Jane Street Group LLC Sells 218,424 Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Jane Street Group LLC decreased its stake in AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 71.4% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 87,338 shares of the company’s stock after selling 218,424 shares during the period. Jane Street Group LLC’s holdings in AvidXchange were worth $708,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. State Street Corp raised its stake in shares of AvidXchange by 1.5% in the third quarter. State Street Corp now owns 3,763,694 shares of the company’s stock valued at $30,524,000 after buying an additional 54,403 shares during the period. Point72 DIFC Ltd bought a new stake in AvidXchange in the 3rd quarter valued at about $37,000. Point72 Asset Management L.P. purchased a new stake in AvidXchange during the third quarter valued at about $7,920,000. Jacobs Levy Equity Management Inc. bought a new position in AvidXchange during the third quarter worth about $25,339,000. Finally, Circumference Group LLC bought a new position in AvidXchange during the third quarter worth about $2,230,000. 80.58% of the stock is currently owned by hedge funds and other institutional investors.

AvidXchange Stock Up 3.1 %

AVDX stock opened at $10.69 on Friday. The company’s 50 day moving average is $10.48 and its 200 day moving average is $9.74. The stock has a market cap of $2.20 billion, a price-to-earnings ratio of 511.00 and a beta of 1.20. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.11. AvidXchange Holdings, Inc. has a 1-year low of $7.38 and a 1-year high of $13.56.

Insiders Place Their Bets

In other news, Director James E. Hausman sold 25,000 shares of the stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $11.25, for a total transaction of $281,250.00. Following the transaction, the director now directly owns 2,112,232 shares in the company, valued at approximately $23,762,610. This represents a 1.17 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Teresa Mackintosh sold 13,316 shares of the business’s stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $11.44, for a total value of $152,335.04. Following the completion of the sale, the director now owns 47,388 shares of the company’s stock, valued at $542,118.72. The trade was a 21.94 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 88,120 shares of company stock valued at $980,407 in the last quarter. Corporate insiders own 10.40% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently commented on the stock. BTIG Research began coverage on shares of AvidXchange in a research note on Wednesday, December 11th. They set a “buy” rating and a $14.00 price target on the stock. Barclays increased their target price on AvidXchange from $11.00 to $13.00 and gave the stock an “overweight” rating in a research report on Monday, November 18th. The Goldman Sachs Group raised their price target on AvidXchange from $9.00 to $10.00 and gave the stock a “sell” rating in a report on Monday, December 2nd. BMO Capital Markets boosted their price objective on AvidXchange from $10.00 to $11.00 and gave the company a “market perform” rating in a research note on Friday, November 8th. Finally, Wells Fargo & Company raised their target price on AvidXchange from $9.00 to $10.00 and gave the stock an “equal weight” rating in a research note on Thursday, November 7th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $11.68.

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.