AvidXchange Holdings, Inc. (NASDAQ:AVDX) Stake Lessened by Senvest Management LLC

Senvest Management LLC trimmed its stake in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 9.5% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 9,843,010 shares of the company’s stock after selling 1,033,410 shares during the quarter. AvidXchange makes up 2.8% of Senvest Management LLC’s portfolio, making the stock its 15th biggest position. Senvest Management LLC owned 4.74% of AvidXchange worth $79,827,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently added to or reduced their stakes in the company. Natixis bought a new position in shares of AvidXchange during the first quarter worth about $203,000. Advisors Asset Management Inc. grew its position in shares of AvidXchange by 96.3% in the 1st quarter. Advisors Asset Management Inc. now owns 4,309 shares of the company’s stock worth $57,000 after acquiring an additional 2,114 shares in the last quarter. Lazard Asset Management LLC bought a new stake in shares of AvidXchange in the 1st quarter valued at approximately $7,621,000. Price T Rowe Associates Inc. MD raised its position in shares of AvidXchange by 6.1% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 97,054 shares of the company’s stock valued at $1,277,000 after acquiring an additional 5,563 shares in the last quarter. Finally, Kodai Capital Management LP lifted its stake in AvidXchange by 872.9% during the first quarter. Kodai Capital Management LP now owns 1,581,667 shares of the company’s stock worth $20,799,000 after purchasing an additional 1,419,099 shares during the last quarter. 80.58% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms have recently commented on AVDX. Piper Sandler lifted their price target on shares of AvidXchange from $9.00 to $10.00 and gave the company a “neutral” rating in a report on Thursday, November 7th. 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. JPMorgan Chase & Co. lowered AvidXchange from an “overweight” rating to a “neutral” rating and dropped their target price for the stock from $11.00 to $9.00 in a research report on Tuesday, August 20th. UBS Group boosted their price target on shares of AvidXchange from $10.00 to $10.50 and gave the company a “neutral” rating in a report on Thursday, November 7th. Finally, BMO Capital Markets increased their price objective on shares of AvidXchange from $10.00 to $11.00 and gave the stock a “market perform” rating in a report on Friday, November 8th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $11.39.

Insider Buying and Selling at AvidXchange

In related news, insider Ryan Stahl sold 7,427 shares of the business’s stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $8.58, for a total value of $63,723.66. Following the sale, the insider now directly owns 369,603 shares in the company, valued at $3,171,193.74. The trade was a 1.97 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Michael Praeger sold 37,225 shares of the firm’s stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $7.98, for a total transaction of $297,055.50. Following the sale, the chief executive officer now owns 10,453,786 shares of the company’s stock, valued at $83,421,212.28. The trade was a 0.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 119,078 shares of company stock valued at $959,850. 10.40% of the stock is owned by corporate insiders.

AvidXchange Trading Up 2.8 %

AvidXchange stock opened at $11.17 on Friday. AvidXchange Holdings, Inc. has a 12-month low of $7.38 and a 12-month high of $13.56. The stock has a market capitalization of $2.30 billion, a PE ratio of 543.50 and a beta of 1.00. The firm has a 50 day simple moving average of $8.74 and a 200-day simple moving average of $9.73. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.32 and a quick ratio of 1.32.

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.