Public Employees Retirement System of Ohio Invests $818,000 in AvidXchange Holdings, Inc. $AVDX

Public Employees Retirement System of Ohio acquired a new stake in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 83,600 shares of the company’s stock, valued at approximately $818,000.

Several other large investors have also recently added to or reduced their stakes in the stock. Wealth Enhancement Advisory Services LLC grew its holdings in shares of AvidXchange by 28.4% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 21,627 shares of the company’s stock valued at $213,000 after acquiring an additional 4,789 shares in the last quarter. Rhumbline Advisers boosted its position in AvidXchange by 3.6% during the first quarter. Rhumbline Advisers now owns 243,261 shares of the company’s stock valued at $2,063,000 after purchasing an additional 8,523 shares during the last quarter. Strs Ohio acquired a new stake in AvidXchange during the first quarter valued at $172,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in AvidXchange by 0.7% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 469,037 shares of the company’s stock valued at $3,977,000 after purchasing an additional 3,347 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in AvidXchange by 5.1% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 103,909 shares of the company’s stock worth $881,000 after purchasing an additional 5,046 shares during the last quarter. Institutional investors and hedge funds own 80.58% of the company’s stock.

Analysts Set New Price Targets

Separately, Weiss Ratings reiterated a “sell (d-)” rating on shares of AvidXchange in a report on Saturday, September 27th. One research analyst has rated the stock with a Buy rating, fourteen have issued a Hold rating and three have given a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Reduce” and a consensus target price of $10.04.

AvidXchange Stock Performance

NASDAQ AVDX opened at $9.97 on Monday. The company’s fifty day moving average is $9.92 and its two-hundred day moving average is $9.40. AvidXchange Holdings, Inc. has a 52-week low of $6.61 and a 52-week high of $11.68. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.33 and a quick ratio of 1.33. The firm has a market capitalization of $2.07 billion, a price-to-earnings ratio of -199.36 and a beta of 1.20.

AvidXchange (NASDAQ:AVDX) last released its earnings results on Wednesday, August 6th. The company reported $0.05 earnings per share for the quarter, missing the consensus estimate of $0.06 by ($0.01). AvidXchange had a negative net margin of 1.80% and a positive return on equity of 1.15%. The company had revenue of $110.57 million during the quarter, compared to the consensus estimate of $110.18 million. During the same quarter in the previous year, the business posted $0.05 EPS. The firm’s quarterly revenue was up 5.2% on a year-over-year basis. Equities research analysts forecast that AvidXchange Holdings, Inc. will post 0.02 EPS for the current year.

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.