Ceera Investments LLC Acquires Shares of 30,700 AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Ceera Investments LLC purchased a new stake in AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 30,700 shares of the company's stock, valued at approximately $260,000.

A number of other institutional investors have also recently made changes to their positions in AVDX. Versant Capital Management Inc grew its position in shares of AvidXchange by 801.2% in the 1st 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 during the last quarter. GAMMA Investing LLC grew its position in shares of AvidXchange by 816.6% in the 1st 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 last quarter. Quarry LP boosted its position in 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 acquiring an additional 3,083 shares during the last quarter. Eastover Investment Advisors LLC bought a new stake in AvidXchange during the first quarter valued at $90,000. Finally, 111 Capital bought a new stake in AvidXchange during the fourth quarter valued at $111,000. Institutional investors own 80.58% of the company's stock.

Insider Buying and Selling at AvidXchange

In related news, President Daniel Drees sold 25,972 shares of the firm's stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $9.74, for a total value of $252,967.28. Following the transaction, the president owned 1,167,186 shares of the company's stock, valued at approximately $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 can be accessed through the SEC website. Also, CEO Michael Praeger sold 40,005 shares of the firm's stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $9.74, for a total transaction of $389,648.70. Following the completion of the transaction, the chief executive officer directly owned 11,037,830 shares in the company, valued at approximately $107,508,464.20. The trade was a 0.36% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 95,890 shares of company stock worth $933,969 in the last quarter. 11.10% of the stock is owned by insiders.

Analysts Set New Price Targets

AVDX has been the topic of a number of research analyst reports. Baird R W cut shares of AvidXchange from a "strong-buy" rating to a "hold" rating in a research report on Thursday, May 8th. Piper Sandler upped their price target on shares of AvidXchange from $8.00 to $10.00 and gave the company a "neutral" rating in a research report on Thursday, May 8th. Morgan Stanley upped their price target on shares of AvidXchange from $8.00 to $10.00 and gave the company an "equal weight" rating in a research report on Thursday, May 8th. Susquehanna cut shares of AvidXchange from a "strong-buy" rating to a "hold" rating in a research report on Thursday, May 8th. Finally, Keefe, Bruyette & Woods upped their price target on shares of AvidXchange from $8.00 to $9.00 and gave the company a "market perform" rating in a research report on Monday, March 31st. Two equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating and one has given a buy rating to the company's stock. According to MarketBeat, AvidXchange currently has a consensus rating of "Hold" and a consensus price target of $10.30.

AvidXchange Stock Up 0.2%

NASDAQ AVDX traded up $0.02 during trading hours on Friday, hitting $9.84. The company's stock had a trading volume of 1,886,137 shares, compared to its average volume of 2,648,356. AvidXchange Holdings, Inc. has a 52 week low of $6.61 and a 52 week high of $12.93. The company has a market capitalization of $2.03 billion, a PE ratio of 985.00 and a beta of 1.20. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.10. The company's 50-day simple moving average is $9.55 and its two-hundred day simple moving average is $9.22.

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.