Cornerstone Investment Partners LLC Buys New Holdings in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

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

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in AVDX. Quarry LP bought a new stake in AvidXchange during the 1st quarter worth approximately $58,000. Russell Investments Group Ltd. purchased a new position in AvidXchange in the second quarter valued at approximately $65,000. Ensign Peak Advisors Inc purchased a new stake in shares of AvidXchange during the third quarter worth $78,000. Price T Rowe Associates Inc. MD purchased a new stake in shares of AvidXchange during the second quarter worth $86,000. Finally, Tower Research Capital LLC TRC lifted its position in shares of AvidXchange by 166.5% during the second quarter. Tower Research Capital LLC TRC now owns 9,881 shares of the company’s stock worth $103,000 after acquiring an additional 6,173 shares in the last quarter. 80.58% of the stock is owned by institutional investors.

Insider Activity at AvidXchange

In related news, insider Joel Wilhite sold 27,384 shares of the stock in a transaction on Friday, March 1st. The stock was sold at an average price of $13.15, for a total value of $360,099.60. Following the transaction, the insider now owns 327,100 shares of the company’s stock, valued at $4,301,365. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, insider Joel Wilhite sold 27,384 shares of the firm’s stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $13.15, for a total transaction of $360,099.60. Following the transaction, the insider now directly owns 327,100 shares of the company’s stock, valued at $4,301,365. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Michael Praeger sold 69,508 shares of the firm’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $13.15, for a total value of $914,030.20. Following the transaction, the chief executive officer now directly owns 10,183,941 shares in the company, valued at $133,918,824.15. 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 over the last 90 days. 10.30% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

AVDX has been the topic of several recent research reports. BMO Capital Markets increased their target price on AvidXchange from $11.00 to $13.00 and gave the stock a “market perform” rating in a research report on Thursday, February 29th. Barclays increased their target price on AvidXchange from $13.00 to $14.00 and gave the stock an “overweight” rating in a research report on Friday, December 22nd. Keefe, Bruyette & Woods initiated coverage on AvidXchange in a research report on Tuesday, April 9th. They set a “market perform” rating and a $13.50 target price on the stock. The Goldman Sachs Group restated a “sell” rating and set a $11.50 target price (down previously from $13.00) on shares of AvidXchange in a research report on Monday, April 15th. Finally, JPMorgan Chase & Co. upped their price target on shares of AvidXchange from $14.00 to $15.00 and gave the stock an “overweight” rating in a report on Thursday, February 29th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $13.07.

AvidXchange Stock Performance

AVDX opened at $11.45 on Friday. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.25 and a quick ratio of 1.25. AvidXchange Holdings, Inc. has a 52 week low of $6.88 and a 52 week high of $13.56. The business’s fifty day simple moving average is $12.42 and its 200 day simple moving average is $11.13.

AvidXchange 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.