State of New Jersey Common Pension Fund D Sells 18,547 Shares of AvidXchange Holdings, Inc. $AVDX

State of New Jersey Common Pension Fund D reduced its position in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 8.7% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 193,571 shares of the company’s stock after selling 18,547 shares during the period. State of New Jersey Common Pension Fund D owned about 0.09% of AvidXchange worth $1,895,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in AVDX. SVB Wealth LLC bought a new stake in shares of AvidXchange during the first quarter worth about $26,000. BI Asset Management Fondsmaeglerselskab A S bought a new stake in shares of AvidXchange during the first quarter worth about $37,000. Corton Capital Inc. bought a new stake in shares of AvidXchange during the first quarter worth about $87,000. Walleye Trading LLC bought a new stake in shares of AvidXchange during the first quarter worth about $90,000. Finally, Blueshift Asset Management LLC bought a new stake in shares of AvidXchange during the first quarter worth about $102,000. 80.58% of the stock is currently owned by institutional investors.

AvidXchange Price Performance

AvidXchange stock opened at $10.00 on Friday. The stock’s 50 day moving average is $9.96 and its 200 day moving average is $9.67. 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 cap of $2.08 billion, a P/E ratio of -199.96 and a beta of 1.20. AvidXchange Holdings, Inc. has a one year low of $6.61 and a one year high of $11.68.

AvidXchange (NASDAQ:AVDX) last posted its quarterly earnings data on Wednesday, August 6th. The company reported $0.05 EPS for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.01). The company had revenue of $110.57 million during the quarter, compared to analyst estimates of $110.18 million. AvidXchange had a positive return on equity of 1.15% and a negative net margin of 1.80%.AvidXchange’s revenue was up 5.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.05 earnings per share. As a group, research analysts expect that AvidXchange Holdings, Inc. will post 0.02 EPS for the current year.

Analysts Set New Price Targets

Separately, Weiss Ratings restated a “sell (d-)” rating on shares of AvidXchange in a report on Wednesday, October 8th. One research analyst has rated the stock with a Buy rating, fourteen have given a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Reduce” and an average target price of $10.19.

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.