Quest Partners LLC Acquires 7,027 Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Quest Partners LLC boosted its holdings in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 46.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 22,289 shares of the company’s stock after purchasing an additional 7,027 shares during the quarter. Quest Partners LLC’s holdings in AvidXchange were worth $181,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. US Bancorp DE boosted its stake in AvidXchange by 111,114.9% during the 3rd quarter. US Bancorp DE now owns 52,271 shares of the company’s stock valued at $424,000 after purchasing an additional 52,224 shares during the period. Entropy Technologies LP bought a new stake in shares of AvidXchange in the 3rd quarter worth approximately $447,000. State of New Jersey Common Pension Fund D grew its holdings in shares of AvidXchange by 39.3% during the 3rd quarter. State of New Jersey Common Pension Fund D now owns 247,947 shares of the company’s stock worth $2,011,000 after purchasing an additional 69,971 shares in the last quarter. American Century Companies Inc. grew its holdings in shares of AvidXchange by 54.2% during the 2nd quarter. American Century Companies Inc. now owns 4,515,719 shares of the company’s stock worth $54,460,000 after purchasing an additional 1,586,510 shares in the last quarter. Finally, California State Teachers Retirement System grew its holdings in shares of AvidXchange by 1.0% during the 1st quarter. California State Teachers Retirement System now owns 161,292 shares of the company’s stock worth $2,121,000 after purchasing an additional 1,656 shares in the last quarter. Institutional investors own 80.58% of the company’s stock.

AvidXchange Trading Down 0.2 %

Shares of AVDX opened at $11.44 on Thursday. The stock has a fifty day moving average price of $8.98 and a two-hundred day moving average price of $9.73. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.32 and a current ratio of 1.32. AvidXchange Holdings, Inc. has a 52-week low of $7.38 and a 52-week high of $13.56. The company has a market cap of $2.35 billion, a price-to-earnings ratio of 579.50 and a beta of 1.00.

Insider Buying and Selling at AvidXchange

In other AvidXchange news, insider Ryan Stahl sold 7,621 shares of AvidXchange stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $8.13, for a total value of $61,958.73. Following the completion of the transaction, the insider now owns 377,030 shares in the company, valued at approximately $3,065,253.90. The trade was a 1.98 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Joel Wilhite sold 19,358 shares of AvidXchange stock in a transaction on Friday, August 30th. The shares were sold at an average price of $8.15, for a total value of $157,767.70. Following the completion of the transaction, the insider now owns 400,278 shares of the company’s stock, valued at approximately $3,262,265.70. The trade was a 4.61 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 37,055 shares of company stock worth $304,033. 10.40% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the company. UBS Group lifted their price objective on AvidXchange from $10.00 to $10.50 and gave the stock a “neutral” rating in a report on Thursday, November 7th. Barclays lifted their price objective on AvidXchange from $11.00 to $13.00 and gave the stock an “overweight” rating in a report on Monday, November 18th. Compass Point raised AvidXchange from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $8.00 to $15.00 in a report on Thursday, November 7th. Bank of America decreased their price objective on AvidXchange from $12.00 to $8.00 and set an “underperform” rating on the stock in a report on Tuesday, October 15th. Finally, BMO Capital Markets lifted their price objective on AvidXchange from $10.00 to $11.00 and gave the stock a “market perform” rating in a report on Friday, November 8th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and six have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $11.39.

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.