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

Two Sigma Advisers LP acquired a new position in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 32,500 shares of the company's stock, valued at approximately $336,000.

Other large investors have also recently bought and sold shares of the company. Silvercrest Asset Management Group LLC bought a new position in shares of AvidXchange during the fourth quarter valued at approximately $4,790,000. Point72 Asset Management L.P. boosted its position in AvidXchange by 74.1% during the 4th quarter. Point72 Asset Management L.P. now owns 1,700,334 shares of the company's stock valued at $17,581,000 after purchasing an additional 723,724 shares during the period. ProShare Advisors LLC boosted its position in AvidXchange by 49.0% during the 4th quarter. ProShare Advisors LLC now owns 48,945 shares of the company's stock valued at $506,000 after purchasing an additional 16,104 shares during the period. Nuveen Asset Management LLC grew its stake in AvidXchange by 25.3% during the 4th quarter. Nuveen Asset Management LLC now owns 627,001 shares of the company's stock worth $6,483,000 after buying an additional 126,665 shares during the last quarter. Finally, Millennium Management LLC increased its position in AvidXchange by 377.9% in the fourth quarter. Millennium Management LLC now owns 413,248 shares of the company's stock worth $4,273,000 after buying an additional 326,770 shares during the period. Institutional investors own 80.58% of the company's stock.

AvidXchange Price Performance

Shares of NASDAQ:AVDX traded up $0.02 on Friday, reaching $9.80. 1,998,267 shares of the company traded hands, compared to its average volume of 2,600,296. The stock has a market capitalization of $2.02 billion, a PE ratio of 245.00 and a beta of 1.22. 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 company's 50 day moving average is $8.72 and its 200-day moving average is $9.44. AvidXchange Holdings, Inc. has a fifty-two week low of $6.61 and a fifty-two week high of $12.93.

Insider Activity at AvidXchange

In related news, insider Ryan Stahl sold 8,999 shares of the firm's 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 $87,650.26. Following the completion of the transaction, the insider now owns 667,226 shares of the company's stock, valued at approximately $6,498,781.24. This trade represents a 1.33% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Michael Praeger sold 40,005 shares of the stock in a transaction 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 completion of the sale, the chief executive officer now owns 11,037,830 shares of the company's stock, valued at $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 95,890 shares of company stock worth $933,969 in the last quarter. 11.10% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on AVDX. Wolfe Research lowered shares of AvidXchange from a "strong-buy" rating to a "hold" rating in a research report on Thursday, February 27th. KeyCorp lowered shares of AvidXchange from an "overweight" rating to a "sector weight" rating in a research note on Thursday, February 27th. JPMorgan Chase & Co. dropped their price target on shares of AvidXchange from $10.00 to $9.00 and set a "neutral" rating on the stock in a research note on Thursday, February 27th. Susquehanna cut AvidXchange from a "strong-buy" rating to a "hold" rating in a report on Thursday, May 8th. Finally, Keefe, Bruyette & Woods increased their price objective on AvidXchange from $8.00 to $9.00 and gave the stock a "market perform" rating in a report on Monday, March 31st. Two analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus 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.