King Luther Capital Management Corp Has $7.51 Million Stock Position in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

King Luther Capital Management Corp lifted its holdings in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 5.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 726,197 shares of the company’s stock after purchasing an additional 39,843 shares during the period. King Luther Capital Management Corp owned 0.35% of AvidXchange worth $7,509,000 as of its most recent filing with the SEC.

Several other institutional investors also recently modified their holdings of the business. US Bancorp DE lifted its holdings in AvidXchange by 111,114.9% during the 3rd quarter. US Bancorp DE now owns 52,271 shares of the company’s stock worth $424,000 after buying an additional 52,224 shares during the period. Jacobs Levy Equity Management Inc. bought a new position in shares of AvidXchange during the third quarter worth about $25,339,000. Entropy Technologies LP bought a new position in shares of AvidXchange during the third quarter worth about $447,000. State of New Jersey Common Pension Fund D lifted its stake in shares of AvidXchange by 39.3% in the third quarter. State of New Jersey Common Pension Fund D now owns 247,947 shares of the company’s stock worth $2,011,000 after acquiring an additional 69,971 shares during the period. Finally, Barclays PLC boosted its holdings in AvidXchange by 239.8% in the third quarter. Barclays PLC now owns 285,768 shares of the company’s stock valued at $2,318,000 after acquiring an additional 201,679 shares during the last quarter. Institutional investors own 80.58% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have issued reports on AVDX shares. BTIG Research started coverage on shares of AvidXchange in a report on Wednesday, December 11th. They set a “buy” rating and a $14.00 price target for the company. Robert W. Baird lowered their target price on shares of AvidXchange from $14.00 to $12.00 and set an “outperform” rating for the company in a research note on Thursday, February 27th. Wells Fargo & Company cut their price target on shares of AvidXchange from $10.00 to $8.00 and set an “equal weight” rating on the stock in a research report on Thursday, February 27th. KeyCorp lowered AvidXchange from an “overweight” rating to a “sector weight” rating in a research report on Thursday, February 27th. Finally, Barclays lowered AvidXchange from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $13.00 to $8.00 in a research report on Tuesday, March 4th. Two analysts have rated the stock with a sell rating, ten have given a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, AvidXchange has a consensus rating of “Hold” and an average target price of $10.00.

AvidXchange Stock Performance

AVDX opened at $6.90 on Wednesday. AvidXchange Holdings, Inc. has a 1-year low of $6.83 and a 1-year high of $13.49. The company has a market cap of $1.41 billion, a price-to-earnings ratio of 172.50 and a beta of 1.28. The company’s fifty day moving average price is $9.58 and its two-hundred day moving average price is $9.38. 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 (NASDAQ:AVDX) last posted its earnings results on Wednesday, February 26th. The company reported $0.03 earnings per share for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.03). The business had revenue of $115.44 million during the quarter, compared to analyst estimates of $114.98 million. AvidXchange had a positive return on equity of 0.74% and a negative net margin of 0.23%. On average, analysts expect that AvidXchange Holdings, Inc. will post 0.02 EPS for the current fiscal year.

Insider Activity

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

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.