Circumference Group LLC Buys Shares of 275,000 AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Circumference Group LLC bought a new position in AvidXchange Holdings, Inc. (NASDAQ:AVDX) in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 275,000 shares of the company’s stock, valued at approximately $2,230,000. AvidXchange makes up approximately 2.3% of Circumference Group LLC’s investment portfolio, making the stock its 20th largest holding.

Several other hedge funds have also recently modified their holdings of the business. Allspring Global Investments Holdings LLC bought a new position in AvidXchange during the third quarter valued at approximately $38,000. CWM LLC lifted its holdings in shares of AvidXchange by 7,259.8% during the 3rd quarter. CWM LLC now owns 6,771 shares of the company’s stock valued at $55,000 after buying an additional 6,679 shares during the period. nVerses Capital LLC bought a new position in shares of AvidXchange during the 2nd quarter valued at $66,000. Arbor Investment Advisors LLC bought a new stake in shares of AvidXchange in the third quarter worth $98,000. Finally, Wealth Enhancement Advisory Services LLC increased its position in AvidXchange by 29.6% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 13,211 shares of the company’s stock valued at $107,000 after acquiring an additional 3,019 shares during the last quarter. Hedge funds and other institutional investors own 80.58% of the company’s stock.

Insider Buying and Selling

In other AvidXchange news, insider Ryan Stahl sold 7,427 shares of the company’s stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $8.58, for a total value of $63,723.66. Following the completion of the transaction, the insider now directly owns 369,603 shares in the company, valued at $3,171,193.74. This represents a 1.97 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Over the last 90 days, insiders sold 17,697 shares of company stock worth $146,265. 10.40% of the stock is owned by corporate insiders.

AvidXchange Price Performance

NASDAQ:AVDX opened at $11.44 on Monday. The business’s 50-day simple moving average is $9.11 and its two-hundred day simple moving average is $9.72. AvidXchange Holdings, Inc. has a 52 week low of $7.38 and a 52 week high of $13.56. The stock has a market cap of $2.35 billion, a PE ratio of 572.00 and a beta of 1.00. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.11.

Analyst Upgrades and Downgrades

AVDX has been the topic of several research reports. Bank of America dropped their target price on AvidXchange from $12.00 to $8.00 and set an “underperform” rating on the stock in a research report on Tuesday, October 15th. BMO Capital Markets boosted their target price on shares of AvidXchange from $10.00 to $11.00 and gave the company a “market perform” rating in a research report on Friday, November 8th. Piper Sandler increased their price target on shares of AvidXchange from $9.00 to $10.00 and gave the stock a “neutral” rating in a research report on Thursday, November 7th. The Goldman Sachs Group lifted their price target on shares of AvidXchange from $7.00 to $9.00 and gave the stock a “sell” rating in a research note on Thursday, November 7th. Finally, Compass Point upgraded AvidXchange from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $8.00 to $15.00 in a research note on Thursday, November 7th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $11.39.

About AvidXchange

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.