Accretive Wealth Partners LLC Makes New $418,000 Investment 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 position in AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 51,024 shares of the company's stock, valued at approximately $418,000.

Other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. boosted its position in shares of AvidXchange by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 18,110,051 shares of the company's stock valued at $187,258,000 after purchasing an additional 116,410 shares in the last quarter. FMR LLC increased its position in AvidXchange by 8.4% in the fourth quarter. FMR LLC now owns 14,889,282 shares of the company's stock worth $153,955,000 after buying an additional 1,155,513 shares in the last quarter. North Reef Capital Management LP boosted its stake in shares of AvidXchange by 2.5% in the fourth quarter. North Reef Capital Management LP now owns 7,994,000 shares of the company's stock worth $82,658,000 after acquiring an additional 194,000 shares during the period. Azora Capital LP bought a new position in AvidXchange during the fourth quarter valued at approximately $45,067,000. Finally, Jacobs Levy Equity Management Inc. boosted its stake in AvidXchange by 8.7% during the fourth quarter. Jacobs Levy Equity Management Inc. now owns 3,397,658 shares of the company's stock valued at $35,132,000 after buying an additional 273,194 shares during the last quarter. Hedge funds and other institutional investors own 80.58% of the company's stock.

AvidXchange Stock Up 0.1%

Shares of AvidXchange stock traded up $0.01 during midday trading on Wednesday, reaching $9.87. 627,402 shares of the company's stock traded hands, compared to its average volume of 2,899,156. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.32 and a current ratio of 1.32. The company has a market cap of $2.04 billion, a price-to-earnings ratio of 986.00 and a beta of 1.20. The company's 50 day simple moving average is $9.81 and its 200 day simple moving average is $9.18. AvidXchange Holdings, Inc. has a 52 week low of $6.61 and a 52 week high of $11.68.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on AVDX shares. Baird R W downgraded AvidXchange from a "strong-buy" rating to a "hold" rating in a report on Thursday, May 8th. Morgan Stanley boosted their price objective on AvidXchange from $8.00 to $10.00 and gave the company an "equal weight" rating in a report on Thursday, May 8th. Piper Sandler upped 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. Robert W. Baird reiterated a "neutral" rating and set a $10.00 price objective on shares of AvidXchange in a research note on Thursday, May 8th. Finally, BTIG Research cut AvidXchange from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, May 7th. Two research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and one has issued a buy rating to the company's stock. According to data from MarketBeat.com, AvidXchange currently has a consensus rating of "Hold" and a consensus target price of $10.30.

Insider Activity

In other news, insider Joel Wilhite sold 20,914 shares of the business's stock in a transaction on Thursday, May 15th. The shares were sold at an average price of $9.74, for a total value of $203,702.36. Following the sale, the insider owned 808,841 shares of the company's stock, valued at $7,878,111.34. The trade was a 2.52% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, President Daniel Drees sold 25,972 shares of the firm's stock in a transaction dated 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 directly owned 1,167,186 shares in the company, valued at approximately $11,368,391.64. This represents a 2.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 95,890 shares of company stock worth $933,969 in the last ninety days. Company insiders own 11.10% of the company's stock.

About AvidXchange

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.