Sep 21, 2024

King Luther Capital Management Corp Boosts Stock Position in AvidXchange Holdings, Inc. (NASDAQ:AVDX) Posted by MarketBeat News on Sep 21st, 2024 King Luther Capital Management Corp boosted its stake in shares of AvidXchange Holdings, Inc. ( NASDAQ:AVDX – Free Report ) by 1.7% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 701,903 shares of the company’s stock after buying an additional 12,025 shares during the period. King Luther Capital Management Corp’s holdings in AvidXchange were worth $8,465,000 at the end of the most recent reporting period. A number of other large investors have also added to or reduced their stakes in the stock. Victory Capital Management Inc. increased its holdings in shares of AvidXchange by 25.5% during the fourth 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. grew its position in AvidXchange by 1.9% during the 4th 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 during the last quarter. Dimensional Fund Advisors LP increased its stake in AvidXchange by 17.9% during the 4th 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 in the last quarter. UBS Group AG lifted its stake in shares of AvidXchange by 438.2% in the fourth 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 position in shares of AvidXchange by 350.6% during the fourth quarter. Trexquant Investment LP now owns 269,669 shares of the company’s stock valued at $3,341,000 after acquiring an additional 209,828 shares in the last quarter. Hedge funds and other institutional investors own 80.58% of the company’s stock. Get AvidXchange alerts: Insiders Place Their Bets In other AvidXchange news, CEO Michael Praeger sold 6,701 shares of the company’s stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $8.17, for a total value of $54,747.17. Following the completion of the transaction, the chief executive officer now directly owns 10,410,983 shares in the company, valued at $85,057,731.11. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website . In related news, insider Joel Wilhite sold 19,358 shares of the stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $8.15, for a total transaction of $157,767.70. Following the completion of the sale, the insider now owns 400,278 shares in the company, valued at $3,262,265.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website . Also, CEO Michael Praeger sold 6,701 shares of the company’s stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $8.17, for a total value of $54,747.17. Following the completion of the transaction, the chief executive officer now owns 10,410,983 shares of the company’s stock, valued at $85,057,731.11. The disclosure for this sale can be found here . In the last 90 days, insiders have sold 151,338 shares of company stock worth $1,217,362. Company insiders own 10.30% of the company’s stock. AvidXchange Trading Up 1.4 % NASDAQ:AVDX opened at $8.08 on Friday. AvidXchange Holdings, Inc. has a one year low of $6.88 and a one year high of $13.56. The business has a fifty day moving average price of $9.04 and a 200-day moving average price of $10.83. The firm has a market capitalization of $1.67 billion, a price-to-earnings ratio of -53.87 and a beta of 1.01. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.36 and a quick ratio of 1.36. AvidXchange ( NASDAQ:AVDX – Get Free Report ) last issued its quarterly earnings results on Wednesday, July 31st. The company reported $0.05 EPS for the quarter, topping 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 analysts’ expectations of $107.13 million. During the same quarter in the prior year, the business posted ($0.05) earnings per share. The business’s quarterly revenue was up 15.6% on a year-over-year basis. Sell-side analysts forecast that AvidXchange Holdings, Inc. will post 0.03 EPS for the current year. Wall Street Analysts Forecast Growth Several research firms recently commented on AVDX. The Goldman Sachs Group reduced their price objective on AvidXchange from $11.50 to $9.00 and set a “sell” rating for the company in a report on Thursday, August 1st. Wells Fargo & Company reduced their price target on shares of AvidXchange from $13.00 to $10.00 and set an “equal weight” rating for the company in a research note on Thursday, August 1st. UBS Group downgraded shares of AvidXchange from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $15.00 to $10.00 in a research report on Thursday, August 1st. Robert W. Baird cut their target price on shares of AvidXchange from $16.00 to $14.00 and set an “outperform” rating for the company in a research report on Thursday, August 1st. Finally, Susquehanna lowered their price target on AvidXchange from $16.00 to $14.00 and set a “positive” rating on the stock in a report on Thursday, August 1st. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, AvidXchange presently has an average rating of “Hold” and a consensus target price of $11.00.