Quantbot Technologies LP Buys Shares of 76,150 AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Quantbot Technologies LP purchased a new position in AvidXchange Holdings, Inc. (NASDAQ:AVDX) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 76,150 shares of the company’s stock, valued at approximately $618,000.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Allspring Global Investments Holdings LLC bought a new position in AvidXchange in the third quarter worth about $38,000. CWM LLC boosted its position in AvidXchange by 7,259.8% during the 3rd quarter. CWM LLC now owns 6,771 shares of the company’s stock valued at $55,000 after purchasing an additional 6,679 shares during the period. nVerses Capital LLC bought a new position in AvidXchange during the 2nd quarter worth $66,000. Arbor Investment Advisors LLC acquired a new stake in AvidXchange in the third quarter worth $98,000. Finally, Wealth Enhancement Advisory Services LLC lifted its stake in AvidXchange by 29.6% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 13,211 shares of the company’s stock valued at $107,000 after buying an additional 3,019 shares during the last quarter. 80.58% of the stock is owned by institutional investors and hedge funds.

AvidXchange Price Performance

NASDAQ AVDX opened at $11.37 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. The stock has a market capitalization of $2.34 billion, a PE ratio of 572.00 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 50 day moving average price of $9.18 and a two-hundred day moving average price of $9.72.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on AVDX shares. Compass Point raised shares of AvidXchange from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $8.00 to $15.00 in a report on Thursday, November 7th. Bank of America cut their price target on AvidXchange from $12.00 to $8.00 and set an “underperform” rating on the stock in a report on Tuesday, October 15th. JPMorgan Chase & Co. lowered AvidXchange from an “overweight” rating to a “neutral” rating and decreased their price objective for the stock from $11.00 to $9.00 in a report on Tuesday, August 20th. Piper Sandler increased their price target on AvidXchange from $9.00 to $10.00 and gave the stock a “neutral” rating in a research note on Thursday, November 7th. Finally, Wells Fargo & Company lifted their price objective on shares of AvidXchange from $9.00 to $10.00 and gave the company an “equal weight” rating in a research note on Thursday, November 7th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $11.46.

Insider Activity at AvidXchange

In other AvidXchange news, insider Ryan Stahl sold 7,621 shares of the firm’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $8.13, for a total transaction of $61,958.73. Following the transaction, the insider now directly owns 377,030 shares in the company, valued at $3,065,253.90. This trade represents a 1.98 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In the last 90 days, insiders sold 17,697 shares of company stock valued at $146,265. Insiders own 10.40% of the company’s stock.

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.