State of New Jersey Common Pension Fund D Acquires 69,971 Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX)

State of New Jersey Common Pension Fund D grew its position in AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) by 39.3% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 247,947 shares of the company's stock after acquiring an additional 69,971 shares during the period. State of New Jersey Common Pension Fund D owned 0.12% of AvidXchange worth $2,011,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Advisors Asset Management Inc. increased its holdings in shares of AvidXchange by 96.3% in the first quarter. Advisors Asset Management Inc. now owns 4,309 shares of the company's stock valued at $57,000 after purchasing an additional 2,114 shares in the last quarter. Allspring Global Investments Holdings LLC acquired a new stake in shares of AvidXchange in the 3rd quarter valued at $38,000. nVerses Capital LLC bought a new stake in shares of AvidXchange during the second quarter worth $66,000. CWM LLC lifted its stake in shares of AvidXchange by 7,259.8% during the third quarter. CWM LLC now owns 6,771 shares of the company's stock valued at $55,000 after acquiring an additional 6,679 shares during the period. Finally, Xponance Inc. bought a new position in AvidXchange in the second quarter valued at about $133,000. Institutional investors and hedge funds own 80.58% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on AVDX. Robert W. Baird cut their target price on shares of AvidXchange from $16.00 to $14.00 and set an "outperform" rating on the stock in a research report on Thursday, August 1st. BMO Capital Markets increased their price objective on shares of AvidXchange from $10.00 to $11.00 and gave the company a "market perform" rating in a report on Friday, November 8th. Wells Fargo & Company lifted their target price on shares of AvidXchange from $9.00 to $10.00 and gave the stock an "equal weight" rating in a report on Thursday, November 7th. Keefe, Bruyette & Woods increased their price target on AvidXchange from $9.00 to $10.00 and gave the company a "market perform" rating in a research note on Thursday, November 7th. Finally, Bank of America decreased their price objective on AvidXchange from $12.00 to $8.00 and set an "underperform" rating for the company in a research note on Tuesday, October 15th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $11.18.

AvidXchange Stock Down 2.8 %

Shares of AVDX stock traded down $0.30 on Friday, hitting $10.44. 1,833,922 shares of the stock were exchanged, compared to its average volume of 2,320,960. The company has a current ratio of 1.32, a quick ratio of 1.36 and a debt-to-equity ratio of 0.11. The firm has a market capitalization of $2.15 billion, a P/E ratio of 522.00 and a beta of 1.00. AvidXchange Holdings, Inc. has a fifty-two week low of $7.38 and a fifty-two week high of $13.56. The business has a 50-day moving average of $8.44 and a 200 day moving average of $9.77.

Insider Transactions at AvidXchange

In related news, insider Joel Wilhite sold 47,308 shares of the company's stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $8.10, for a total transaction of $383,194.80. Following the sale, the insider now owns 413,687 shares in the company, valued at approximately $3,350,864.70. This represents a 10.26 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Michael Praeger sold 6,701 shares of the firm's stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $8.17, for a total value of $54,747.17. Following the completion of the transaction, the chief executive officer now owns 10,410,983 shares of the company's stock, valued at approximately $85,057,731.11. This represents a 0.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 166,386 shares of company stock valued at $1,343,044 in the last ninety days. 10.40% of the stock is currently owned by corporate insiders.

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.