AvidXchange Holdings, Inc. (NASDAQ:AVDX) Holdings Lowered by GSA Capital Partners LLP

GSA Capital Partners LLP lowered its holdings in AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) by 40.7% during the 1st quarter, according to its most recent 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 period. GSA Capital Partners LLP's holdings in AvidXchange were worth $536,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the business. Captrust Financial Advisors grew its stake in shares of AvidXchange by 6.2% in the 4th quarter. Captrust Financial Advisors now owns 18,434 shares of the company's stock worth $191,000 after purchasing an additional 1,084 shares during the last quarter. Summit Investment Advisors Inc. grew its stake in shares of AvidXchange by 6.8% in the 4th quarter. Summit Investment Advisors Inc. now owns 18,182 shares of the company's stock worth $188,000 after purchasing an additional 1,155 shares during the last quarter. Arizona State Retirement System grew its stake in shares of AvidXchange by 3.9% in the 1st quarter. Arizona State Retirement System now owns 50,126 shares of the company's stock worth $425,000 after purchasing an additional 1,869 shares during the last quarter. Quarry LP grew its stake in shares of AvidXchange by 126.6% in 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 during the last quarter. Finally, Wealth Enhancement Advisory Services LLC grew its stake in shares of AvidXchange by 25.9% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 16,629 shares of the company's stock worth $172,000 after purchasing an additional 3,418 shares during the last quarter. Institutional investors and hedge funds own 80.58% of the company's stock.

AvidXchange Stock Performance

AVDX stock opened at $9.87 on Tuesday. 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 stock has a market cap of $2.04 billion, a P/E ratio of 986.00 and a beta of 1.20. The firm has a 50 day simple moving average of $9.82 and a 200 day simple moving average of $9.17. AvidXchange Holdings, Inc. has a 52 week low of $6.61 and a 52 week high of $11.68.

Analyst Ratings Changes

AVDX has been the topic of several recent research reports. Susquehanna cut shares of AvidXchange from a "strong-buy" rating to a "hold" rating in a research note on Thursday, May 8th. UBS Group lifted their target price on shares of AvidXchange from $8.00 to $10.00 and gave the stock a "neutral" rating in a research report on Thursday, May 8th. Wells Fargo & Company lifted their target price on shares of AvidXchange from $8.00 to $10.00 and gave the stock an "equal weight" rating in a research report on Thursday, May 8th. Piper Sandler lifted their target price on shares of AvidXchange from $8.00 to $10.00 and gave the stock a "neutral" rating in a research report on Thursday, May 8th. Finally, Baird R W downgraded shares of AvidXchange from a "strong-buy" rating to a "hold" rating in a research report on Thursday, May 8th. Two analysts have rated the stock with a sell rating, fourteen have given a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $10.04.

Insider Activity at AvidXchange

In other AvidXchange news, CEO Michael Praeger sold 40,005 shares of AvidXchange stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $9.74, for a total value of $389,648.70. Following the completion of the sale, the chief executive officer directly owned 11,037,830 shares in the company, valued at $107,508,464.20. The trade was a 0.36% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Joel Wilhite sold 20,914 shares of AvidXchange stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $9.74, for a total transaction of $203,702.36. Following the completion of the sale, the insider owned 808,841 shares of the company's stock, valued at $7,878,111.34. This trade represents a 2.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 95,890 shares of company stock valued at $933,969. 11.10% of the stock is owned by company insiders.

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.

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