Quadrature Capital Ltd Buys Shares of 33,779 AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Quadrature Capital Ltd bought a new stake in AvidXchange Holdings, Inc. (NASDAQ:AVDX – Get Rating) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 33,779 shares of the company’s stock, valued at approximately $284,000.

Several other institutional investors have also recently bought and sold shares of AVDX. Nuveen Asset Management LLC increased its position in shares of AvidXchange by 156.3% during the 3rd quarter. Nuveen Asset Management LLC now owns 2,753,115 shares of the company’s stock worth $23,181,000 after purchasing an additional 1,678,743 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in shares of AvidXchange during the 3rd quarter worth approximately $35,000. IFP Advisors Inc increased its holdings in shares of AvidXchange by 18.2% during the 3rd quarter. IFP Advisors Inc now owns 12,681 shares of the company’s stock worth $316,000 after acquiring an additional 1,956 shares during the last quarter. North Reef Capital Management LP acquired a new position in shares of AvidXchange during the 3rd quarter worth approximately $9,000,000. Finally, PDT Partners LLC acquired a new position in shares of AvidXchange during the 2nd quarter worth approximately $938,000. Institutional investors own 70.34% of the company’s stock.

Insiders Place Their Bets

In other AvidXchange news, insider Michael Praeger sold 59,158 shares of the stock in a transaction that occurred on Monday, March 6th. The stock was sold at an average price of $9.55, for a total value of $564,958.90. Following the transaction, the insider now owns 9,409,641 shares in the company, valued at $89,862,071.55. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other AvidXchange news, Director Matthew C. Harris sold 950,000 shares of the firm’s stock in a transaction on Wednesday, March 8th. The stock was sold at an average price of $9.00, for a total value of $8,550,000.00. Following the completion of the sale, the director now directly owns 17,979,292 shares of the company’s stock, valued at $161,813,628. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Michael Praeger sold 59,158 shares of AvidXchange stock in a transaction on Monday, March 6th. The shares were sold at an average price of $9.55, for a total value of $564,958.90. Following the completion of the transaction, the insider now owns 9,409,641 shares of the company’s stock, valued at $89,862,071.55. The disclosure for this sale can be found here. Corporate insiders own 10.50% of the company’s stock.

AvidXchange Trading Down 6.3 %

NASDAQ AVDX opened at $7.72 on Tuesday. The business has a 50 day simple moving average of $10.19 and a 200 day simple moving average of $9.11. AvidXchange Holdings, Inc. has a one year low of $5.86 and a one year high of $11.86. The stock has a market capitalization of $1.54 billion, a P/E ratio of -14.85 and a beta of 0.52. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.30 and a quick ratio of 1.30.

Wall Street Analyst Weigh In

AVDX has been the topic of a number of recent analyst reports. Piper Sandler reissued an “overweight” rating and set a $11.00 target price on shares of AvidXchange in a report on Thursday, March 2nd. Wolfe Research upped their target price on AvidXchange from $10.00 to $12.00 in a research report on Thursday, January 5th. KeyCorp upped their price objective on AvidXchange from $10.00 to $12.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 18th. Barclays lowered their target price on AvidXchange from $13.00 to $11.00 and set an “overweight” rating for the company in a report on Monday, March 6th. Finally, Credit Suisse Group decreased their price target on AvidXchange from $11.00 to $10.50 and set an “outperform” rating for the company in a research note on Thursday, March 2nd. One analyst has rated the stock with a sell rating, two have assigned a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, AvidXchange currently has a consensus rating of “Moderate Buy” and a consensus target price of $10.95.

AvidXchange Company 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.