Nisa Investment Advisors LLC purchased a new stake in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX – Get Rating) during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 6,140 shares of the company’s stock, valued at approximately $38,000.
Other large investors have also added to or reduced their stakes in the company. HarbourVest Partners LLC purchased a new position in AvidXchange during the first quarter valued at approximately $27,272,000. Goldman Sachs Group Inc. increased its position in AvidXchange by 8,560.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,196,063 shares of the company’s stock valued at $9,628,000 after purchasing an additional 1,182,253 shares during the period. Neuberger Berman Group LLC grew its position in shares of AvidXchange by 31.6% in the 1st quarter. Neuberger Berman Group LLC now owns 4,324,233 shares of the company’s stock worth $34,647,000 after buying an additional 1,039,536 shares during the period. Federated Hermes Inc. grew its position in shares of AvidXchange by 66.7% in the 1st quarter. Federated Hermes Inc. now owns 2,500,000 shares of the company’s stock worth $20,125,000 after buying an additional 1,000,000 shares during the period. Finally, Lord Abbett & CO. LLC bought a new position in AvidXchange in the 1st quarter worth about $6,484,000. Hedge funds and other institutional investors own 68.87% of the company’s stock.
AvidXchange Stock Up 8.9 %
Shares of NASDAQ:AVDX opened at 8.54 on Friday. AvidXchange Holdings, Inc. has a 52-week low of 5.86 and a 52-week high of 27.43. The business has a fifty day moving average of 8.27 and a two-hundred day moving average of 7.87. The stock has a market cap of $1.70 billion and a P/E ratio of -10.06. The company has a quick ratio of 1.44, a current ratio of 1.46 and a debt-to-equity ratio of 0.28.
Wall Street Analyst Weigh In
Several equities analysts have issued reports on the stock. JPMorgan Chase & Co. lowered their target price on shares of AvidXchange from $12.00 to $11.00 and set an “overweight” rating on the stock in a research note on Thursday, November 3rd. Credit Suisse Group increased their target price on AvidXchange from $10.50 to $11.00 and gave the company an “outperform” rating in a research report on Thursday, August 4th. The Goldman Sachs Group raised their price target on AvidXchange from $8.00 to $9.00 and gave the stock a “neutral” rating in a research report on Thursday, August 4th. Piper Sandler decreased their target price on AvidXchange from $12.00 to $11.00 and set an “overweight” rating for the company in a research report on Thursday, October 20th. Finally, Bank of America lowered AvidXchange from a “neutral” rating to an “underperform” rating and cut their price target for the company from $10.00 to $8.00 in a research note on Wednesday, November 2nd. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of 11.09.
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 cash flow manager that provides cash management solutions.
- Get a free copy of the StockNews.com research report on AvidXchange (AVDX)
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