Russell Investments Group Ltd. Increases Position in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Russell Investments Group Ltd. boosted its stake in AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) by 3,611.1% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 234,061 shares of the company's stock after purchasing an additional 227,754 shares during the quarter. Russell Investments Group Ltd. owned about 0.12% of AvidXchange worth $2,900,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the stock. Highland Capital Management LLC bought a new stake in shares of AvidXchange in the 4th quarter worth about $145,000. Legato Capital Management LLC bought a new stake in shares of AvidXchange in the 4th quarter worth about $168,000. Cornerstone Investment Partners LLC bought a new stake in shares of AvidXchange in the 4th quarter worth about $178,000. SG Americas Securities LLC bought a new stake in shares of AvidXchange in the 3rd quarter worth about $159,000. Finally, AXQ Capital LP bought a new stake in shares of AvidXchange in the 3rd quarter worth about $171,000. Hedge funds and other institutional investors own 80.58% of the company's stock.

Insiders Place Their Bets

In other AvidXchange news, insider Joel Wilhite sold 136,158 shares of the company's stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $12.28, for a total value of $1,672,020.24. Following the transaction, the insider now directly owns 454,878 shares in the company, valued at approximately $5,585,901.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO Michael Praeger sold 69,508 shares of the company's stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $13.15, for a total value of $914,030.20. Following the completion of the sale, the chief executive officer now owns 10,183,941 shares of the company's stock, valued at approximately $133,918,824.15. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Joel Wilhite sold 136,158 shares of the company's stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $12.28, for a total transaction of $1,672,020.24. Following the completion of the sale, the insider now directly owns 454,878 shares of the company's stock, valued at approximately $5,585,901.84. The disclosure for this sale can be found here. Insiders have sold 3,010,167 shares of company stock worth $39,077,190 in the last three months. Corporate insiders own 10.30% of the company's stock.

AvidXchange Price Performance

AVDX stock remained flat at $11.22 during mid-day trading on Tuesday. 1,591,862 shares of the company's stock were exchanged, compared to its average volume of 1,858,907. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.34 and a quick ratio of 1.34. The stock has a market cap of $2.32 billion, a P/E ratio of -74.80 and a beta of 1.07. The business has a 50 day moving average of $12.23 and a 200 day moving average of $11.47. AvidXchange Holdings, Inc. has a twelve month low of $6.88 and a twelve month high of $13.56.

Analysts Set New Price Targets

A number of research firms have recently weighed in on AVDX. 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 report on Thursday, February 29th. Susquehanna upped their price target on shares of AvidXchange from $15.00 to $16.00 and gave the company a "positive" rating in a report on Thursday, February 29th. JPMorgan Chase & Co. upped their price target on shares of AvidXchange from $14.00 to $15.00 and gave the company an "overweight" rating in a report on Thursday, February 29th. The Goldman Sachs Group reiterated a "sell" rating and set a $11.50 price target (down from $13.00) on shares of AvidXchange in a report on Monday, April 15th. Finally, Piper Sandler cut their price target on shares of AvidXchange from $14.00 to $12.00 and set a "neutral" rating on the stock in a report on Friday, April 12th. One analyst has rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, AvidXchange presently has a consensus rating of "Hold" and a consensus target price of $13.14.

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.