Quest Partners LLC Has $181,000 Stock Holdings in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Quest Partners LLC lifted its stake in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 46.0% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 22,289 shares of the company’s stock after purchasing an additional 7,027 shares during the period. Quest Partners LLC’s holdings in AvidXchange were worth $181,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Sumitomo Mitsui Trust Group Inc. raised its position in shares of AvidXchange by 9.1% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,862,225 shares of the company’s stock worth $15,103,000 after purchasing an additional 155,008 shares during the period. GSA Capital Partners LLP acquired a new stake in shares of AvidXchange during the third quarter worth $1,393,000. Entropy Technologies LP acquired a new stake in shares of AvidXchange during the third quarter worth $447,000. Versor Investments LP acquired a new stake in shares of AvidXchange during the third quarter worth $216,000. Finally, State of New Jersey Common Pension Fund D raised its position in shares of AvidXchange by 39.3% during the third quarter. State of New Jersey Common Pension Fund D now owns 247,947 shares of the company’s stock worth $2,011,000 after purchasing an additional 69,971 shares during the period. 80.58% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at AvidXchange

In other news, insider Joel Wilhite sold 19,358 shares of the company’s stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $8.15, for a total transaction of $157,767.70. Following the completion of the sale, the insider now owns 400,278 shares in the company, valued at approximately $3,262,265.70. This represents a 4.61 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Ryan Stahl sold 7,621 shares of the company’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $8.13, for a total value of $61,958.73. Following the sale, the insider now owns 377,030 shares of the company’s stock, valued at approximately $3,065,253.90. This trade represents a 1.98 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 37,055 shares of company stock worth $304,033. 10.40% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several research analysts recently weighed in on AVDX shares. Piper Sandler upped their price target on AvidXchange from $9.00 to $10.00 and gave the company a “neutral” rating in a research report on Thursday, November 7th. Keefe, Bruyette & Woods upped their price target on AvidXchange from $9.00 to $10.00 and gave the company a “market perform” rating in a research report on Thursday, November 7th. Wells Fargo & Company upped their price target on AvidXchange from $9.00 to $10.00 and gave the company an “equal weight” rating in a research report on Thursday, November 7th. JPMorgan Chase & Co. lowered AvidXchange from an “overweight” rating to a “neutral” rating and dropped their price target for the company from $11.00 to $9.00 in a research report on Tuesday, August 20th. Finally, Bank of America dropped their price target on AvidXchange from $12.00 to $8.00 and set an “underperform” rating on the stock in a research report on Tuesday, October 15th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $11.39.

AvidXchange Stock Performance

Shares of AVDX stock opened at $11.44 on Thursday. The firm has a market cap of $2.35 billion, a P/E ratio of 579.50 and a beta of 1.00. The stock’s 50-day moving average is $8.98 and its two-hundred day moving average is $9.73. AvidXchange Holdings, Inc. has a fifty-two week low of $7.38 and a fifty-two week high of $13.56. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.32 and a quick ratio of 1.32.

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.