State of New Jersey Common Pension Fund D Sells 50,745 Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX)

State of New Jersey Common Pension Fund D lessened its position in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 22.2% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 177,976 shares of the company’s stock after selling 50,745 shares during the quarter. State of New Jersey Common Pension Fund D owned about 0.09% of AvidXchange worth $2,146,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the company. Jennison Associates LLC purchased a new position in shares of AvidXchange in the first quarter valued at $23,800,000. Kodai Capital Management LP grew its stake in shares of AvidXchange by 872.9% in the 1st quarter. Kodai Capital Management LP now owns 1,581,667 shares of the company’s stock worth $20,799,000 after buying an additional 1,419,099 shares in the last quarter. Intrinsic Edge Capital Management LLC increased its holdings in shares of AvidXchange by 79.9% in the 4th quarter. Intrinsic Edge Capital Management LLC now owns 2,785,445 shares of the company’s stock worth $34,512,000 after buying an additional 1,237,508 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of AvidXchange by 17.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,864,725 shares of the company’s stock worth $47,885,000 after buying an additional 587,692 shares during the last quarter. Finally, Lazard Asset Management LLC purchased a new stake in shares of AvidXchange during the 1st quarter valued at about $7,621,000. Institutional investors own 80.58% of the company’s stock.

Analyst Upgrades and Downgrades

AVDX has been the topic of several analyst reports. The Goldman Sachs Group reduced their price objective on AvidXchange from $11.50 to $9.00 and set a “sell” rating on the stock in a research note on Thursday, August 1st. KeyCorp cut their target price on AvidXchange from $15.00 to $12.00 and set an “overweight” rating on the stock in a research report on Thursday, August 1st. UBS Group downgraded AvidXchange from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $15.00 to $10.00 in a research report on Thursday, August 1st. JPMorgan Chase & Co. cut shares of AvidXchange from an “overweight” rating to a “neutral” rating and cut their price objective for the company from $11.00 to $9.00 in a research report on Tuesday, August 20th. Finally, BMO Capital Markets lowered their target price on shares of AvidXchange from $13.00 to $10.00 and set a “market perform” rating for the company in a report on Thursday, August 1st. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, AvidXchange currently has a consensus rating of “Hold” and an average price target of $11.00.

Insider Transactions at AvidXchange

In related news, insider Joel Wilhite sold 47,308 shares of the business’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $8.10, for a total transaction of $383,194.80. Following the transaction, the insider now directly owns 413,687 shares in the company, valued at approximately $3,350,864.70. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, insider Joel Wilhite sold 47,308 shares of AvidXchange stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $8.10, for a total value of $383,194.80. Following the completion of the sale, the insider now directly owns 413,687 shares in the company, valued at approximately $3,350,864.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Michael Praeger sold 37,225 shares of the company’s stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $7.98, for a total value of $297,055.50. Following the completion of the transaction, the chief executive officer now directly owns 10,453,786 shares in the company, valued at $83,421,212.28. The disclosure for this sale can be found here. Over the last three months, insiders have sold 151,338 shares of company stock valued at $1,217,362. Corporate insiders own 10.30% of the company’s stock.

AvidXchange Stock Performance

Shares of AVDX stock opened at $7.97 on Friday. The firm has a market cap of $1.65 billion, a price-to-earnings ratio of -53.13 and a beta of 1.01. AvidXchange Holdings, Inc. has a 52-week low of $6.88 and a 52-week high of $13.56. The company has a quick ratio of 1.36, a current ratio of 1.36 and a debt-to-equity ratio of 0.19. The company’s 50 day moving average is $9.12 and its 200 day moving average is $10.86.

AvidXchange (NASDAQ:AVDX) last released its quarterly earnings results on Wednesday, July 31st. The company reported $0.05 earnings per share for the quarter, beating analysts’ consensus estimates of $0.04 by $0.01. The business had revenue of $105.30 million for the quarter, compared to analysts’ expectations of $107.13 million. AvidXchange had a negative net margin of 3.18% and a negative return on equity of 0.23%. The company’s revenue was up 15.6% compared to the same quarter last year. During the same period last year, the business earned ($0.05) EPS. On average, sell-side analysts anticipate that AvidXchange Holdings, Inc. will post 0.03 EPS for the current fiscal year.

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.