Jacobs Levy Equity Management Inc. Acquires Shares of 3,124,464 AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Jacobs Levy Equity Management Inc. acquired a new position in AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 3,124,464 shares of the company's stock, valued at approximately $25,339,000. Jacobs Levy Equity Management Inc. owned approximately 1.52% of AvidXchange as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. FMR LLC raised its position in shares of AvidXchange by 272.5% in the third quarter. FMR LLC now owns 13,733,769 shares of the company's stock worth $111,381,000 after buying an additional 10,046,893 shares in the last quarter. American Century Companies Inc. raised its position in shares of AvidXchange by 54.2% in the second quarter. American Century Companies Inc. now owns 4,515,719 shares of the company's stock worth $54,460,000 after buying an additional 1,586,510 shares in the last quarter. Dimensional Fund Advisors LP raised its position in AvidXchange by 5.6% during the second quarter. Dimensional Fund Advisors LP now owns 4,317,134 shares of the company's stock valued at $52,062,000 after purchasing an additional 230,777 shares in the last quarter. Millennium Management LLC raised its position in AvidXchange by 9.8% during the second quarter. Millennium Management LLC now owns 2,770,662 shares of the company's stock valued at $33,414,000 after purchasing an additional 246,462 shares in the last quarter. Finally, Rockefeller Capital Management L.P. raised its position in AvidXchange by 30.4% during the third quarter. Rockefeller Capital Management L.P. now owns 2,314,653 shares of the company's stock valued at $18,779,000 after purchasing an additional 538,956 shares in the last quarter. Hedge funds and other institutional investors own 80.58% of the company's stock.

AvidXchange Trading Up 1.8 %

Shares of NASDAQ AVDX traded up $0.20 during trading hours on Wednesday, hitting $11.51. The company's stock had a trading volume of 851,193 shares, compared to its average volume of 2,049,391. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.32 and a current ratio of 1.32. The stock has a market cap of $2.37 billion, a price-to-earnings ratio of 568.50 and a beta of 1.20. AvidXchange Holdings, Inc. has a 12 month low of $7.38 and a 12 month high of $13.56. The business has a 50-day simple moving average of $9.24 and a 200-day simple moving average of $9.72.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. Piper Sandler raised their price target on AvidXchange from $9.00 to $10.00 and gave the company a "neutral" rating in a research report on Thursday, November 7th. Keefe, Bruyette & Woods raised their price target on AvidXchange from $9.00 to $10.00 and gave the company a "market perform" rating in a research report on Thursday, November 7th. Wells Fargo & Company raised their price target on AvidXchange from $9.00 to $10.00 and gave the company an "equal weight" rating in a research report on Thursday, November 7th. JPMorgan Chase & Co. downgraded AvidXchange from an "overweight" rating to a "neutral" rating and lowered their price target for the company from $11.00 to $9.00 in a research report on Tuesday, August 20th. Finally, Barclays raised their price target on AvidXchange from $11.00 to $13.00 and gave the company an "overweight" rating in a research report on Monday, November 18th. Two 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's stock. Based on data from MarketBeat, AvidXchange has an average rating of "Hold" and a consensus price target of $11.46.

Insider Buying and Selling

In other AvidXchange news, insider Ryan Stahl sold 7,427 shares of AvidXchange stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $8.58, for a total transaction of $63,723.66. Following the sale, the insider now directly owns 369,603 shares of the company's stock, valued at approximately $3,171,193.74. The trade was a 1.97 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders have sold 17,697 shares of company stock valued at $146,265 over the last ninety days. 10.40% of the stock is owned by insiders.

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.