Two Sigma Advisers LP Purchases Shares of 32,500 AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Two Sigma Advisers LP purchased a new stake in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 32,500 shares of the company's stock, valued at approximately $336,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. US Bancorp DE boosted its stake in AvidXchange by 11.6% during the 4th quarter. US Bancorp DE now owns 58,350 shares of the company's stock valued at $603,000 after purchasing an additional 6,079 shares during the last quarter. Azora Capital LP bought a new position in shares of AvidXchange during the fourth quarter valued at $45,067,000. Wells Fargo & Company MN boosted its position in shares of AvidXchange by 17.4% during the fourth quarter. Wells Fargo & Company MN now owns 102,923 shares of the company's stock valued at $1,064,000 after buying an additional 15,243 shares during the last quarter. Barclays PLC boosted its position in shares of AvidXchange by 239.8% during the third quarter. Barclays PLC now owns 285,768 shares of the company's stock valued at $2,318,000 after buying an additional 201,679 shares during the last quarter. Finally, The Manufacturers Life Insurance Company increased its holdings in AvidXchange by 5.4% in the 4th quarter. The Manufacturers Life Insurance Company now owns 96,313 shares of the company's stock worth $996,000 after buying an additional 4,953 shares in the last quarter. Institutional investors own 80.58% of the company's stock.

Insider Activity at AvidXchange

In related news, insider Ryan Stahl sold 8,999 shares of the stock in a transaction dated Thursday, May 15th. The stock was sold at an average price of $9.74, for a total transaction of $87,650.26. Following the completion of the sale, the insider now owns 667,226 shares in the company, valued at approximately $6,498,781.24. This trade represents a 1.33% decrease in their ownership of the stock. The transaction 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 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 sale, the chief executive officer now directly owns 11,037,830 shares in the company, valued at $107,508,464.20. This trade represents a 0.36% decrease in their position. 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. 11.10% of the stock is owned by company insiders.

AvidXchange Stock Performance

AvidXchange stock traded down $0.01 during trading on Monday, reaching $9.79. The company had a trading volume of 3,414,877 shares, compared to its average volume of 2,603,555. The firm has a market capitalization of $2.02 billion, a price-to-earnings ratio of 244.75 and a beta of 1.22. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.11. The firm's 50-day simple moving average is $8.72 and its 200 day simple moving average is $9.43. AvidXchange Holdings, Inc. has a 52 week low of $6.61 and a 52 week high of $12.93.

Analysts Set New Price Targets

Several equities analysts have issued reports on AVDX shares. Robert W. Baird restated a "neutral" rating and set a $10.00 target price on shares of AvidXchange in a research note on Thursday, May 8th. JPMorgan Chase & Co. lowered their price objective on shares of AvidXchange from $10.00 to $9.00 and set a "neutral" rating on the stock in a research report on Thursday, February 27th. Wolfe Research cut shares of AvidXchange from a "strong-buy" rating to a "hold" rating in a report on Thursday, February 27th. 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, BMO Capital Markets decreased their target price on shares of AvidXchange from $11.00 to $7.50 and set a "market perform" rating for the company in a research note on Thursday, February 27th. Two analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and one has issued a buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Hold" and an average price target of $10.30.

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.