105,920 Shares in AvidXchange Holdings, Inc. (NASDAQ:AVDX) Bought by Lisanti Capital Growth LLC

Lisanti Capital Growth LLC bought a new stake in AvidXchange Holdings, Inc. (NASDAQ:AVDX) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 105,920 shares of the company’s stock, valued at approximately $1,312,000. Lisanti Capital Growth LLC owned about 0.05% of AvidXchange as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. boosted its position 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 acquiring an additional 907,305 shares during the period. Senvest Management LLC raised its holdings in AvidXchange by 26.3% during the third quarter. Senvest Management LLC now owns 12,298,226 shares of the company’s stock worth $116,587,000 after purchasing an additional 2,563,886 shares in the last quarter. Lord Abbett & CO. LLC lifted its position in AvidXchange by 29.2% in the third quarter. Lord Abbett & CO. LLC now owns 5,402,784 shares of the company’s stock worth $51,219,000 after purchasing an additional 1,222,044 shares during the period. Bank of New York Mellon Corp boosted its stake in AvidXchange by 32.5% during the 3rd quarter. Bank of New York Mellon Corp now owns 4,621,806 shares of the company’s stock valued at $43,815,000 after purchasing an additional 1,134,729 shares in the last quarter. Finally, North Reef Capital Management LP increased its position in shares of AvidXchange by 64.5% during the 3rd quarter. North Reef Capital Management LP now owns 4,510,000 shares of the company’s stock valued at $42,755,000 after purchasing an additional 1,768,120 shares during the period. Institutional investors and hedge funds own 80.58% of the company’s stock.

AvidXchange Stock Down 1.2 %

Shares of NASDAQ:AVDX traded down $0.15 during trading on Tuesday, reaching $11.99. 2,203,641 shares of the company traded hands, compared to its average volume of 1,785,807. AvidXchange Holdings, Inc. has a 1-year low of $6.88 and a 1-year high of $13.56. The company has a quick ratio of 1.25, a current ratio of 1.25 and a debt-to-equity ratio of 0.20. The firm has a market cap of $2.48 billion, a P/E ratio of -52.13 and a beta of 1.07. The firm has a fifty day simple moving average of $12.37 and a 200 day simple moving average of $11.38.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on AVDX. The Goldman Sachs Group reaffirmed a “sell” rating and issued a $11.50 price objective (down previously from $13.00) on shares of AvidXchange in a research note on Monday, April 15th. Piper Sandler cut their price objective on AvidXchange from $14.00 to $12.00 and set a “neutral” rating for the company in a research report on Friday, April 12th. Keefe, Bruyette & Woods assumed coverage on AvidXchange in a report on Tuesday, April 9th. They issued a “market perform” rating and a $13.50 target price on the stock. Susquehanna upped their target price on AvidXchange from $15.00 to $16.00 and gave the company a “positive” rating in a report on Thursday, February 29th. Finally, JPMorgan Chase & Co. lifted their price target on AvidXchange from $14.00 to $15.00 and gave the stock an “overweight” rating in a research note on Thursday, February 29th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, AvidXchange currently has an average rating of “Hold” and an average target price of $13.14.

Insider Buying and Selling at AvidXchange

In other news, insider Joel Wilhite sold 136,158 shares of the firm’s stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $12.28, for a total transaction of $1,672,020.24. Following the completion of the sale, the insider now directly owns 454,878 shares of the company’s stock, valued at approximately $5,585,901.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Michael Praeger sold 69,508 shares of the company’s stock in a transaction on Friday, March 1st. The shares were sold at an average price of $13.15, for a total value of $914,030.20. Following the completion of the sale, the chief executive officer now directly owns 10,183,941 shares in the company, valued at $133,918,824.15. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Joel Wilhite sold 136,158 shares of the firm’s stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $12.28, for a total value of $1,672,020.24. Following the transaction, the insider now owns 454,878 shares in the company, valued at $5,585,901.84. The disclosure for this sale can be found here. Insiders have sold 3,010,167 shares of company stock worth $39,077,190 over the last 90 days. 10.30% of the stock is currently owned by corporate insiders.

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.