New York State Common Retirement Fund Acquires 11,400 Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX)

New York State Common Retirement Fund boosted its holdings in AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 26.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 53,873 shares of the company’s stock after acquiring an additional 11,400 shares during the quarter. New York State Common Retirement Fund’s holdings in AvidXchange were worth $557,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the business. Blue Trust Inc. lifted its holdings in shares of AvidXchange by 90.1% during the fourth quarter. Blue Trust Inc. now owns 2,697 shares of the company’s stock valued at $28,000 after acquiring an additional 1,278 shares during the period. R Squared Ltd acquired a new stake in shares of AvidXchange during the 4th quarter worth about $41,000. Point72 DIFC Ltd bought a new position in AvidXchange during the 3rd quarter valued at about $37,000. Allspring Global Investments Holdings LLC acquired a new position in AvidXchange in the third quarter valued at about $38,000. Finally, KBC Group NV grew its stake in AvidXchange by 60.9% during the fourth quarter. KBC Group NV now owns 8,836 shares of the company’s stock worth $91,000 after buying an additional 3,344 shares during the last quarter. Institutional investors and hedge funds own 80.58% of the company’s stock.

Wall Street Analyst Weigh In

AVDX has been the subject of a number of research analyst reports. The Goldman Sachs Group cut their target price on shares of AvidXchange from $9.50 to $7.00 and set a “sell” rating for the company in a research note on Thursday, February 27th. BTIG Research assumed coverage on AvidXchange in a research report on Wednesday, December 11th. They issued a “buy” rating and a $14.00 price objective for the company. Robert W. Baird reduced their price objective on AvidXchange from $14.00 to $12.00 and set an “outperform” rating on the stock in a research note on Thursday, February 27th. Barclays lowered AvidXchange from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $13.00 to $8.00 in a research note on Tuesday. Finally, Morgan Stanley reduced their price target on shares of AvidXchange from $11.00 to $8.00 and set an “equal weight” rating on the stock in a research report on Thursday, February 27th. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $10.00.

Insider Buying and Selling

In related news, Director Teresa Mackintosh sold 13,316 shares of AvidXchange 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 of the company’s stock, valued at $542,118.72. This trade represents a 21.94 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, President Daniel Drees sold 34,782 shares of the company’s stock in a transaction that occurred on Friday, February 28th. The shares were sold at an average price of $7.59, for a total transaction of $263,995.38. Following the completion of the sale, the president now directly owns 1,176,833 shares of the company’s stock, valued at $8,932,162.47. The trade was a 2.87 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 164,182 shares of company stock valued at $1,388,908 over the last three months. Company insiders own 10.40% of the company’s stock.

AvidXchange Stock Down 3.5 %

Shares of NASDAQ:AVDX opened at $7.16 on Wednesday. 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 stock has a market cap of $1.47 billion, a price-to-earnings ratio of 179.00 and a beta of 1.22. The company has a 50 day moving average of $9.91 and a 200-day moving average of $9.41. AvidXchange Holdings, Inc. has a one year low of $6.89 and a one year high of $13.49.

AvidXchange (NASDAQ:AVDX) last released its earnings results on Wednesday, February 26th. The company reported $0.03 EPS for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.03). The business had revenue of $115.44 million for the quarter, compared to analyst estimates of $114.98 million. AvidXchange had a positive return on equity of 0.74% and a negative net margin of 0.23%. On average, sell-side analysts forecast that AvidXchange Holdings, Inc. will post 0.02 earnings per share for the current year.

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.