ARK Investment Management LLC Raises Stock Position in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

ARK Investment Management LLC raised its holdings in AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 17.4% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 1,161,998 shares of the company’s stock after purchasing an additional 171,908 shares during the quarter. ARK Investment Management LLC owned 0.56% of AvidXchange worth $9,424,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in AVDX. SG Americas Securities LLC boosted its stake in shares of AvidXchange by 84.9% in the first quarter. SG Americas Securities LLC now owns 28,978 shares of the company’s stock worth $381,000 after buying an additional 13,302 shares during the last quarter. Lisanti Capital Growth LLC boosted its position in AvidXchange by 58.3% in the 1st quarter. Lisanti Capital Growth LLC now owns 167,715 shares of the company’s stock worth $2,205,000 after purchasing an additional 61,795 shares in the last quarter. TimesSquare Capital Management LLC grew its stake in shares of AvidXchange by 6.8% during the 1st quarter. TimesSquare Capital Management LLC now owns 1,970,837 shares of the company’s stock worth $25,917,000 after purchasing an additional 124,988 shares during the period. Swiss National Bank increased its holdings in shares of AvidXchange by 7.4% during the 1st quarter. Swiss National Bank now owns 320,900 shares of the company’s stock valued at $4,220,000 after purchasing an additional 22,100 shares in the last quarter. Finally, Susquehanna Fundamental Investments LLC acquired a new position in shares of AvidXchange in the 1st quarter valued at $1,848,000. 80.58% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms recently commented on AVDX. The Goldman Sachs Group raised their price target on shares of AvidXchange from $7.00 to $9.00 and gave the company a “sell” rating in a research report on Thursday. JPMorgan Chase & Co. lowered AvidXchange from an “overweight” rating to a “neutral” rating and cut their price target for the company from $11.00 to $9.00 in a research note on Tuesday, August 20th. Compass Point upgraded AvidXchange from a “neutral” rating to a “buy” rating and increased their price target for the stock from $8.00 to $15.00 in a research report on Thursday. Susquehanna cut their price objective on AvidXchange from $16.00 to $14.00 and set a “positive” rating for the company in a research report on Thursday, August 1st. Finally, Keefe, Bruyette & Woods lifted their price target on shares of AvidXchange from $9.00 to $10.00 and gave the company a “market perform” rating in a research note on Thursday. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and six have issued a buy rating to the stock. According to MarketBeat, AvidXchange presently has a consensus rating of “Hold” and an average price target of $11.11.

Insider Activity

In related news, insider Ryan Stahl sold 7,621 shares of AvidXchange stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $8.13, for a total transaction of $61,958.73. Following the transaction, the insider now owns 377,030 shares in the company, valued at approximately $3,065,253.90. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In related news, insider Ryan Stahl sold 7,621 shares of the firm’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $8.13, for a total transaction of $61,958.73. Following the completion of the sale, the insider now directly owns 377,030 shares in the company, valued at approximately $3,065,253.90. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Michael Praeger sold 37,225 shares of the business’s stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $7.98, for a total transaction of $297,055.50. Following the completion of the transaction, the chief executive officer now owns 10,453,786 shares in the company, valued at $83,421,212.28. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 166,386 shares of company stock worth $1,343,044 over the last ninety days. Corporate insiders own 10.40% of the company’s stock.

AvidXchange Stock Up 3.3 %

AVDX stock opened at $10.00 on Friday. The company has a current ratio of 1.36, a quick ratio of 1.36 and a debt-to-equity ratio of 0.19. The firm has a 50-day moving average of $8.14 and a two-hundred day moving average of $9.84. AvidXchange Holdings, Inc. has a 12 month low of $7.38 and a 12 month high of $13.56. The company has a market cap of $2.08 billion, a price-to-earnings ratio of -166.67 and a beta of 1.00.

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.