AvidXchange Holdings, Inc. (NASDAQ:AVDX) is Senvest Management LLC's 8th Largest Position

Senvest Management LLC cut its stake in AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) by 21.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 9,675,695 shares of the company's stock after selling 2,622,531 shares during the period. AvidXchange makes up approximately 4.6% of Senvest Management LLC's holdings, making the stock its 8th largest holding. Senvest Management LLC owned about 4.76% of AvidXchange worth $119,882,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. Intrinsic Edge Capital Management LLC boosted its position in shares of AvidXchange by 58.2% during the 2nd quarter. Intrinsic Edge Capital Management LLC now owns 2,715,541 shares of the company's stock valued at $28,187,000 after purchasing an additional 999,449 shares in the last quarter. Federated Hermes Inc. boosted its position in shares of AvidXchange by 9.9% during the 3rd quarter. Federated Hermes Inc. now owns 1,250,506 shares of the company's stock worth $11,855,000 after purchasing an additional 112,887 shares during the period. Connor Clark & Lunn Investment Management Ltd. grew its position in AvidXchange by 212.6% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 229,716 shares of the company's stock worth $2,178,000 after purchasing an additional 156,236 shares during the last quarter. ARK Investment Management LLC raised its position in AvidXchange by 10.1% during the fourth quarter. ARK Investment Management LLC now owns 1,109,512 shares of the company's stock worth $13,747,000 after acquiring an additional 101,878 shares during the last quarter. Finally, Vanguard Group Inc. grew its stake in AvidXchange by 5.2% during the third quarter. Vanguard Group Inc. now owns 18,482,011 shares of the company's stock worth $175,209,000 after buying an additional 907,305 shares during the period. Institutional investors and hedge funds own 80.58% of the company's stock.

Analyst Ratings Changes

AVDX has been the topic of a number of recent research reports. Piper Sandler lifted their price objective on AvidXchange from $13.00 to $14.00 and gave the stock a "neutral" rating in a research note on Thursday, February 29th. JPMorgan Chase & Co. increased their target price on shares of AvidXchange from $14.00 to $15.00 and gave the company an "overweight" rating in a report on Thursday, February 29th. BMO Capital Markets boosted their target price on shares of AvidXchange from $11.00 to $13.00 and gave the stock a "market perform" rating in a research report on Thursday, February 29th. Barclays raised their price objective on shares of AvidXchange from $13.00 to $14.00 and gave the company an "overweight" rating in a report on Friday, December 22nd. Finally, The Goldman Sachs Group raised their price target on AvidXchange from $11.00 to $13.00 and gave the company a "neutral" rating in a report on Thursday, February 29th. Five investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $13.29.

AvidXchange Price Performance

NASDAQ:AVDX traded up $0.12 during mid-day trading on Friday, reaching $12.33. 917,212 shares of the stock were exchanged, compared to its average volume of 1,457,111. The company has a current ratio of 1.25, a quick ratio of 1.25 and a debt-to-equity ratio of 0.20. AvidXchange Holdings, Inc. has a 1-year low of $6.88 and a 1-year high of $13.56. The firm has a market capitalization of $2.52 billion, a PE ratio of -53.61 and a beta of 1.04. The business has a fifty day moving average price of $12.37 and a 200 day moving average price of $10.96.

Insider Buying and Selling at AvidXchange

In other news, insider Joel Wilhite sold 27,384 shares of the business's stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $13.15, for a total value of $360,099.60. Following the transaction, the insider now directly owns 327,100 shares of the company's stock, valued at approximately $4,301,365. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Michael Praeger sold 69,508 shares of the company's stock in a transaction on Friday, March 1st. The stock was sold at an average price of $13.15, for a total value of $914,030.20. Following the transaction, the chief executive officer now directly owns 10,183,941 shares of the company's stock, valued at approximately $133,918,824.15. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Joel Wilhite sold 27,384 shares of AvidXchange stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $13.15, for a total transaction of $360,099.60. Following the completion of the sale, the insider now owns 327,100 shares of the company's stock, valued at approximately $4,301,365. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 3,010,167 shares of company stock valued at $39,077,190. 10.30% of the stock is currently owned by company insiders.

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.