Jacobs Levy Equity Management Inc. Has $35.13 Million Stock Holdings in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Jacobs Levy Equity Management Inc. grew its holdings in AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 8.7% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 3,397,658 shares of the company’s stock after buying an additional 273,194 shares during the quarter. Jacobs Levy Equity Management Inc.’s holdings in AvidXchange were worth $35,132,000 as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in AVDX. Blue Trust Inc. grew its holdings in AvidXchange by 90.1% during the 4th quarter. Blue Trust Inc. now owns 2,697 shares of the company’s stock worth $28,000 after acquiring an additional 1,278 shares during the last quarter. R Squared Ltd bought a new position in AvidXchange during the 4th quarter worth approximately $41,000. Quarry LP boosted its stake in AvidXchange by 126.6% during the 4th quarter. Quarry LP now owns 5,518 shares of the company’s stock worth $57,000 after acquiring an additional 3,083 shares during the last quarter. KBC Group NV boosted its stake in AvidXchange by 60.9% during the 4th quarter. KBC Group NV now owns 8,836 shares of the company’s stock worth $91,000 after acquiring an additional 3,344 shares during the last quarter. Finally, Bragg Financial Advisors Inc bought a new position in AvidXchange during the 4th quarter worth approximately $113,000. Institutional investors own 80.58% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently weighed in on AVDX. UBS Group lifted their price objective on shares of AvidXchange from $8.00 to $10.00 and gave the stock a “neutral” rating in a research note on Thursday. Keefe, Bruyette & Woods raised their target price on shares of AvidXchange from $8.00 to $9.00 and gave the stock a “market perform” rating in a report on Monday, March 31st. Wells Fargo & Company raised their target price on shares of AvidXchange from $8.00 to $10.00 and gave the stock an “equal weight” rating in a report on Thursday. Barclays downgraded shares of AvidXchange from an “overweight” rating to an “equal weight” rating and dropped their target price for the stock from $13.00 to $8.00 in a report on Tuesday, March 4th. Finally, Susquehanna downgraded shares of AvidXchange from a “strong-buy” rating to a “hold” rating in a report on Thursday. Two analysts have rated the stock with a sell rating, fourteen have issued a hold rating and one has assigned a buy rating to the company. According to MarketBeat, AvidXchange has an average rating of “Hold” and a consensus price target of $10.30.

Insider Activity at AvidXchange

In related news, insider Joel Wilhite sold 32,203 shares of the company’s stock in a transaction that occurred on Friday, February 28th. The stock was sold at an average price of $7.59, for a total value of $244,420.77. Following the sale, the insider now directly owns 843 shares in the company, valued at $6,398.37. This represents a 97.45% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, President Daniel Drees sold 34,782 shares of the company’s stock in a transaction that occurred 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 completion of the sale, the president now owns 1,176,833 shares in the company, valued at $8,932,162.47. The trade was a 2.87% 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 worth $955,323 over the last ninety days. Insiders own 10.40% of the company’s stock.

AvidXchange Stock Performance

AvidXchange stock opened at $9.73 on Monday. The business has a 50 day moving average of $8.02 and a 200-day moving average of $9.41. 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 current ratio of 1.32 and a quick ratio of 1.32. The company has a market capitalization of $2.01 billion, a P/E ratio of 243.25 and a beta of 1.14.

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

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.