Blue Trust Inc. Acquires 1,278 Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Blue Trust Inc. raised its position in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 90.1% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 2,697 shares of the company’s stock after purchasing an additional 1,278 shares during the quarter. Blue Trust Inc.’s holdings in AvidXchange were worth $28,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of AVDX. Point72 DIFC Ltd acquired a new position in shares of AvidXchange during the third quarter worth approximately $37,000. Allspring Global Investments Holdings LLC purchased a new stake in AvidXchange in the third quarter worth $38,000. CWM LLC boosted its position 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 purchasing an additional 6,679 shares during the period. Y Intercept Hong Kong Ltd purchased a new stake in shares of AvidXchange during the third quarter worth $86,000. Finally, Arbor Investment Advisors LLC purchased a new stake in shares of AvidXchange in the third quarter worth about $98,000. 80.58% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. BTIG Research began coverage on shares of AvidXchange in a research report on Wednesday, December 11th. They issued a “buy” rating and a $14.00 price objective on the stock. Wells Fargo & Company raised their price target on AvidXchange from $9.00 to $10.00 and gave the stock an “equal weight” rating in a research note on Thursday, November 7th. UBS Group raised their target price on AvidXchange from $10.00 to $10.50 and gave the company a “neutral” rating in a research note on Thursday, November 7th. Piper Sandler lifted their target price on shares of AvidXchange from $9.00 to $10.00 and gave the company a “neutral” rating in a report on Thursday, November 7th. Finally, Bank of America cut their price target on shares of 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 given a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $11.61.

AvidXchange Stock Performance

Shares of AVDX stock opened at $10.16 on Tuesday. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.11. AvidXchange Holdings, Inc. has a 52-week low of $7.38 and a 52-week high of $13.56. The business has a 50-day simple moving average of $10.59 and a 200-day simple moving average of $9.41. The stock has a market cap of $2.09 billion, a PE ratio of 534.50 and a beta of 1.22.

Insiders Place Their Bets

In related news, CEO Michael Praeger sold 42,377 shares of the company’s stock in a transaction that occurred 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 transaction, the chief executive officer now directly owns 10,381,033 shares in the company, valued at approximately $118,343,776.20. This represents a 0.41 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director James E. Hausman sold 25,000 shares of the business’s stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $11.25, for a total transaction of $281,250.00. Following the completion of the sale, the director now directly owns 2,112,232 shares in the company, valued at $23,762,610. This trade represents a 1.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 80,693 shares of company stock worth $916,683. 10.40% of the stock is owned by corporate insiders.

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.