AvidXchange Holdings, Inc. (NASDAQ:AVDX) Given Consensus Recommendation of “Hold” by Brokerages

Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) have earned a consensus recommendation of “Hold” from the eleven ratings firms that are presently covering the company, Marketbeat reports. One investment analyst has rated the stock with a sell recommendation, five have given a hold recommendation and five have issued a buy recommendation on the company. The average 12 month target price among brokers that have covered the stock in the last year is $12.86.

Several brokerages recently weighed in on AVDX. Keefe, Bruyette & Woods began coverage on AvidXchange in a research note on Tuesday, April 9th. They issued a “market perform” rating and a $13.50 price target for the company. Barclays decreased their price objective on shares of AvidXchange from $16.00 to $14.00 and set an “overweight” rating on the stock in a report on Monday, May 13th. Susquehanna upped their price target on shares of AvidXchange from $15.00 to $16.00 and gave the stock a “positive” rating in a research report on Thursday, February 29th. The Goldman Sachs Group reissued a “sell” rating and set a $11.50 target price (down previously from $13.00) on shares of AvidXchange in a report on Monday, April 15th. Finally, BMO Capital Markets boosted their price target on AvidXchange from $11.00 to $13.00 and gave the stock a “market perform” rating in a research report on Thursday, February 29th.

AvidXchange Stock Performance

AVDX opened at $10.83 on Friday. The firm has a 50 day moving average of $11.32 and a two-hundred day moving average of $11.72. The firm has a market capitalization of $2.24 billion, a PE ratio of -72.20 and a beta of 1.00. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 0.20. AvidXchange has a 12-month low of $6.88 and a 12-month high of $13.56.

AvidXchange (NASDAQ:AVDX) last released its quarterly earnings data on Wednesday, May 8th. The company reported $0.02 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.04. The business had revenue of $105.60 million during the quarter, compared to analyst estimates of $101.33 million. AvidXchange had a negative return on equity of 1.75% and a negative net margin of 8.10%. On average, analysts anticipate that AvidXchange will post 0.01 EPS for the current year.

Insider Transactions at AvidXchange

In related news, President Daniel Drees sold 17,604 shares of the company’s stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $13.02, for a total value of $229,204.08. Following the transaction, the president now directly owns 750,744 shares in the company, valued at $9,774,686.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other AvidXchange news, President Daniel Drees sold 17,604 shares of the company’s stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $13.02, for a total value of $229,204.08. Following the transaction, the president now owns 750,744 shares of the company’s stock, valued at $9,774,686.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Todd Alan Cunningham sold 28,424 shares of AvidXchange stock in a transaction dated Thursday, May 23rd. The shares were sold at an average price of $11.02, for a total transaction of $313,232.48. Following the sale, the insider now owns 336,017 shares of the company’s stock, valued at $3,702,907.34. The disclosure for this sale can be found here. Insiders sold 174,718 shares of company stock worth $1,976,860 in the last 90 days. Insiders own 10.30% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Corton Capital Inc. lifted its stake in AvidXchange by 5.7% during the 3rd quarter. Corton Capital Inc. now owns 30,768 shares of the company’s stock worth $292,000 after acquiring an additional 1,653 shares in the last quarter. California State Teachers Retirement System lifted its position in shares of AvidXchange by 1.0% during the first quarter. California State Teachers Retirement System now owns 161,292 shares of the company’s stock worth $2,121,000 after purchasing an additional 1,656 shares in the last quarter. Advisors Asset Management Inc. boosted its stake in shares of AvidXchange by 96.3% in the first quarter. Advisors Asset Management Inc. now owns 4,309 shares of the company’s stock valued at $57,000 after purchasing an additional 2,114 shares during the period. ProShare Advisors LLC grew its holdings in shares of AvidXchange by 9.7% in the first quarter. ProShare Advisors LLC now owns 27,135 shares of the company’s stock valued at $357,000 after purchasing an additional 2,396 shares in the last quarter. Finally, Principal Financial Group Inc. increased its stake in AvidXchange by 14.6% during the 1st quarter. Principal Financial Group Inc. now owns 20,058 shares of the company’s stock worth $264,000 after buying an additional 2,556 shares during the period. 80.58% of the stock is currently owned by hedge funds and other institutional investors.

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.