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

Olympiad Research LP purchased a new position in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 32,877 shares of the company’s stock, valued at approximately $340,000.

A number of other large investors have also recently bought and sold shares of AVDX. Blue Trust Inc. lifted its holdings 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 acquiring an additional 1,278 shares during the last quarter. Point72 DIFC Ltd bought a new position in AvidXchange in the third quarter worth about $37,000. Allspring Global Investments Holdings LLC bought a new position in AvidXchange in the third quarter worth about $38,000. R Squared Ltd bought a new position in AvidXchange in the fourth quarter worth about $41,000. Finally, CWM LLC lifted its holdings in AvidXchange by 7,259.8% in the third quarter. CWM LLC now owns 6,771 shares of the company’s stock worth $55,000 after acquiring an additional 6,679 shares during the last quarter. Institutional investors own 80.58% of the company’s stock.

AvidXchange Price Performance

NASDAQ AVDX opened at $9.22 on Friday. AvidXchange Holdings, Inc. has a 12 month low of $7.38 and a 12 month high of $13.56. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.32 and a quick ratio of 1.32. The firm has a market capitalization of $1.90 billion, a PE ratio of 474.50 and a beta of 1.22. The company’s 50 day simple moving average is $10.31 and its 200 day simple moving average is $9.39.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on AVDX. KeyCorp raised their target price on shares of AvidXchange from $12.00 to $13.00 and gave the stock an “overweight” rating in a report on Thursday, December 5th. BMO Capital Markets raised their target price on shares of AvidXchange from $10.00 to $11.00 and gave the stock a “market perform” rating in a report on Friday, November 8th. Compass Point upgraded shares of AvidXchange from a “neutral” rating to a “buy” rating and raised their price target for the company from $8.00 to $15.00 in a research note on Thursday, November 7th. Barclays raised their price target on shares of AvidXchange from $11.00 to $13.00 and gave the company an “overweight” rating in a research note on Monday, November 18th. Finally, UBS Group raised their price target on shares of AvidXchange from $10.00 to $10.50 and gave the company a “neutral” rating in a research note on Thursday, November 7th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, AvidXchange currently has a consensus rating of “Hold” and an average target price of $11.61.

Insider Activity at AvidXchange

In related news, Director Teresa Mackintosh sold 13,316 shares of the firm’s stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $11.44, for a total transaction of $152,335.04. Following the transaction, the director now owns 47,388 shares in the company, valued at $542,118.72. This trade represents a 21.94 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director James E. Hausman sold 25,000 shares of the firm’s stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $11.25, for a total transaction of $281,250.00. Following the transaction, the director now owns 2,112,232 shares in the company, valued at $23,762,610. This represents a 1.17 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 80,693 shares of company stock worth $916,683 over the last quarter. 10.40% of the stock is currently owned by company 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.