Millennium Management LLC Purchases 326,770 Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Millennium Management LLC lifted its stake in AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) by 377.9% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 413,248 shares of the company's stock after purchasing an additional 326,770 shares during the quarter. Millennium Management LLC owned about 0.20% of AvidXchange worth $4,273,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in AVDX. Blue Trust Inc. boosted its position in shares of AvidXchange by 90.1% in the 4th quarter. Blue Trust Inc. now owns 2,697 shares of the company's stock worth $28,000 after purchasing an additional 1,278 shares in the last quarter. R Squared Ltd bought a new stake in shares of AvidXchange in the 4th quarter worth approximately $41,000. Quarry LP boosted its position 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 in the last quarter. KBC Group NV boosted its position in shares of AvidXchange by 60.9% in the 4th quarter. KBC Group NV now owns 8,836 shares of the company's stock worth $91,000 after purchasing an additional 3,344 shares in the last quarter. Finally, Bragg Financial Advisors Inc bought a new stake in shares of AvidXchange in the 4th quarter worth approximately $113,000. 80.58% of the stock is owned by institutional investors.

AvidXchange Price Performance

AVDX remained flat at $9.77 during mid-day trading on Tuesday. 2,661,567 shares of the company's stock were exchanged, compared to its average volume of 2,522,898. The firm has a market cap of $2.02 billion, a PE ratio of 244.25 and a beta of 1.14. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.32 and a quick ratio of 1.32. The stock's 50-day moving average is $8.64 and its two-hundred day moving average is $9.45. AvidXchange Holdings, Inc. has a 1-year low of $6.61 and a 1-year high of $12.93.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. The Goldman Sachs Group dropped their price target on AvidXchange from $9.50 to $7.00 and set a "sell" rating on the stock in a research report on Thursday, February 27th. Barclays cut AvidXchange from an "overweight" rating to an "equal weight" rating and lowered their price objective for the company from $13.00 to $8.00 in a research report on Tuesday, March 4th. BTIG Research cut AvidXchange from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, May 7th. UBS Group upped their price objective on AvidXchange from $8.00 to $10.00 and gave the company a "neutral" rating in a research report on Thursday, May 8th. Finally, Keefe, Bruyette & Woods upped their price objective on AvidXchange from $8.00 to $9.00 and gave the company a "market perform" rating in a research report on Monday, March 31st. Two investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating and one has given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $10.30.

Insider Buying and Selling at AvidXchange

In other news, insider Joel Wilhite sold 20,914 shares of the company's stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $9.74, for a total value of $203,702.36. Following the completion of the sale, the insider now directly owns 808,841 shares in the company, valued at $7,878,111.34. This represents a 2.52% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, President Daniel Drees sold 25,972 shares of the company's stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $9.74, for a total value of $252,967.28. Following the completion of the sale, the president now owns 1,167,186 shares of the company's stock, valued at $11,368,391.64. This trade represents a 2.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 95,890 shares of company stock worth $933,969. Insiders own 11.10% of the company's stock.

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.