Nisa Investment Advisors LLC Acquires Shares of 6,140 AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Nisa Investment Advisors LLC purchased a new stake in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDXGet 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.

Insider Activity

In related news, insider Joel Wilhite sold 3,250 shares of the stock in a transaction dated Monday, August 15th. The stock was sold at an average price of 9.14, for a total transaction of 29,705.00. Following the transaction, the insider now owns 56,375 shares of the company’s stock, valued at approximately 515,267.50. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Corporate insiders own 10.50% of the company’s stock.

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 Profile

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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.

See Also

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Institutional Ownership by Quarter for AvidXchange (NASDAQ:AVDX)

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