Jennison Associates LLC Sells 911,193 Shares of AvidXchange Holdings, Inc. $AVDX

Jennison Associates LLC decreased its stake in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 28.7% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 2,260,441 shares of the company’s stock after selling 911,193 shares during the period. Jennison Associates LLC owned 1.09% of AvidXchange worth $22,130,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. New York Life Investment Management LLC bought a new stake in shares of AvidXchange during the 2nd quarter worth about $3,350,000. Teacher Retirement System of Texas raised its stake in AvidXchange by 84.9% in the 2nd quarter. Teacher Retirement System of Texas now owns 46,796 shares of the company’s stock worth $458,000 after purchasing an additional 21,488 shares in the last quarter. Y Intercept Hong Kong Ltd acquired a new stake in AvidXchange in the 2nd quarter worth about $869,000. AlphaQuest LLC raised its stake in AvidXchange by 30.4% in the 2nd quarter. AlphaQuest LLC now owns 45,541 shares of the company’s stock worth $446,000 after purchasing an additional 10,628 shares in the last quarter. Finally, Credit Industriel ET Commercial acquired a new stake in AvidXchange in the 2nd quarter worth about $1,468,000. Institutional investors 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 research note on Wednesday, October 8th. One investment analyst has rated the stock with a Buy rating, fourteen have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Reduce” and a consensus target price of $10.19.

AvidXchange Price Performance

Shares of NASDAQ:AVDX opened at $10.00 on Friday. The firm has a 50 day moving average of $9.96 and a 200-day moving average of $9.66. The stock has a market capitalization of $2.08 billion, a PE ratio of -199.96 and a beta of 1.20. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.10. AvidXchange Holdings, Inc. has a 12 month low of $6.61 and a 12 month high of $11.68.

AvidXchange (NASDAQ:AVDX) last released its quarterly earnings data on Wednesday, August 6th. The company reported $0.05 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.01). The company had revenue of $110.57 million for 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 for the quarter was up 5.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.05 earnings per share. On average, equities research analysts predict that AvidXchange Holdings, Inc. will post 0.02 EPS for the current fiscal 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.