AvidXchange Holdings, Inc. (NASDAQ:AVDX) Stock Position Lifted by New York State Common Retirement Fund

New York State Common Retirement Fund boosted its stake in AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 90.3% in the fourth quarter, Holdings Channel reports. The institutional investor owned 116,473 shares of the company’s stock after acquiring an additional 55,254 shares during the quarter. New York State Common Retirement Fund’s holdings in AvidXchange were worth $1,443,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. SG Americas Securities LLC acquired a new position in shares of AvidXchange in the third quarter worth $159,000. Bank of New York Mellon Corp grew its stake in AvidXchange by 32.5% in the third quarter. Bank of New York Mellon Corp now owns 4,621,806 shares of the company’s stock valued at $43,815,000 after purchasing an additional 1,134,729 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in AvidXchange by 36.5% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 31,578 shares of the company’s stock worth $299,000 after purchasing an additional 8,438 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. purchased a new stake in shares of AvidXchange during the 3rd quarter worth about $14,270,000. Finally, Versor Investments LP acquired a new stake in shares of AvidXchange during the 3rd quarter valued at about $386,000. Hedge funds and other institutional investors own 80.58% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently commented on AVDX shares. BMO Capital Markets increased their price objective on AvidXchange from $11.00 to $13.00 and gave the stock a “market perform” rating in a report on Thursday, February 29th. Piper Sandler dropped their price target on shares of AvidXchange from $14.00 to $12.00 and set a “neutral” rating on the stock in a research note on Friday, April 12th. JPMorgan Chase & Co. raised their price target on shares of AvidXchange from $14.00 to $15.00 and gave the company an “overweight” rating in a report on Thursday, February 29th. Susquehanna upped their price objective on shares of AvidXchange from $15.00 to $16.00 and gave the stock a “positive” rating in a report on Thursday, February 29th. Finally, Keefe, Bruyette & Woods began coverage on AvidXchange in a report on Tuesday, April 9th. They set a “market perform” rating and a $13.50 target price on the stock. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, AvidXchange has a consensus rating of “Hold” and an average price target of $13.14.

Insider Buying and Selling at AvidXchange

In other news, insider Angelic Gibson sold 40,000 shares of the business’s stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $13.00, for a total transaction of $520,000.00. Following the transaction, the insider now owns 430,606 shares in the company, valued at approximately $5,597,878. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, insider Angelic Gibson sold 40,000 shares of AvidXchange stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $13.00, for a total transaction of $520,000.00. Following the sale, the insider now owns 430,606 shares of the company’s stock, valued at approximately $5,597,878. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, President Daniel Drees sold 38,900 shares of the company’s stock in a transaction on Friday, March 1st. The shares were sold at an average price of $13.15, for a total value of $511,535.00. Following the completion of the transaction, the president now owns 501,394 shares of the company’s stock, valued at $6,593,331.10. The disclosure for this sale can be found here. Insiders sold a total of 3,010,167 shares of company stock valued at $39,077,190 in the last ninety days. Company insiders own 10.30% of the company’s stock.

AvidXchange Stock Performance

Shares of NASDAQ AVDX opened at $11.47 on Friday. AvidXchange Holdings, Inc. has a 12 month low of $6.88 and a 12 month high of $13.56. The company has a market cap of $2.37 billion, a P/E ratio of -49.87 and a beta of 1.07. The business’s 50 day moving average is $12.31 and its two-hundred day moving average is $11.40. The company has a quick ratio of 1.25, a current ratio of 1.25 and a debt-to-equity ratio of 0.20.

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.