Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX – Get Rating) gapped down prior to trading on Wednesday . The stock had previously closed at 9.28, but opened at 9.07. AvidXchange shares last traded at 9.21, with a volume of 4,175 shares.

Analyst Upgrades and Downgrades

AVDX has been the subject of several recent analyst reports. Piper Sandler decreased their price objective on shares of AvidXchange from $12.00 to $11.00 and set an "overweight" rating for the company in a report on Thursday, October 20th. JPMorgan Chase & Co. cut their target price on shares of AvidXchange from $12.00 to $11.00 and set an "overweight" rating for the company in a research note on Thursday, November 3rd. Finally, Bank of America cut shares of AvidXchange from a "neutral" rating to an "underperform" rating and dropped their price objective for the company from $10.00 to $8.00 in a research note on Wednesday, November 2nd. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and seven have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of 11.09.

AvidXchange Stock Down 1.9 %

The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.46 and a current ratio of 1.46. The stock has a market capitalization of $1.80 billion, a price-to-earnings ratio of -10.56 and a beta of 0.56. The firm's fifty day simple moving average is 8.68 and its 200 day simple moving average is 8.01.

Insider Activity at AvidXchange

In other AvidXchange news, insider Joel Wilhite sold 3,215 shares of AvidXchange stock in a transaction on Tuesday, November 15th. The shares were sold at an average price of 9.33, for a total transaction of 29,995.95. Following the completion of the transaction, the insider now directly owns 63,404 shares of the company's stock, valued at 591,559.32. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 10.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On AvidXchange

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its position in shares of AvidXchange by 19.5% in the third quarter. Vanguard Group Inc. now owns 13,231,439 shares of the company's stock valued at $111,409,000 after acquiring an additional 2,160,242 shares during the period. BlackRock Inc. boosted its position in shares of AvidXchange by 13.7% in the third quarter. BlackRock Inc. now owns 11,613,485 shares of the company's stock valued at $97,786,000 after acquiring an additional 1,402,183 shares during the period. Canada Pension Plan Investment Board boosted its position in shares of AvidXchange by 7.1% in the first quarter. Canada Pension Plan Investment Board now owns 4,886,508 shares of the company's stock valued at $39,336,000 after acquiring an additional 322,000 shares during the period. Neuberger Berman Group LLC boosted its position in shares of AvidXchange by 31.6% in the first quarter. Neuberger Berman Group LLC now owns 4,324,233 shares of the company's stock valued at $34,647,000 after acquiring an additional 1,039,536 shares during the period. Finally, Biltmore Family Office LLC bought a new stake in shares of AvidXchange in the second quarter valued at about $23,017,000. 70.34% of the stock is owned by institutional investors.

About AvidXchange

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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 cash flow manager that provides cash management solutions.

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