Victory Capital Management Inc. Has $162,000 Holdings in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Victory Capital Management Inc. raised its holdings in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 9.8% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 15,646 shares of the company’s stock after buying an additional 1,397 shares during the quarter. Victory Capital Management Inc.’s holdings in AvidXchange were worth $162,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of AVDX. Quarry LP acquired a new position in shares of AvidXchange in the first quarter valued at $58,000. Ensign Peak Advisors Inc acquired a new position in shares of AvidXchange in the third quarter valued at $78,000. Price T Rowe Associates Inc. MD acquired a new position in shares of AvidXchange in the second quarter valued at $86,000. MQS Management LLC acquired a new position in shares of AvidXchange in the first quarter valued at $94,000. Finally, Delphia USA Inc. acquired a new position in shares of AvidXchange in the fourth quarter valued at $108,000. 70.42% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at AvidXchange

In other news, insider Joel Wilhite sold 12,880 shares of the company’s stock in a transaction on Tuesday, August 15th. The stock was sold at an average price of $10.09, for a total transaction of $129,959.20. Following the transaction, the insider now owns 359,022 shares of the company’s stock, valued at $3,622,531.98. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, insider Joel Wilhite sold 12,880 shares of the company’s stock in a transaction on Tuesday, August 15th. The stock was sold at an average price of $10.09, for a total transaction of $129,959.20. Following the transaction, the insider now owns 359,022 shares of the company’s stock, valued at $3,622,531.98. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, President Daniel Drees sold 11,270 shares of the company’s stock in a transaction on Tuesday, August 15th. The shares were sold at an average price of $10.09, for a total value of $113,714.30. Following the transaction, the president now directly owns 504,889 shares in the company, valued at approximately $5,094,330.01. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 109,501 shares of company stock worth $1,101,887. Insiders own 10.30% of the company’s stock.

AvidXchange Price Performance

Shares of AVDX stock opened at $7.60 on Monday. The stock’s fifty day moving average is $9.33 and its 200-day moving average is $9.78. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.32 and a current ratio of 1.32. The stock has a market capitalization of $1.54 billion, a PE ratio of -17.67 and a beta of 0.65. AvidXchange Holdings, Inc. has a 52 week low of $6.88 and a 52 week high of $12.75.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the company. Piper Sandler cut their target price on AvidXchange from $15.00 to $12.00 and set an “overweight” rating for the company in a research note on Monday, October 23rd. UBS Group began coverage on AvidXchange in a research report on Friday, October 20th. They issued a “buy” rating and a $11.50 price target on the stock. Wells Fargo & Company began coverage on AvidXchange in a research report on Tuesday, October 31st. They issued an “equal weight” rating and a $9.00 price target on the stock. Susquehanna began coverage on AvidXchange in a research report on Tuesday, July 18th. They issued a “positive” rating and a $15.50 price target on the stock. Finally, Morgan Stanley reiterated an “equal weight” rating and issued a $11.00 price target on shares of AvidXchange in a research report on Friday, August 4th. Two equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $12.63.

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 Cashflow manager that provides cash management solutions.