AvidXchange Holdings, Inc. (NASDAQ:AVDX) Receives Average Recommendation of “Hold” from Brokerages

Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) have received an average rating of “Hold” from the thirteen research firms that are presently covering the firm, Marketbeat.com reports. One research analyst has rated the stock with a sell rating, seven have given a hold rating and five have issued a buy rating on the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $11.00.

AVDX has been the topic of a number of research analyst reports. Keefe, Bruyette & Woods dropped their price objective on shares of AvidXchange from $13.50 to $11.00 and set a “market perform” rating on the stock in a report on Thursday, August 1st. KeyCorp dropped their price target on AvidXchange from $15.00 to $12.00 and set an “overweight” rating on the stock in a research note on Thursday, August 1st. Compass Point began coverage on AvidXchange in a research note on Wednesday, September 4th. They issued a “neutral” rating and a $8.00 price objective for the company. Barclays dropped their target price on AvidXchange from $14.00 to $10.00 and set an “overweight” rating on the stock in a research report on Monday, August 5th. Finally, BMO Capital Markets reduced their price target on shares of AvidXchange from $13.00 to $10.00 and set a “market perform” rating for the company in a research report on Thursday, August 1st.

AvidXchange Trading Up 1.4 %

AvidXchange stock opened at $8.08 on Monday. AvidXchange has a one year low of $6.88 and a one year high of $13.56. The stock has a market cap of $1.67 billion, a PE ratio of -53.87 and a beta of 1.01. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.36 and a current ratio of 1.36. The stock has a 50-day moving average of $9.04 and a two-hundred day moving average of $10.80.

AvidXchange (NASDAQ:AVDX) last released its 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 net margin of 3.18% and a negative return on equity of 0.23%. The company had revenue of $105.30 million during the quarter, compared to analysts’ expectations of $107.13 million. During the same period last year, the business earned ($0.05) EPS. AvidXchange’s revenue for the quarter was up 15.6% on a year-over-year basis. On average, research analysts anticipate that AvidXchange will post 0.03 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Michael Praeger sold 37,225 shares of the firm’s stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $7.98, for a total transaction of $297,055.50. Following the sale, the chief executive officer now directly owns 10,453,786 shares in the company, valued at approximately $83,421,212.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, insider Joel Wilhite sold 47,308 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $8.10, for a total transaction of $383,194.80. Following the completion of the transaction, the insider now directly owns 413,687 shares of the company’s stock, valued at approximately $3,350,864.70. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Michael Praeger sold 37,225 shares of the stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $7.98, for a total value of $297,055.50. Following the transaction, the chief executive officer now owns 10,453,786 shares in the company, valued at approximately $83,421,212.28. The disclosure for this sale can be found here. Over the last quarter, insiders sold 151,338 shares of company stock worth $1,217,362. Company insiders own 10.30% of the company’s stock.

Hedge Funds Weigh In On AvidXchange

A number of large investors have recently added to or reduced their stakes in the stock. American Century Companies Inc. increased its stake in shares of AvidXchange by 54.2% during the second quarter. American Century Companies Inc. now owns 4,515,719 shares of the company’s stock worth $54,460,000 after purchasing an additional 1,586,510 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in AvidXchange by 5.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 4,317,134 shares of the company’s stock worth $52,062,000 after buying an additional 230,777 shares in the last quarter. Intrinsic Edge Capital Management LLC raised its holdings in shares of AvidXchange by 79.9% during the fourth quarter. Intrinsic Edge Capital Management LLC now owns 2,785,445 shares of the company’s stock valued at $34,512,000 after acquiring an additional 1,237,508 shares during the last quarter. Millennium Management LLC lifted its position in shares of AvidXchange by 9.8% in the second quarter. Millennium Management LLC now owns 2,770,662 shares of the company’s stock valued at $33,414,000 after acquiring an additional 246,462 shares in the last quarter. Finally, Par Capital Management Inc. lifted its position in shares of AvidXchange by 10.0% in the fourth quarter. Par Capital Management Inc. now owns 2,750,000 shares of the company’s stock valued at $34,072,000 after acquiring an additional 250,000 shares in the last quarter. 80.58% of the stock is currently owned by institutional investors and hedge funds.

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.