Accretive Wealth Partners LLC Takes Position in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Key Points

• Accretive Wealth Partners LLC acquired a new position in AvidXchange Holdings, Inc. during the first quarter, purchasing 51,024 shares valued at approximately $418,000.
• In recent research, various analysts upgraded or adjusted their ratings on AvidXchange, with target prices raised to $10.00, while the stock currently holds a consensus rating of "Hold".
• Insider activity revealed that President Daniel Drees sold 25,972 shares, resulting in a decrease of his holdings by 2.18% following the transaction.

Accretive Wealth Partners LLC acquired a new stake in AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 51,024 shares of the company's stock, valued at approximately $418,000.

A number of other institutional investors have also modified their holdings of AVDX. Versant Capital Management Inc grew its stake in shares of AvidXchange by 801.2% in the first quarter. Versant Capital Management Inc now owns 3,866 shares of the company's stock valued at $33,000 after buying an additional 3,437 shares in the last quarter. GAMMA Investing LLC grew its stake in AvidXchange by 816.6% during the 1st quarter. GAMMA Investing LLC now owns 4,079 shares of the company's stock worth $35,000 after purchasing an additional 3,634 shares in the last quarter. Quarry LP grew its stake in AvidXchange by 126.6% during the 4th quarter. Quarry LP now owns 5,518 shares of the company's stock worth $57,000 after purchasing an additional 3,083 shares in the last quarter. Eastover Investment Advisors LLC acquired a new position in AvidXchange during the 1st quarter worth $90,000. Finally, 111 Capital acquired a new position in AvidXchange during the 4th quarter worth $111,000. 80.58% of the stock is owned by institutional investors and hedge funds.

AvidXchange Stock Performance

AVDX opened at $9.87 on Friday. The stock has a market cap of $2.04 billion, a P/E ratio of 986.00 and a beta of 1.20. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.32 and a quick ratio of 1.32. The stock's 50 day simple moving average is $9.80 and its 200 day simple moving average is $9.18. AvidXchange Holdings, Inc. has a 1-year low of $6.61 and a 1-year high of $12.89.

Analysts Set New Price Targets

Several research analysts recently commented on AVDX shares. UBS Group boosted their target price on AvidXchange from $8.00 to $10.00 and gave the stock a "neutral" rating in a research note on Thursday, May 8th. Susquehanna downgraded AvidXchange from a "strong-buy" rating to a "hold" rating in a report on Thursday, May 8th. Robert W. Baird reaffirmed a "neutral" rating and set a $10.00 price target on shares of AvidXchange in a report on Thursday, May 8th. Piper Sandler lifted their price target on AvidXchange from $8.00 to $10.00 and gave the stock a "neutral" rating in a report on Thursday, May 8th. Finally, Baird R W downgraded AvidXchange from a "strong-buy" rating to a "hold" rating in a report on Thursday, May 8th. Two analysts have rated the stock with a sell rating, fourteen have issued a hold rating and one has assigned a buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $10.30.

Insider Activity

In other AvidXchange news, President Daniel Drees sold 25,972 shares of the stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $9.74, for a total transaction of $252,967.28. Following the transaction, the president owned 1,167,186 shares of the company's stock, valued at $11,368,391.64. This represents a 2.18% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, insider Ryan Stahl sold 8,999 shares of the stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $9.74, for a total value of $87,650.26. Following the completion of the transaction, the insider directly owned 667,226 shares in the company, valued at $6,498,781.24. This trade represents a 1.33% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 95,890 shares of company stock worth $933,969. 11.10% of the stock is currently owned by corporate insiders.

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.

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