14,381 Shares in AvidXchange Holdings, Inc. (NASDAQ:AVDX) Acquired by Cornerstone Investment Partners LLC

Cornerstone Investment Partners LLC bought a new position in AvidXchange Holdings, Inc. (NASDAQ:AVDX) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 14,381 shares of the company’s stock, valued at approximately $178,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Federated Hermes Inc. lifted its holdings in AvidXchange by 9.9% in the 3rd quarter. Federated Hermes Inc. now owns 1,250,506 shares of the company’s stock worth $11,855,000 after purchasing an additional 112,887 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its position in AvidXchange by 212.6% in 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 period. ARK Investment Management LLC increased its position in AvidXchange by 10.1% in 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 period. Vanguard Group Inc. increased its position in AvidXchange by 5.2% in 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 period. Finally, Senvest Management LLC increased its position in AvidXchange by 26.3% in the 3rd quarter. Senvest Management LLC now owns 12,298,226 shares of the company’s stock worth $116,587,000 after buying an additional 2,563,886 shares during the period. 80.58% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have commented on AVDX shares. BMO Capital Markets lifted their price target on AvidXchange from $11.00 to $13.00 and gave the stock a “market perform” rating in a research report on Thursday, February 29th. Susquehanna lifted their price target on AvidXchange from $15.00 to $16.00 and gave the stock a “positive” rating in a research report on Thursday, February 29th. 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 report on Thursday, February 29th. Piper Sandler lowered their price objective on AvidXchange from $14.00 to $12.00 and set a “neutral” rating on the stock in a research report on Friday, April 12th. Finally, Keefe, Bruyette & Woods began coverage on AvidXchange in a research report on Tuesday, April 9th. They set a “market perform” rating and a $13.50 price objective on the stock. 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 data from MarketBeat.com, AvidXchange has an average rating of “Hold” and an average price target of $13.07.

AvidXchange Stock Performance

Shares of AVDX stock opened at $11.45 on Friday. The stock’s fifty day simple moving average is $12.42 and its 200 day simple moving average is $11.13. 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 one year low of $6.88 and a one year high of $13.56.

Insider Activity at AvidXchange

In other AvidXchange news, insider Angelic Gibson sold 40,000 shares of the business’s stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $13.00, for a total value of $520,000.00. Following the transaction, the insider now owns 430,606 shares of the company’s stock, valued at $5,597,878. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, insider Angelic Gibson sold 40,000 shares of the company’s stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $13.00, for a total value of $520,000.00. Following the completion of the sale, the insider now owns 430,606 shares in the company, valued at $5,597,878. The transaction 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 company’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 completion of the sale, the insider now owns 454,878 shares of the company’s stock, valued at approximately $5,585,901.84. The disclosure for this sale can be found here. Insiders have sold a total of 3,010,167 shares of company stock valued at $39,077,190 in the last 90 days. 10.30% of the stock is owned by corporate insiders.

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.