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

Ceera Investments LLC bought a new stake in AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 30,700 shares of the company's stock, valued at approximately $260,000.

Several other institutional investors also recently bought and sold shares of the stock. Versant Capital Management Inc lifted its position in 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 increased its stake in shares of AvidXchange by 816.6% in the first quarter. GAMMA Investing LLC now owns 4,079 shares of the company's stock worth $35,000 after buying an additional 3,634 shares during the period. Quarry LP raised its holdings in AvidXchange by 126.6% during the 4th 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 last quarter. Eastover Investment Advisors LLC purchased a new stake in AvidXchange during the 1st quarter valued at $90,000. Finally, 111 Capital bought a new stake in AvidXchange in the 4th quarter worth $111,000. 80.58% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, insider Ryan Stahl sold 8,999 shares of the stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $9.74, for a total transaction of $87,650.26. Following the sale, the insider directly owned 667,226 shares of the company's stock, valued at approximately $6,498,781.24. This represents a 1.33% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 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 sale, the chief executive officer 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 worth $933,969 in the last 90 days. Corporate insiders own 11.10% of the company's stock.

AvidXchange Price Performance

NASDAQ AVDX remained flat at $9.84 during trading hours on Tuesday. 1,128,685 shares of the company were exchanged, compared to its average volume of 2,642,035. AvidXchange Holdings, Inc. has a one year low of $6.61 and a one year high of $12.93. 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 business's 50-day simple moving average is $9.62 and its 200-day simple moving average is $9.22. The company has a market cap of $2.03 billion, a price-to-earnings ratio of 984.00 and a beta of 1.20.

Analysts Set New Price Targets

Several equities analysts have recently commented on AVDX shares. Keefe, Bruyette & Woods upped their price objective on shares of AvidXchange from $8.00 to $9.00 and gave the company a "market perform" rating in a research note on Monday, March 31st. Robert W. Baird reaffirmed a "neutral" rating and set a $10.00 price target on shares of AvidXchange in a research report on Thursday, May 8th. UBS Group lifted their price objective on AvidXchange from $8.00 to $10.00 and gave the stock a "neutral" rating in a research report on Thursday, May 8th. Piper Sandler boosted their target price on AvidXchange from $8.00 to $10.00 and gave the company a "neutral" rating in a research note on Thursday, May 8th. Finally, Baird R W lowered AvidXchange from a "strong-buy" rating to a "hold" rating in a research note on Thursday, May 8th. Two equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and one has issued a buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $10.30.

AvidXchange Company 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.