10,558 Shares in AvidXchange Holdings, Inc. (NASDAQ:AVDX) Bought by Y Intercept Hong Kong Ltd

Y Intercept Hong Kong Ltd purchased a new stake in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) during the 3rd quarter, HoldingsChannel reports. The firm purchased 10,558 shares of the company’s stock, valued at approximately $86,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. State Street Corp grew its position in shares of AvidXchange by 1.5% during the 3rd quarter. State Street Corp now owns 3,763,694 shares of the company’s stock valued at $30,524,000 after acquiring an additional 54,403 shares during the period. Point72 DIFC Ltd purchased a new position in AvidXchange during the third quarter worth approximately $37,000. Point72 Asset Management L.P. acquired a new stake in AvidXchange in the third quarter valued at approximately $7,920,000. Jacobs Levy Equity Management Inc. purchased a new stake in shares of AvidXchange in the third quarter valued at approximately $25,339,000. Finally, Circumference Group LLC acquired a new position in shares of AvidXchange during the 3rd quarter worth approximately $2,230,000. Hedge funds and other institutional investors own 80.58% of the company’s stock.

AvidXchange Stock Performance

Shares of AvidXchange stock opened at $10.63 on Friday. The business’s fifty day simple moving average is $10.02 and its 200-day simple moving average is $9.77. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.11. The firm has a market cap of $2.19 billion, a PE ratio of 564.50 and a beta of 1.20. AvidXchange Holdings, Inc. has a 52 week low of $7.38 and a 52 week high of $13.56.

Insider Buying and Selling at AvidXchange

In related news, CEO Michael Praeger sold 42,377 shares of the business’s stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $11.40, for a total value of $483,097.80. Following the sale, the chief executive officer now owns 10,381,033 shares in the company, valued at approximately $118,343,776.20. The trade was a 0.41 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Teresa Mackintosh sold 13,316 shares of AvidXchange stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $11.44, for a total value of $152,335.04. Following the completion of the transaction, the director now directly owns 47,388 shares of the company’s stock, valued at approximately $542,118.72. This represents a 21.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 95,741 shares of company stock valued at $1,042,365 over the last 90 days. 10.40% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on AVDX shares. The Goldman Sachs Group boosted their price target on shares of AvidXchange from $9.00 to $10.00 and gave the stock a “sell” rating in a report on Monday, December 2nd. Barclays boosted their price objective on AvidXchange from $11.00 to $13.00 and gave the stock an “overweight” rating in a research note on Monday, November 18th. Piper Sandler boosted their price target on AvidXchange from $9.00 to $10.00 and gave the stock a “neutral” rating in a research report on Thursday, November 7th. Compass Point raised shares of AvidXchange from a “neutral” rating to a “buy” rating and upped their target price for the stock from $8.00 to $15.00 in a report on Thursday, November 7th. Finally, Wells Fargo & Company raised their price target on shares of AvidXchange from $9.00 to $10.00 and gave the stock an “equal weight” rating in a research note on Thursday, November 7th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $11.68.

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.