Teacher Retirement System of Texas Raises Stock Position in AvidXchange Holdings, Inc. $AVDX

Teacher Retirement System of Texas grew its stake in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 84.9% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 46,796 shares of the company’s stock after acquiring an additional 21,488 shares during the period. Teacher Retirement System of Texas’ holdings in AvidXchange were worth $458,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of AVDX. Arizona State Retirement System raised its holdings in AvidXchange by 3.9% during the first quarter. Arizona State Retirement System now owns 50,126 shares of the company’s stock worth $425,000 after purchasing an additional 1,869 shares during the last quarter. SVB Wealth LLC acquired a new position in shares of AvidXchange during the 1st quarter worth $26,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in AvidXchange by 0.7% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 469,037 shares of the company’s stock valued at $3,977,000 after acquiring an additional 3,347 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S purchased a new position in AvidXchange during the 1st quarter valued at about $37,000. Finally, Wealth Enhancement Advisory Services LLC raised its position in AvidXchange by 28.4% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 21,627 shares of the company’s stock worth $213,000 after acquiring an additional 4,789 shares during the last quarter. Institutional investors and hedge funds own 80.58% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reiterated a “sell (d-)” rating on shares of AvidXchange in a research report on Wednesday, October 8th. Fourteen analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, AvidXchange currently has an average rating of “Reduce” and an average price target of $9.79.

AvidXchange Price Performance

NASDAQ:AVDX opened at $10.00 on Monday. AvidXchange Holdings, Inc. has a 12-month low of $6.61 and a 12-month high of $11.68. The firm has a market cap of $2.08 billion, a price-to-earnings ratio of -199.96 and a beta of 1.20. The company’s 50-day moving average is $9.97 and its two-hundred day moving average is $9.77. 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 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.