Verition Fund Management LLC Invests $804,000 in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Verition Fund Management LLC bought a new position in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 99,096 shares of the company’s stock, valued at approximately $804,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the business. FMR LLC grew its stake in shares of AvidXchange by 272.5% in the 3rd quarter. FMR LLC now owns 13,733,769 shares of the company’s stock worth $111,381,000 after purchasing an additional 10,046,893 shares during the last quarter. American Century Companies Inc. grew its position in AvidXchange by 54.2% in the second quarter. American Century Companies Inc. now owns 4,515,719 shares of the company’s stock worth $54,460,000 after buying an additional 1,586,510 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of AvidXchange by 5.6% in the second quarter. Dimensional Fund Advisors LP now owns 4,317,134 shares of the company’s stock valued at $52,062,000 after buying an additional 230,777 shares in the last quarter. Millennium Management LLC lifted its position in shares of AvidXchange by 9.8% during the 2nd quarter. Millennium Management LLC now owns 2,770,662 shares of the company’s stock valued at $33,414,000 after acquiring an additional 246,462 shares during the last quarter. Finally, Rockefeller Capital Management L.P. lifted its position in shares of AvidXchange by 30.4% during the 3rd quarter. Rockefeller Capital Management L.P. now owns 2,314,653 shares of the company’s stock valued at $18,779,000 after acquiring an additional 538,956 shares during the last quarter. 80.58% of the stock is currently owned by institutional investors.

AvidXchange Price Performance

AVDX opened at $11.18 on Tuesday. The stock has a fifty day moving average price of $9.50 and a 200 day moving average price of $9.73. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.11. AvidXchange Holdings, Inc. has a 1 year low of $7.38 and a 1 year high of $13.56. The stock has a market cap of $2.30 billion, a price-to-earnings ratio of 578.00 and a beta of 1.19.

Analyst Ratings Changes

A number of brokerages have recently issued reports on AVDX. Wells Fargo & Company boosted their target price on AvidXchange from $9.00 to $10.00 and gave the stock an “equal weight” rating in a research report on Thursday, November 7th. KeyCorp upped their price objective on shares of AvidXchange from $12.00 to $13.00 and gave the company an “overweight” rating in a research note on Thursday, December 5th. BMO Capital Markets lifted their target price on shares of AvidXchange from $10.00 to $11.00 and gave the stock a “market perform” rating in a research report on Friday, November 8th. Compass Point upgraded shares of AvidXchange from a “neutral” rating to a “buy” rating and upped their price target for the company from $8.00 to $15.00 in a research report on Thursday, November 7th. Finally, The Goldman Sachs Group lifted their price objective on shares of AvidXchange from $9.00 to $10.00 and gave the stock a “sell” rating in a research report on Monday, December 2nd. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $11.50.

Insider Transactions at AvidXchange

In other AvidXchange news, CEO Michael Praeger sold 42,377 shares of the stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $11.40, for a total transaction of $483,097.80. Following the transaction, the chief executive officer now directly owns 10,381,033 shares of the company’s stock, valued at $118,343,776.20. This represents a 0.41 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Ryan Stahl sold 7,427 shares of the firm’s stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $8.58, for a total value of $63,723.66. Following the transaction, the insider now owns 369,603 shares in the company, valued at approximately $3,171,193.74. This trade represents a 1.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 60,074 shares of company stock valued at $629,363 in the last three months. Corporate insiders own 10.40% of the company’s stock.

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.