State of New Jersey Common Pension Fund D Raises Stake in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

State of New Jersey Common Pension Fund D lifted its stake in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 39.3% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 247,947 shares of the company’s stock after acquiring an additional 69,971 shares during the period. State of New Jersey Common Pension Fund D owned 0.12% of AvidXchange worth $2,011,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. ARK Investment Management LLC raised its stake in AvidXchange by 17.4% during the third quarter. ARK Investment Management LLC now owns 1,161,998 shares of the company’s stock worth $9,424,000 after purchasing an additional 171,908 shares during the period. US Bancorp DE increased its holdings in shares of AvidXchange by 111,114.9% during the 3rd quarter. US Bancorp DE now owns 52,271 shares of the company’s stock worth $424,000 after buying an additional 52,224 shares during the last quarter. Horrell Capital Management Inc. purchased a new stake in shares of AvidXchange during the 3rd quarter valued at approximately $2,230,000. Arbor Investment Advisors LLC acquired a new position in AvidXchange in the third quarter valued at approximately $98,000. Finally, Wealth Enhancement Advisory Services LLC grew its position in AvidXchange by 29.6% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 13,211 shares of the company’s stock worth $107,000 after acquiring an additional 3,019 shares during the period. Institutional investors and hedge funds own 80.58% of the company’s stock.

Insider Buying and Selling

In related news, insider Joel Wilhite sold 47,308 shares of the business’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $8.10, for a total transaction of $383,194.80. Following the completion of the transaction, the insider now owns 413,687 shares in the company, valued at approximately $3,350,864.70. The trade was a 10.26 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Ryan Stahl sold 7,427 shares of the firm’s stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $8.58, for a total value of $63,723.66. Following the completion of the sale, the insider now owns 369,603 shares in the company, valued at approximately $3,171,193.74. This represents a 1.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 166,386 shares of company stock worth $1,343,044. Company insiders own 10.40% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. KeyCorp decreased their price target on AvidXchange from $15.00 to $12.00 and set an “overweight” rating on the stock in a research note on Thursday, August 1st. Piper Sandler upped their target price on shares of AvidXchange from $9.00 to $10.00 and gave the company a “neutral” rating in a research report on Thursday, November 7th. Keefe, Bruyette & Woods lifted their price target on shares of AvidXchange from $9.00 to $10.00 and gave the company a “market perform” rating in a research report on Thursday, November 7th. UBS Group upped their price objective on shares of AvidXchange from $10.00 to $10.50 and gave the stock a “neutral” rating in a report on Thursday, November 7th. Finally, BMO Capital Markets upped their price target on AvidXchange from $10.00 to $11.00 and gave the stock a “market perform” rating in a research note on Friday, November 8th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $11.18.

AvidXchange Price Performance

Shares of NASDAQ AVDX opened at $10.44 on Friday. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.32 and a quick ratio of 1.36. The company has a market cap of $2.15 billion, a price-to-earnings ratio of 537.00 and a beta of 1.00. The stock’s 50-day moving average is $8.44 and its two-hundred day moving average is $9.79. AvidXchange Holdings, Inc. has a 1-year low of $7.38 and a 1-year high of $13.56.

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.