King Luther Capital Management Corp Grows Stake in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

King Luther Capital Management Corp lifted its position in AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 1.7% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 701,903 shares of the company’s stock after purchasing an additional 12,025 shares during the quarter. King Luther Capital Management Corp owned about 0.34% of AvidXchange worth $8,465,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Victory Capital Management Inc. raised its holdings in shares of AvidXchange by 25.5% in the 4th quarter. Victory Capital Management Inc. now owns 20,628 shares of the company’s stock valued at $256,000 after acquiring an additional 4,189 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in AvidXchange by 1.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,288,173 shares of the company’s stock valued at $15,960,000 after purchasing an additional 23,506 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in AvidXchange by 17.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 3,864,725 shares of the company’s stock valued at $47,885,000 after purchasing an additional 587,692 shares during the last quarter. UBS Group AG grew its stake in AvidXchange by 438.2% in the 4th quarter. UBS Group AG now owns 548,954 shares of the company’s stock worth $6,802,000 after buying an additional 446,949 shares in the last quarter. Finally, Trexquant Investment LP increased its holdings in shares of AvidXchange by 350.6% in the 4th quarter. Trexquant Investment LP now owns 269,669 shares of the company’s stock worth $3,341,000 after buying an additional 209,828 shares during the last quarter. Hedge funds and other institutional investors own 80.58% of the company’s stock.

Insider Activity at AvidXchange

In other news, CEO Michael Praeger sold 37,225 shares of the firm’s stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $7.98, for a total value of $297,055.50. Following the completion of the sale, the chief executive officer now directly owns 10,453,786 shares of the company’s stock, valued at approximately $83,421,212.28. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, CEO Michael Praeger sold 37,225 shares of the firm’s stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $7.98, for a total value of $297,055.50. Following the completion of the transaction, the chief executive officer now owns 10,453,786 shares in the company, valued at approximately $83,421,212.28. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Joel Wilhite sold 18,028 shares of AvidXchange stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $7.98, for a total value of $143,863.44. Following the sale, the insider now owns 419,636 shares in the company, valued at $3,348,695.28. The disclosure for this sale can be found here. Insiders have sold a total of 151,338 shares of company stock worth $1,217,362 over the last quarter. Corporate insiders own 10.30% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently issued reports on AVDX shares. KeyCorp dropped their price objective on shares of AvidXchange from $15.00 to $12.00 and set an “overweight” rating for the company in a report on Thursday, August 1st. Robert W. Baird dropped their price target on AvidXchange from $16.00 to $14.00 and set an “outperform” rating for the company in a research note on Thursday, August 1st. UBS Group lowered AvidXchange from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $15.00 to $10.00 in a research report on Thursday, August 1st. BMO Capital Markets decreased their price objective on AvidXchange from $13.00 to $10.00 and set a “market perform” rating on the stock in a report on Thursday, August 1st. Finally, Susquehanna cut their target price on AvidXchange from $16.00 to $14.00 and set a “positive” rating for the company in a research note on Thursday, August 1st. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $11.00.

AvidXchange Price Performance

AVDX stock opened at $8.08 on Friday. The company has a current ratio of 1.36, a quick ratio of 1.36 and a debt-to-equity ratio of 0.19. The firm’s 50-day moving average price is $9.04 and its two-hundred day moving average price is $10.83. The stock has a market capitalization of $1.67 billion, a price-to-earnings ratio of -53.87 and a beta of 1.01. AvidXchange Holdings, Inc. has a 12-month low of $6.88 and a 12-month high of $13.56.

AvidXchange (NASDAQ:AVDX) last released its quarterly earnings results on Wednesday, July 31st. The company reported $0.05 EPS for the quarter, beating analysts’ consensus estimates of $0.04 by $0.01. AvidXchange had a negative return on equity of 0.23% and a negative net margin of 3.18%. The business had revenue of $105.30 million during the quarter, compared to analyst estimates of $107.13 million. During the same quarter in the prior year, the company posted ($0.05) EPS. AvidXchange’s quarterly revenue was up 15.6% compared to the same quarter last year. As a group, equities analysts predict that AvidXchange Holdings, Inc. will post 0.03 earnings per share for the current year.

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.