Wealth Enhancement Advisory Services LLC Increases Holdings in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Wealth Enhancement Advisory Services LLC boosted its position in AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 29.6% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,211 shares of the company’s stock after buying an additional 3,019 shares during the quarter. Wealth Enhancement Advisory Services LLC’s holdings in AvidXchange were worth $107,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently made changes to their positions in the company. SG Americas Securities LLC grew its stake in shares of AvidXchange by 2.9% during the second quarter. SG Americas Securities LLC now owns 29,813 shares of the company’s stock valued at $360,000 after buying an additional 835 shares during the last quarter. California State Teachers Retirement System grew its position in 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 acquiring an additional 1,656 shares during the last quarter. Advisors Asset Management Inc. increased its stake in AvidXchange by 96.3% in the 1st quarter. Advisors Asset Management Inc. now owns 4,309 shares of the company’s stock worth $57,000 after purchasing an additional 2,114 shares during the period. ProShare Advisors LLC lifted its position in AvidXchange by 9.7% in the first quarter. ProShare Advisors LLC now owns 27,135 shares of the company’s stock valued at $357,000 after purchasing an additional 2,396 shares during the last quarter. Finally, Principal Financial Group Inc. boosted its stake in shares of AvidXchange by 17.1% during the second quarter. Principal Financial Group Inc. now owns 23,479 shares of the company’s stock valued at $283,000 after purchasing an additional 3,421 shares during the period. 80.58% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms recently commented on AVDX. JPMorgan Chase & Co. lowered shares of AvidXchange from an “overweight” rating to a “neutral” rating and lowered their price target for the company from $11.00 to $9.00 in a report on Tuesday, August 20th. Bank of America dropped their target price on shares of AvidXchange from $12.00 to $8.00 and set an “underperform” rating for the company in a report on Tuesday, October 15th. Piper Sandler boosted their price target on AvidXchange from $9.00 to $10.00 and gave the company a “neutral” rating in a report on Thursday, November 7th. UBS Group increased 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. Finally, KeyCorp reduced their target price on AvidXchange from $15.00 to $12.00 and set an “overweight” rating on the stock in a research note on Thursday, August 1st. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, AvidXchange presently has an average rating of “Hold” and an average price target of $11.18.

Insider Buying and Selling

In other AvidXchange news, insider Joel Wilhite sold 47,308 shares of the company’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $8.10, for a total value of $383,194.80. Following the sale, the insider now owns 413,687 shares in the company, valued at approximately $3,350,864.70. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other AvidXchange news, insider Joel Wilhite sold 47,308 shares of AvidXchange stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $8.10, for a total transaction of $383,194.80. Following the completion of the transaction, the insider now owns 413,687 shares in the company, valued at approximately $3,350,864.70. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, President Daniel Drees sold 20,069 shares of the stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $7.98, for a total value of $160,150.62. Following the completion of the sale, the president now directly owns 753,644 shares in the company, valued at approximately $6,014,079.12. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 166,386 shares of company stock worth $1,343,044 in the last three months. 10.40% of the stock is owned by corporate insiders.

AvidXchange Stock Performance

Shares of AvidXchange stock opened at $10.66 on Wednesday. AvidXchange Holdings, Inc. has a 12 month low of $7.38 and a 12 month high of $13.56. The firm has a market capitalization of $2.22 billion, a P/E ratio of 503.50 and a beta of 1.00. The company has a current ratio of 1.36, a quick ratio of 1.36 and a debt-to-equity ratio of 0.19. The business has a fifty day simple moving average of $8.23 and a two-hundred day simple moving average of $9.79.

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.