Jane Street Group LLC Lowers Stake in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Jane Street Group LLC reduced its stake in AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) by 71.4% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 87,338 shares of the company's stock after selling 218,424 shares during the period. Jane Street Group LLC's holdings in AvidXchange were worth $708,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Principal Financial Group Inc. raised its position in AvidXchange by 17.1% in the second quarter. Principal Financial Group Inc. now owns 23,479 shares of the company's stock valued at $283,000 after purchasing an additional 3,421 shares during the period. Rhumbline Advisers raised its holdings in shares of AvidXchange by 15.2% in the 2nd quarter. Rhumbline Advisers now owns 242,533 shares of the company's stock valued at $2,925,000 after buying an additional 32,085 shares during the period. American Century Companies Inc. lifted its stake in AvidXchange by 54.2% during the 2nd quarter. American Century Companies Inc. now owns 4,515,719 shares of the company's stock worth $54,460,000 after acquiring an additional 1,586,510 shares in the last quarter. Envestnet Asset Management Inc. boosted its holdings in AvidXchange by 3.2% during the 2nd quarter. Envestnet Asset Management Inc. now owns 310,999 shares of the company's stock valued at $3,751,000 after acquiring an additional 9,585 shares during the period. Finally, Massachusetts Financial Services Co. MA grew its position in AvidXchange by 2.6% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 1,821,585 shares of the company's stock valued at $21,968,000 after acquiring an additional 46,791 shares in the last quarter. 80.58% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have recently issued reports on the stock. KeyCorp increased their price target on shares of AvidXchange from $12.00 to $13.00 and gave the stock an "overweight" rating in a research report on Thursday, December 5th. Compass Point upgraded shares of AvidXchange from a "neutral" rating to a "buy" rating and increased their target price for the stock from $8.00 to $15.00 in a report on Thursday, November 7th. Bank of America dropped their price target on shares of AvidXchange from $12.00 to $8.00 and set an "underperform" rating for the company in a research note on Tuesday, October 15th. UBS Group increased their price objective on AvidXchange from $10.00 to $10.50 and gave the company a "neutral" rating in a research note on Thursday, November 7th. Finally, BMO Capital Markets boosted their target price on AvidXchange from $10.00 to $11.00 and gave the stock a "market perform" rating in a research note on Friday, November 8th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $11.68.

Insider Activity at AvidXchange

In other news, Director James E. Hausman sold 25,000 shares of the business's stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $11.25, for a total value of $281,250.00. Following the completion of the sale, the director now directly owns 2,112,232 shares of the company's stock, valued at approximately $23,762,610. The trade was a 1.17 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Teresa Mackintosh sold 13,316 shares of the firm's stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $11.44, for a total value of $152,335.04. Following the transaction, the director now owns 47,388 shares in the company, valued at $542,118.72. This represents a 21.94 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 88,120 shares of company stock valued at $980,407 in the last ninety days. Insiders own 10.40% of the company's stock.

AvidXchange Stock Up 3.1 %

AvidXchange stock traded up $0.32 during mid-day trading on Friday, hitting $10.69. The company had a trading volume of 1,201,492 shares, compared to its average volume of 1,150,596. The stock has a market cap of $2.20 billion, a price-to-earnings ratio of 511.00 and a beta of 1.20. 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 1 year low of $7.38 and a 1 year high of $13.56. The business has a fifty day moving average of $10.48 and a 200 day moving average of $9.74.

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.