Jacobs Levy Equity Management Inc. Boosts Holdings in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Jacobs Levy Equity Management Inc. raised its holdings in AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) by 8.7% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 3,397,658 shares of the company's stock after buying an additional 273,194 shares during the period. Jacobs Levy Equity Management Inc. owned approximately 1.65% of AvidXchange worth $35,132,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the business. Deutsche Bank AG boosted its holdings in AvidXchange by 11.7% in the fourth quarter. Deutsche Bank AG now owns 1,103,646 shares of the company's stock valued at $11,412,000 after purchasing an additional 115,416 shares during the period. Crestline Management LP purchased a new stake in AvidXchange during the 4th quarter worth about $720,000. Centiva Capital LP acquired a new stake in AvidXchange in the 4th quarter valued at about $505,000. Brevan Howard Capital Management LP purchased a new position in shares of AvidXchange in the 4th quarter valued at about $504,000. Finally, Captrust Financial Advisors grew its position in shares of AvidXchange by 6.2% during the fourth quarter. Captrust Financial Advisors now owns 18,434 shares of the company's stock worth $191,000 after buying an additional 1,084 shares in the last quarter. Institutional investors and hedge funds own 80.58% of the company's stock.

Insider Activity

In other news, President Daniel Drees sold 34,782 shares of AvidXchange stock in a transaction on Friday, February 28th. The shares were sold at an average price of $7.59, for a total value of $263,995.38. Following the transaction, the president now directly owns 1,176,833 shares of the company's stock, valued at $8,932,162.47. The trade was a 2.87% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Michael Praeger sold 58,881 shares of AvidXchange stock in a transaction on Friday, February 28th. The shares were sold at an average price of $7.59, for a total transaction of $446,906.79. Following the completion of the transaction, the chief executive officer now owns 11,164,737 shares in the company, valued at approximately $84,740,353.83. This trade represents a 0.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 125,866 shares of company stock valued at $955,323 in the last ninety days. 10.40% of the stock is currently owned by company insiders.

AvidXchange Stock Up 0.1%

AVDX stock traded up $0.01 during midday trading on Thursday, reaching $9.74. 4,152,094 shares of the company were exchanged, compared to its average volume of 2,468,211. The stock's 50-day simple moving average is $8.17 and its 200 day simple moving average is $9.42. The company has a market cap of $2.01 billion, a price-to-earnings ratio of 243.50 and a beta of 1.14. AvidXchange Holdings, Inc. has a 1-year low of $6.61 and a 1-year high of $12.93. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.32 and a current ratio of 1.32.

AvidXchange (NASDAQ:AVDX - Get Free Report) last announced its earnings results on Wednesday, February 26th. The company reported $0.03 EPS for the quarter, missing analysts' consensus estimates of $0.06 by ($0.03). The business had revenue of $115.44 million during the quarter, compared to analyst estimates of $114.98 million. AvidXchange had a negative net margin of 0.23% and a positive return on equity of 0.74%. On average, equities analysts forecast that AvidXchange Holdings, Inc. will post 0.02 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the stock. The Goldman Sachs Group reduced their target price on shares of AvidXchange from $9.50 to $7.00 and set a "sell" rating on the stock in a report on Thursday, February 27th. UBS Group increased their price objective on shares of AvidXchange from $8.00 to $10.00 and gave the company a "neutral" rating in a research report on Thursday, May 8th. BTIG Research downgraded shares of AvidXchange from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, May 7th. Wolfe Research downgraded shares of AvidXchange from a "strong-buy" rating to a "hold" rating in a research report on Thursday, February 27th. Finally, Robert W. Baird reissued a "neutral" rating and issued a $10.00 price objective on shares of AvidXchange in a research report on Thursday, May 8th. Two investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $10.30.

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.