,644 shares in the company, valued at $6,014,079.12. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Ryan Stahl sold 7,621 shares of the company’s stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $8.13, for a total transaction of $61,958.73. Following the completion of the transaction, the insider now directly owns 377,030 shares in the company, valued at approximately $3,065,253.90. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 166,386 shares of company stock valued at $1,343,044 over the last quarter. Company insiders own 10.40% of the company’s stock.

AvidXchange Price Performance

NASDAQ AVDX opened at $10.66 on Wednesday. The company has a quick ratio of 1.36, a current ratio of 1.36 and a debt-to-equity ratio of 0.19. The company has a market cap of $2.22 billion, a PE ratio of 503.50 and a beta of 1.00. AvidXchange Holdings, Inc. has a 52 week low of $7.38 and a 52 week high of $13.56. The firm’s 50-day simple moving average is $8.23 and its two-hundred day simple moving average is $9.79.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on AVDX. Robert W. Baird reduced their target price on shares of AvidXchange from $16.00 to $14.00 and set an “outperform” rating for the company in a research note on Thursday, August 1st. Susquehanna reduced their price objective on shares of AvidXchange from $16.00 to $14.00 and set a “positive” rating for the company in a research report on Thursday, August 1st. Barclays dropped their target price on shares of AvidXchange from $14.00 to $10.00 and set an “overweight” rating on the stock in a research report on Monday, August 5th. The Goldman Sachs Group upped their target price on AvidXchange from $7.00 to $9.00 and gave the company a “sell” rating in a report on Thursday, November 7th. Finally, Bank of America dropped their price target on AvidXchange from $12.00 to $8.00 and set an “underperform” rating on the stock in a report on Tuesday, October 15th. Two 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’s stock. According to MarketBeat, AvidXchange presently has a consensus rating of “Hold” and a consensus target price of $11.18.

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.