Olympiad Research LP Makes New $340,000 Investment in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Olympiad Research LP purchased a new position in AvidXchange Holdings, Inc. (NASDAQ:AVDX) during the 4th quarter, HoldingsChannel.com reports. The firm purchased 32,877 shares of the company’s stock, valued at approximately $340,000.

Several other hedge funds have also recently added to or reduced their stakes in AVDX. Blue Trust Inc. grew its position in AvidXchange by 90.1% in the fourth quarter. Blue Trust Inc. now owns 2,697 shares of the company’s stock worth $28,000 after buying an additional 1,278 shares during the last quarter. Point72 DIFC Ltd acquired a new position in AvidXchange in the 3rd quarter worth approximately $37,000. Allspring Global Investments Holdings LLC acquired a new position in AvidXchange in the 3rd quarter worth approximately $38,000. R Squared Ltd acquired a new position in AvidXchange in the 4th quarter worth approximately $41,000. Finally, CWM LLC boosted its stake in AvidXchange by 7,259.8% in the 3rd quarter. CWM LLC now owns 6,771 shares of the company’s stock worth $55,000 after purchasing an additional 6,679 shares during the period. Institutional investors and hedge funds own 80.58% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on AVDX shares. Barclays raised their price objective on shares of AvidXchange from $11.00 to $13.00 and gave the stock an “overweight” rating in a research note on Monday, November 18th. Keefe, Bruyette & Woods decreased their price objective on shares of AvidXchange from $12.00 to $11.00 and set a “market perform” rating for the company in a research note on Monday, January 6th. The Goldman Sachs Group raised their price objective on shares of AvidXchange from $9.00 to $10.00 and gave the stock a “sell” rating in a research note on Monday, December 2nd. BTIG Research initiated coverage on shares of AvidXchange in a research note on Wednesday, December 11th. They issued a “buy” rating and a $14.00 price objective for the company. Finally, Compass Point raised shares of AvidXchange from a “neutral” rating to a “buy” rating and lifted their target price for the company from $8.00 to $15.00 in a research note on Thursday, November 7th. Two analysts have rated the stock with a sell rating, six have given a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $11.61.

Insider Activity at AvidXchange

In related news, Director James E. Hausman sold 25,000 shares of AvidXchange stock in a transaction on Monday, December 9th. The shares were sold at an average price of $11.25, for a total value of $281,250.00. Following the transaction, the director now owns 2,112,232 shares in the company, valued at $23,762,610. This trade represents a 1.17 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Michael Praeger sold 42,377 shares of AvidXchange stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $11.40, for a total transaction of $483,097.80. Following the completion of the transaction, the chief executive officer now owns 10,381,033 shares in the company, valued at $118,343,776.20. This trade represents a 0.41 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 80,693 shares of company stock valued at $916,683. Insiders own 10.40% of the company’s stock.

AvidXchange Stock Down 2.8 %

AVDX stock opened at $9.22 on Friday. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.11. AvidXchange Holdings, Inc. has a 1 year low of $7.38 and a 1 year high of $13.56. The company has a fifty day simple moving average of $10.31 and a 200 day simple moving average of $9.39. The firm has a market cap of $1.90 billion, a PE ratio of 474.50 and a beta of 1.22.

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.