Versor Investments LP Makes New $216,000 Investment in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Versor Investments LP acquired a new stake in AvidXchange Holdings, Inc. (NASDAQ:AVDX) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 26,600 shares of the company’s stock, valued at approximately $216,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Allspring Global Investments Holdings LLC acquired a new stake in AvidXchange during the third quarter worth approximately $38,000. CWM LLC raised its stake in AvidXchange by 7,259.8% during the 3rd quarter. CWM LLC now owns 6,771 shares of the company’s stock worth $55,000 after acquiring an additional 6,679 shares in the last quarter. Advisors Asset Management Inc. lifted its position in AvidXchange by 96.3% in 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. nVerses Capital LLC acquired a new position in AvidXchange in the second quarter valued at $66,000. Finally, Arbor Investment Advisors LLC acquired a new stake in shares of AvidXchange during the third quarter worth about $98,000. Institutional investors and hedge funds own 80.58% of the company’s stock.

Insider Activity at AvidXchange

In other news, CEO Michael Praeger sold 6,701 shares of AvidXchange stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $8.17, for a total transaction of $54,747.17. Following the completion of the sale, the chief executive officer now directly owns 10,410,983 shares in the company, valued at approximately $85,057,731.11. This trade represents a 0.06 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Joel Wilhite sold 47,308 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $8.10, for a total value of $383,194.80. Following the completion of the sale, the insider now owns 413,687 shares in the company, valued at approximately $3,350,864.70. This represents a 10.26 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 166,386 shares of company stock worth $1,343,044 over the last 90 days. Company insiders own 10.40% of the company’s stock.

AvidXchange Price Performance

AvidXchange stock opened at $10.44 on Friday. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.36 and a current ratio of 1.32. AvidXchange Holdings, Inc. has a one year low of $7.38 and a one year high of $13.56. The company has a market cap of $2.15 billion, a P/E ratio of 537.00 and a beta of 1.00. The business has a fifty day moving average of $8.44 and a two-hundred day moving average of $9.79.

Wall Street Analyst Weigh In

AVDX has been the subject of a number of research analyst reports. Keefe, Bruyette & Woods upped their target price on AvidXchange from $9.00 to $10.00 and gave the company a “market perform” rating in a research report on Thursday, November 7th. Wells Fargo & Company raised their target price on shares of AvidXchange from $9.00 to $10.00 and gave the stock an “equal weight” rating in a research report on Thursday, November 7th. Piper Sandler increased their price target on shares of AvidXchange from $9.00 to $10.00 and gave the stock a “neutral” rating in a research note on Thursday, November 7th. The Goldman Sachs Group lifted 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, JPMorgan Chase & Co. downgraded shares of AvidXchange from an “overweight” rating to a “neutral” rating and decreased their target price for the stock from $11.00 to $9.00 in a research note on Tuesday, August 20th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $11.18.

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.