AvidXchange Holdings, Inc. (NASDAQ:AVDX) Shares Acquired by New York State Common Retirement Fund

New York State Common Retirement Fund lifted its stake in AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 26.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 53,873 shares of the company’s stock after purchasing an additional 11,400 shares during the period. New York State Common Retirement Fund’s holdings in AvidXchange were worth $557,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in AVDX. Rhumbline Advisers grew its position in shares of AvidXchange by 1.0% in the fourth quarter. Rhumbline Advisers now owns 234,738 shares of the company’s stock valued at $2,427,000 after purchasing an additional 2,391 shares during the last quarter. Blue Trust Inc. lifted its stake in AvidXchange by 90.1% in the 4th quarter. Blue Trust Inc. now owns 2,697 shares of the company’s stock valued at $28,000 after buying an additional 1,278 shares in the last quarter. Jennison Associates LLC grew its holdings in AvidXchange by 50.9% during the 4th quarter. Jennison Associates LLC now owns 2,176,525 shares of the company’s stock valued at $22,505,000 after buying an additional 733,860 shares during the last quarter. R Squared Ltd purchased a new position in AvidXchange during the fourth quarter worth $41,000. Finally, KBC Group NV raised its holdings in shares of AvidXchange by 60.9% in the fourth quarter. KBC Group NV now owns 8,836 shares of the company’s stock worth $91,000 after acquiring an additional 3,344 shares during the last quarter. Hedge funds and other institutional investors own 80.58% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on AVDX. Barclays downgraded shares of AvidXchange from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $13.00 to $8.00 in a research note on Tuesday. Morgan Stanley cut their price objective on shares of AvidXchange from $11.00 to $8.00 and set an “equal weight” rating for the company in a research report on Thursday, February 27th. The Goldman Sachs Group reduced their price objective on shares of AvidXchange from $9.50 to $7.00 and set a “sell” rating on the stock in a research note on Thursday, February 27th. Piper Sandler lowered their target price on shares of AvidXchange from $10.00 to $8.00 and set a “neutral” rating for the company in a research note on Friday, February 28th. Finally, Wolfe Research lowered AvidXchange from a “strong-buy” rating to a “hold” rating in a research note on Thursday, February 27th. Two analysts have rated the stock with a sell rating, ten have issued a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, AvidXchange currently has an average rating of “Hold” and a consensus price target of $10.00.

AvidXchange Stock Performance

Shares of AVDX opened at $7.16 on Wednesday. The firm has a market cap of $1.47 billion, a price-to-earnings ratio of 179.00 and a beta of 1.22. The company’s fifty day moving average is $9.91 and its 200-day moving average is $9.41. 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 12 month low of $6.89 and a 12 month high of $13.49.

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

Insider Activity

In other AvidXchange news, President Daniel Drees sold 34,782 shares of the business’s stock in a transaction 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 transaction, the president now 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Michael Praeger sold 58,881 shares of the firm’s stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $7.59, for a total value of $446,906.79. Following the completion of the sale, the chief executive officer now directly owns 11,164,737 shares in the company, valued at approximately $84,740,353.83. This represents a 0.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 164,182 shares of company stock valued at $1,388,908. 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.