59,120 Shares in AvidXchange Holdings, Inc. (NASDAQ:AVDX) Acquired by Bailard Inc.

Bailard Inc. purchased a new stake in AvidXchange Holdings, Inc. (NASDAQ:AVDX) during the fourth quarter, according to its most recent filing with the SEC. The firm purchased 59,120 shares of the company’s stock, valued at approximately $732,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Federated Hermes Inc. increased its holdings in shares of AvidXchange by 9.9% in the 3rd quarter. Federated Hermes Inc. now owns 1,250,506 shares of the company’s stock valued at $11,855,000 after acquiring an additional 112,887 shares during the period. Sumitomo Mitsui Trust Holdings Inc. grew its stake in AvidXchange by 24.7% during the 4th quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,877,536 shares of the company’s stock worth $23,263,000 after buying an additional 372,291 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its stake 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 buying an additional 156,236 shares during the last quarter. ARK Investment Management LLC grew its stake in AvidXchange by 10.1% during the 4th quarter. ARK Investment Management LLC now owns 1,109,512 shares of the company’s stock worth $13,747,000 after buying an additional 101,878 shares during the last quarter. Finally, Vanguard Group Inc. grew its stake in AvidXchange by 5.2% during the 3rd 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 last quarter. 80.58% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages recently weighed in on AVDX. BMO Capital Markets boosted their target price on AvidXchange from $11.00 to $13.00 and gave the stock a “market perform” rating in a research note on Thursday, February 29th. Keefe, Bruyette & Woods started coverage on AvidXchange in a research note on Tuesday, April 9th. They set a “market perform” rating and a $13.50 target price on the stock. The Goldman Sachs Group reiterated a “sell” rating and set a $11.50 price target (down previously from $13.00) on shares of AvidXchange in a research note on Monday, April 15th. JPMorgan Chase & Co. boosted their price target on AvidXchange from $14.00 to $15.00 and gave the company an “overweight” rating in a research note on Thursday, February 29th. Finally, Susquehanna boosted their price target on AvidXchange from $15.00 to $16.00 and gave the company a “positive” rating in a research note on Thursday, February 29th. 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, the company presently has an average rating of “Hold” and an average price target of $13.07.

Insider Activity

In other news, insider Todd Alan Cunningham sold 11,340 shares of the business’s stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $13.00, for a total transaction of $147,420.00. Following the transaction, the insider now owns 173,019 shares of the company’s stock, valued at approximately $2,249,247. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, insider Todd Alan Cunningham sold 11,340 shares of the business’s stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $13.00, for a total value of $147,420.00. Following the sale, the insider now directly owns 173,019 shares in the company, valued at approximately $2,249,247. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Ryan Stahl sold 4,217 shares of the business’s stock in a transaction dated Monday, March 18th. The shares were sold at an average price of $12.43, for a total transaction of $52,417.31. Following the completion of the sale, the insider now owns 384,588 shares in the company, valued at $4,780,428.84. The disclosure for this sale can be found here. In 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 insiders.

AvidXchange Stock Performance

Shares of AVDX opened at $11.96 on Friday. The firm’s fifty day moving average is $12.38 and its two-hundred day moving average is $11.23. The company has a quick ratio of 1.25, a current ratio of 1.25 and a debt-to-equity ratio of 0.20. AvidXchange Holdings, Inc. has a 52-week low of $6.88 and a 52-week high of $13.56.

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.