Jane Street Group LLC Sells 218,424 Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Jane Street Group LLC trimmed its stake in AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 71.4% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 87,338 shares of the company’s stock after selling 218,424 shares during the quarter. Jane Street Group LLC’s holdings in AvidXchange were worth $708,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Point72 DIFC Ltd acquired a new stake in AvidXchange in the 3rd quarter valued at about $37,000. Allspring Global Investments Holdings LLC bought a new stake in AvidXchange in the third quarter valued at approximately $38,000. CWM LLC lifted its position in shares of AvidXchange by 7,259.8% in the third quarter. CWM LLC now owns 6,771 shares of the company’s stock valued at $55,000 after buying an additional 6,679 shares during the last quarter. Xponance Inc. acquired a new stake in shares of AvidXchange in the second quarter valued at approximately $133,000. Finally, Arbor Investment Advisors LLC bought a new position in shares of AvidXchange during the 3rd quarter worth approximately $98,000. Institutional investors and hedge funds own 80.58% of the company’s stock.

Insider Transactions at AvidXchange

In other AvidXchange news, insider Ryan Stahl sold 7,427 shares of the stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $8.58, for a total value of $63,723.66. Following the transaction, 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Michael Praeger sold 42,377 shares of the company’s stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $11.40, for a total value of $483,097.80. Following the transaction, the chief executive officer now directly owns 10,381,033 shares in the company, valued at $118,343,776.20. The trade was a 0.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 88,120 shares of company stock valued at $980,407 in the last quarter. 10.40% of the stock is currently owned by company insiders.

AvidXchange Stock Performance

Shares of AVDX opened at $10.69 on Friday. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.11. The firm’s fifty day simple moving average is $10.48 and its two-hundred day simple moving average is $9.74. AvidXchange Holdings, Inc. has a 12 month low of $7.38 and a 12 month high of $13.56. The stock has a market capitalization of $2.20 billion, a P/E ratio of 511.00 and a beta of 1.20.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. UBS Group raised their price objective on shares of AvidXchange from $10.00 to $10.50 and gave the stock a “neutral” rating in a research report on Thursday, November 7th. BTIG Research began coverage on AvidXchange in a report on Wednesday, December 11th. They issued a “buy” rating and a $14.00 price objective on the stock. Compass Point upgraded 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. KeyCorp boosted their target price on shares of AvidXchange from $12.00 to $13.00 and gave the company an “overweight” rating in a research report on Thursday, December 5th. Finally, Barclays raised their price target on shares of AvidXchange from $11.00 to $13.00 and gave the stock an “overweight” rating in a research report on Monday, November 18th. 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. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $11.68.

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.