Edgestream Partners L.P. Purchases 157,084 Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Edgestream Partners L.P. grew its stake in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) by 166.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 251,389 shares of the company's stock after acquiring an additional 157,084 shares during the quarter. Edgestream Partners L.P. owned about 0.12% of AvidXchange worth $2,132,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Azora Capital LP acquired a new position in AvidXchange during the fourth quarter worth $45,067,000. FMR LLC boosted its stake in AvidXchange by 8.4% during the fourth quarter. FMR LLC now owns 14,889,282 shares of the company's stock worth $153,955,000 after buying an additional 1,155,513 shares during the last quarter. Arrowstreet Capital Limited Partnership acquired a new position in AvidXchange during the fourth quarter worth $10,292,000. Point72 Asset Management L.P. boosted its stake in AvidXchange by 74.1% during the fourth quarter. Point72 Asset Management L.P. now owns 1,700,334 shares of the company's stock worth $17,581,000 after buying an additional 723,724 shares during the last quarter. Finally, BNP Paribas Financial Markets acquired a new position in AvidXchange during the fourth quarter worth $7,052,000. Hedge funds and other institutional investors own 80.58% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the company. UBS Group boosted their price objective on AvidXchange from $8.00 to $10.00 and gave the company a "neutral" rating in a report on Thursday, May 8th. BTIG Research cut AvidXchange from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, May 7th. Morgan Stanley upped their price objective on AvidXchange from $8.00 to $10.00 and gave the stock an "equal weight" rating in a research report on Thursday, May 8th. Keefe, Bruyette & Woods upped their price objective on AvidXchange from $8.00 to $9.00 and gave the stock a "market perform" rating in a research report on Monday, March 31st. Finally, Robert W. Baird reaffirmed a "neutral" rating and set a $10.00 price objective on shares of AvidXchange in a research report on Thursday, May 8th. Two investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $10.30.

Insiders Place Their Bets

In other AvidXchange news, insider Ryan Stahl sold 8,999 shares of the company's stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $9.74, for a total transaction of $87,650.26. Following the sale, the insider owned 667,226 shares in the company, valued at $6,498,781.24. This represents a 1.33% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, President Daniel Drees sold 25,972 shares of AvidXchange stock in a transaction dated 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 sale, the president owned 1,167,186 shares in the company, valued at approximately $11,368,391.64. This 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 have sold 95,890 shares of company stock worth $933,969. 11.10% of the stock is owned by insiders.

AvidXchange Trading Up 0.1%

Shares of NASDAQ:AVDX traded up $0.01 during midday trading on Friday, reaching $9.85. The company's stock had a trading volume of 947,071 shares, compared to its average volume of 2,638,038. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.10. AvidXchange Holdings, Inc. has a 1 year low of $6.61 and a 1 year high of $12.93. The business has a 50 day moving average price of $9.79 and a 200 day moving average price of $9.20. The firm has a market cap of $2.03 billion, a price-to-earnings ratio of 984.00 and a beta of 1.20.

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.