Geode Capital Management LLC Boosts Position in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Geode Capital Management LLC grew its holdings in AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 5.0% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,266,265 shares of the company’s stock after acquiring an additional 201,847 shares during the period. Geode Capital Management LLC’s holdings in AvidXchange were worth $34,607,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Point72 DIFC Ltd acquired a new position in AvidXchange during the third quarter valued at $37,000. Allspring Global Investments Holdings LLC purchased a new position in shares of AvidXchange during the 3rd quarter valued at about $38,000. CWM LLC lifted its holdings in shares of AvidXchange by 7,259.8% in the 3rd 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 period. nVerses Capital LLC purchased a new stake in shares of AvidXchange in the second quarter worth about $66,000. Finally, Y Intercept Hong Kong Ltd acquired a new stake in AvidXchange during the third quarter worth about $86,000. Institutional investors and hedge funds own 80.58% of the company’s stock.

Insider Activity at AvidXchange

In related news, insider Ryan Stahl sold 7,427 shares of the company’s stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $8.58, for a total transaction of $63,723.66. Following the completion of the sale, the insider now owns 369,603 shares of the company’s stock, valued at approximately $3,171,193.74. This represents a 1.97 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director James E. Hausman sold 25,000 shares of the firm’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $11.25, for a total transaction of $281,250.00. Following the completion of the transaction, 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. In the last ninety days, insiders sold 88,120 shares of company stock valued at $980,407. 10.40% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several research firms have commented on AVDX. UBS Group upped their price objective on AvidXchange from $10.00 to $10.50 and gave the stock a “neutral” rating in a research report on Thursday, November 7th. KeyCorp increased their price target on shares of AvidXchange from $12.00 to $13.00 and gave the stock an “overweight” rating in a report on Thursday, December 5th. BMO Capital Markets lifted their price objective on shares of AvidXchange from $10.00 to $11.00 and gave the company a “market perform” rating in a report on Friday, November 8th. Compass Point raised shares of AvidXchange from a “neutral” rating to a “buy” rating and increased their target price for the stock from $8.00 to $15.00 in a research note on Thursday, November 7th. Finally, Wells Fargo & Company lifted their price target on AvidXchange from $9.00 to $10.00 and gave the company 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 issued a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, AvidXchange currently has an average rating of “Hold” and a consensus target price of $11.68.

AvidXchange Price Performance

Shares of AvidXchange stock opened at $10.46 on Thursday. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.32 and a quick ratio of 1.32. The business has a 50 day simple moving average of $10.15 and a two-hundred day simple moving average of $9.75. The stock has a market capitalization of $2.15 billion, a P/E ratio of 517.50 and a beta of 1.20. AvidXchange Holdings, Inc. has a 12 month low of $7.38 and a 12 month high of $13.56.

AvidXchange Company 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.