AvidXchange Holdings, Inc. (NASDAQ:AVDX) Shares Bought by State of New Jersey Common Pension Fund D

State of New Jersey Common Pension Fund D grew its stake in AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 39.3% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 247,947 shares of the company’s stock after buying an additional 69,971 shares during the period. State of New Jersey Common Pension Fund D’s holdings in AvidXchange were worth $2,011,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Allspring Global Investments Holdings LLC purchased a new position in shares of AvidXchange during the third quarter worth about $38,000. CWM LLC boosted its position in shares of AvidXchange by 7,259.8% in the 3rd quarter. CWM LLC now owns 6,771 shares of the company’s stock valued at $55,000 after purchasing an additional 6,679 shares during the period. Advisors Asset Management Inc. grew its stake in AvidXchange by 96.3% during the 1st quarter. Advisors Asset Management Inc. now owns 4,309 shares of the company’s stock worth $57,000 after buying an additional 2,114 shares during the last quarter. nVerses Capital LLC acquired a new position in AvidXchange during the second quarter worth approximately $66,000. Finally, Arbor Investment Advisors LLC purchased a new stake in AvidXchange in the third quarter valued at approximately $98,000. 80.58% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

AVDX has been the topic of a number of recent research reports. JPMorgan Chase & Co. cut shares of AvidXchange from an “overweight” rating to a “neutral” rating and cut their target price for the company from $11.00 to $9.00 in a report on Tuesday, August 20th. Bank of America reduced their target price on shares of AvidXchange from $12.00 to $8.00 and set an “underperform” rating for the company in a report on Tuesday, October 15th. Susquehanna lowered their price target on AvidXchange from $16.00 to $14.00 and set a “positive” rating on the stock in a report on Thursday, August 1st. Robert W. Baird dropped their price target on AvidXchange from $16.00 to $14.00 and set an “outperform” rating on the stock in a research report on Thursday, August 1st. Finally, Compass Point raised AvidXchange from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $8.00 to $15.00 in a research report on Thursday, November 7th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $11.18.

AvidXchange Trading Down 2.8 %

Shares of AVDX stock opened at $10.44 on Friday. The business’s fifty day moving average price is $8.44 and its 200 day moving average price is $9.79. The firm has a market capitalization of $2.15 billion, a PE ratio of 537.00 and a beta of 1.00. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.32 and a quick ratio of 1.36. AvidXchange Holdings, Inc. has a 1-year low of $7.38 and a 1-year high of $13.56.

Insiders Place Their Bets

In other news, insider Joel Wilhite sold 47,308 shares of AvidXchange stock in a transaction that occurred 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 sale, the insider now directly owns 413,687 shares in the company, valued at approximately $3,350,864.70. This trade represents a 10.26 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Michael Praeger sold 37,225 shares of the company’s stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $7.98, for a total value of $297,055.50. Following the completion of the sale, the chief executive officer now owns 10,453,786 shares in the company, valued at approximately $83,421,212.28. This represents a 0.35 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 166,386 shares of company stock worth $1,343,044. Corporate insiders own 10.40% of the company’s stock.

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.