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

King Luther Capital Management Corp increased its stake in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 5.8% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 726,197 shares of the company’s stock after buying an additional 39,843 shares during the quarter. King Luther Capital Management Corp’s holdings in AvidXchange were worth $7,509,000 as of its most recent filing with the SEC.

Other hedge funds have also added to or reduced their stakes in the company. FMR LLC increased its stake in shares of AvidXchange by 272.5% during the 3rd quarter. FMR LLC now owns 13,733,769 shares of the company’s stock worth $111,381,000 after purchasing an additional 10,046,893 shares during the last quarter. Geode Capital Management LLC increased its position in AvidXchange by 5.0% in the third quarter. Geode Capital Management LLC now owns 4,266,265 shares of the company’s stock worth $34,607,000 after buying an additional 201,847 shares during the last quarter. 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. Jacobs Levy Equity Management Inc. purchased a new position in shares of AvidXchange during the 3rd quarter valued at $25,339,000. Finally, Rockefeller Capital Management L.P. grew its stake in shares of AvidXchange by 30.4% during the 3rd quarter. Rockefeller Capital Management L.P. now owns 2,314,653 shares of the company’s stock worth $18,779,000 after acquiring an additional 538,956 shares during the period. Institutional investors own 80.58% of the company’s stock.

AvidXchange Stock Performance

Shares of AVDX opened at $6.90 on Wednesday. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.11. The stock has a 50-day moving average price of $9.58 and a 200-day moving average price of $9.38. The company has a market cap of $1.41 billion, a PE ratio of 172.50 and a beta of 1.28. AvidXchange Holdings, Inc. has a 12-month low of $6.83 and a 12-month high of $13.49.

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

Analysts Set New Price Targets

Several equities research analysts have commented on AVDX shares. JPMorgan Chase & Co. dropped their price objective on shares of AvidXchange from $10.00 to $9.00 and set a “neutral” rating on the stock in a report on Thursday, February 27th. BTIG Research started 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. BMO Capital Markets reduced their price objective on shares of AvidXchange from $11.00 to $7.50 and set a “market perform” rating for the company in a research note on Thursday, February 27th. Keefe, Bruyette & Woods dropped their target price on AvidXchange from $11.00 to $8.00 and set a “market perform” rating on the stock in a research report on Thursday, February 27th. Finally, Wolfe Research cut AvidXchange from a “strong-buy” rating to a “hold” rating in a research report on Thursday, February 27th. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, AvidXchange has a consensus rating of “Hold” and a consensus price target of $10.00.

Insider Activity at AvidXchange

In other AvidXchange news, President Daniel Drees sold 34,782 shares of the company’s stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $7.59, for a total transaction of $263,995.38. Following the completion of the sale, the president now directly owns 1,176,833 shares in the company, valued at $8,932,162.47. This represents a 2.87 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Michael Praeger sold 58,881 shares of AvidXchange stock in a transaction dated Friday, February 28th. The stock was sold at an average price of $7.59, for a total value of $446,906.79. Following the completion of the transaction, the chief executive officer now owns 11,164,737 shares in the company, valued at approximately $84,740,353.83. This represents a 0.52 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 125,866 shares of company stock valued at $955,323 over the last 90 days. 10.40% of the stock is owned by insiders.

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.