AvidXchange Holdings, Inc. (NASDAQ:AVDX) Stock Position Trimmed by GSA Capital Partners LLP

GSA Capital Partners LLP cut its holdings in AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) by 40.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 63,234 shares of the company's stock after selling 43,441 shares during the quarter. GSA Capital Partners LLP's holdings in AvidXchange were worth $536,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Versant Capital Management Inc grew its position 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 purchasing an additional 3,437 shares during the last quarter. GAMMA Investing LLC lifted its stake in shares of AvidXchange by 816.6% during the first quarter. GAMMA Investing LLC now owns 4,079 shares of the company's stock valued at $35,000 after buying an additional 3,634 shares during the period. Quarry LP lifted its stake in shares of AvidXchange by 126.6% during the fourth quarter. Quarry LP now owns 5,518 shares of the company's stock valued at $57,000 after buying an additional 3,083 shares during the period. Corton Capital Inc. purchased a new position in shares of AvidXchange during the first quarter valued at approximately $87,000. Finally, Eastover Investment Advisors LLC purchased a new position in shares of AvidXchange during the first quarter valued at approximately $90,000. 80.58% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at AvidXchange

In other AvidXchange news, President Daniel Drees sold 25,972 shares of the firm's stock in a transaction on Thursday, May 15th. The shares were sold at an average price of $9.74, for a total transaction of $252,967.28. Following the completion of the transaction, the president directly owned 1,167,186 shares of the company's stock, valued at $11,368,391.64. This trade represents a 2.18% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Michael Praeger sold 40,005 shares of the firm's stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $9.74, for a total transaction of $389,648.70. Following the transaction, the chief executive officer directly owned 11,037,830 shares of the company's stock, valued at approximately $107,508,464.20. This represents a 0.36% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 95,890 shares of company stock valued at $933,969 in the last 90 days. 11.10% of the stock is currently owned by insiders.

AvidXchange Stock Down 0.1%

AVDX traded down $0.01 during trading hours on Friday, reaching $9.87. 219,976 shares of the stock traded hands, compared to its average volume of 2,837,452. The firm's fifty day simple moving average is $9.82 and its two-hundred day simple moving average is $9.17. The company has a market cap of $2.04 billion, a price-to-earnings ratio of 988.00 and a beta of 1.20. AvidXchange Holdings, Inc. has a fifty-two week low of $6.61 and a fifty-two week high of $11.68. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.32 and a quick ratio of 1.32.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on AVDX shares. UBS Group upped their price objective on shares of AvidXchange from $8.00 to $10.00 and gave the company a "neutral" rating in a research note on Thursday, May 8th. Wells Fargo & Company increased their price target on shares of AvidXchange from $8.00 to $10.00 and gave the stock an "equal weight" rating in a research note on Thursday, May 8th. Piper Sandler increased their price target on shares of AvidXchange from $8.00 to $10.00 and gave the stock a "neutral" rating in a research note on Thursday, May 8th. Robert W. Baird reaffirmed a "neutral" rating and set a $10.00 price target on shares of AvidXchange in a research note on Thursday, May 8th. Finally, Morgan Stanley increased their price target on shares of AvidXchange from $8.00 to $10.00 and gave the stock an "equal weight" rating in a research note on Thursday, May 8th. Two analysts have rated the stock with a sell rating, fourteen have given a hold rating and one has issued 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 $10.04.

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.