State of New Jersey Common Pension Fund D Sells 50,657 Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX)

State of New Jersey Common Pension Fund D reduced its position in AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 20.4% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 197,290 shares of the company’s stock after selling 50,657 shares during the quarter. State of New Jersey Common Pension Fund D owned about 0.10% of AvidXchange worth $2,040,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. US Bancorp DE lifted its position in AvidXchange by 111,114.9% during the third quarter. US Bancorp DE now owns 52,271 shares of the company’s stock valued at $424,000 after purchasing an additional 52,224 shares during the last quarter. Jacobs Levy Equity Management Inc. bought a new stake in AvidXchange during the third quarter valued at approximately $25,339,000. Entropy Technologies LP bought a new stake in AvidXchange during the third quarter valued at approximately $447,000. Barclays PLC lifted its position in AvidXchange by 239.8% during the third quarter. Barclays PLC now owns 285,768 shares of the company’s stock valued at $2,318,000 after purchasing an additional 201,679 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in AvidXchange by 8.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,528,875 shares of the company’s stock valued at $12,399,000 after purchasing an additional 114,763 shares during the last quarter. 80.58% of the stock is currently owned by institutional investors.

AvidXchange Stock Down 2.8 %

Shares of NASDAQ AVDX opened at $9.22 on Friday. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.11. AvidXchange Holdings, Inc. has a 52 week low of $7.38 and a 52 week high of $13.56. The firm’s fifty day moving average is $10.31 and its 200 day moving average is $9.39. The company has a market cap of $1.90 billion, a price-to-earnings ratio of 474.50 and a beta of 1.22.

Analyst Ratings Changes

Several equities research analysts have issued reports on the stock. The Goldman Sachs Group lifted their target price on shares of AvidXchange from $9.00 to $10.00 and gave the company a “sell” rating in a research report on Monday, December 2nd. Wells Fargo & Company lifted their price target on shares of AvidXchange from $9.00 to $10.00 and gave the stock an “equal weight” rating in a research note on Thursday, November 7th. Compass Point raised shares of AvidXchange from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $8.00 to $15.00 in a research note on Thursday, November 7th. BMO Capital Markets lifted their price target on shares of AvidXchange from $10.00 to $11.00 and gave the stock a “market perform” rating in a research note on Friday, November 8th. Finally, BTIG Research initiated coverage on shares of AvidXchange in a research note on Wednesday, December 11th. They set a “buy” rating and a $14.00 price target on the stock. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, AvidXchange has a consensus rating of “Hold” and a consensus price target of $11.61.

Insider Buying and Selling at AvidXchange

In other AvidXchange news, CEO Michael Praeger sold 42,377 shares of the business’s stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $11.40, for a total transaction of $483,097.80. Following the transaction, the chief executive officer now directly owns 10,381,033 shares of the company’s stock, valued at approximately $118,343,776.20. The trade was a 0.41 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director James E. Hausman sold 25,000 shares of the business’s stock in a transaction 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 directly owns 2,112,232 shares in the company, valued at approximately $23,762,610. The trade was a 1.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 80,693 shares of company stock valued at $916,683. 10.40% of the stock is currently owned by company insiders.

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.