26,600 Shares in AvidXchange Holdings, Inc. (NASDAQ:AVDX) Acquired by Versor Investments LP

Versor Investments LP bought a new stake in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) during the third quarter, HoldingsChannel reports. The fund bought 26,600 shares of the company’s stock, valued at approximately $216,000.

Other hedge funds also recently bought and sold shares of the company. Advisors Asset Management Inc. boosted its stake in shares of AvidXchange by 96.3% during the first quarter. Advisors Asset Management Inc. now owns 4,309 shares of the company’s stock valued at $57,000 after acquiring an additional 2,114 shares during the last quarter. Allspring Global Investments Holdings LLC purchased a new position in AvidXchange in the 3rd quarter valued at about $38,000. nVerses Capital LLC purchased a new stake in shares of AvidXchange during the second quarter worth about $66,000. CWM LLC raised its position in shares of AvidXchange by 7,259.8% in the third quarter. CWM LLC now owns 6,771 shares of the company’s stock valued at $55,000 after buying an additional 6,679 shares during the last quarter. Finally, Xponance Inc. purchased a new position in shares of AvidXchange during the second quarter valued at approximately $133,000. Hedge funds and other institutional investors own 80.58% of the company’s stock.

Insider Activity at AvidXchange

In other news, insider Joel Wilhite sold 47,308 shares of AvidXchange stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $8.10, for a total transaction of $383,194.80. Following the sale, the insider now owns 413,687 shares in the company, valued at $3,350,864.70. This trade represents a 10.26 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Michael Praeger sold 37,225 shares of the company’s stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $7.98, for a total transaction of $297,055.50. Following the completion of the transaction, the chief executive officer now owns 10,453,786 shares of the company’s stock, valued at $83,421,212.28. This trade represents a 0.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 166,386 shares of company stock worth $1,343,044. 10.40% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

AVDX has been the subject of several recent analyst reports. Keefe, Bruyette & Woods lifted their target price on shares of AvidXchange from $9.00 to $10.00 and gave the stock a “market perform” rating in a research note on Thursday, November 7th. Wells Fargo & Company upped their target price on AvidXchange from $9.00 to $10.00 and gave the company an “equal weight” rating in a research note on Thursday, November 7th. KeyCorp decreased their price target on AvidXchange from $15.00 to $12.00 and set an “overweight” rating on the stock in a research note on Thursday, August 1st. The Goldman Sachs Group upped their price objective on shares of AvidXchange from $7.00 to $9.00 and gave the company a “sell” rating in a research note on Thursday, November 7th. Finally, Robert W. Baird decreased their target price on shares of AvidXchange from $16.00 to $14.00 and set an “outperform” rating on the stock in a research report on Thursday, August 1st. Two research 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, the stock currently has an average rating of “Hold” and a consensus price target of $11.18.

AvidXchange Trading Down 2.8 %

NASDAQ:AVDX opened at $10.44 on Friday. The business’s 50-day moving average is $8.44 and its two-hundred day moving average is $9.79. The firm has a market capitalization of $2.15 billion, a PE ratio of 537.00 and a beta of 1.00. AvidXchange Holdings, Inc. has a 12 month low of $7.38 and a 12 month high of $13.56. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.32 and a quick ratio of 1.36.

AvidXchange Profile

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.