AvidXchange Holdings, Inc. (NASDAQ:AVDX) Receives $10.64 Consensus Price Target from Analysts

AvidXchange Holdings, Inc. (NASDAQ:AVDX) has been assigned an average recommendation of “Hold” from the fourteen analysts that are currently covering the company, Marketbeat reports. Two investment analysts have rated the stock with a sell recommendation, seven have given a hold recommendation and five have assigned a buy recommendation to the company. The average 12-month target price among analysts that have issued ratings on the stock in the last year is $10.64.

Several equities analysts have recently weighed in on the company. KeyCorp decreased their price objective on AvidXchange from $15.00 to $12.00 and set an “overweight” rating for the company in a report on Thursday, August 1st. Bank of America lowered their price target on AvidXchange from $12.00 to $8.00 and set an “underperform” rating on the stock in a research report on Tuesday, October 15th. Barclays cut their price objective on AvidXchange from $14.00 to $10.00 and set an “overweight” rating for the company in a report on Monday, August 5th. The Goldman Sachs Group decreased their target price on shares of AvidXchange from $9.00 to $7.00 and set a “sell” rating for the company in a research note on Monday, October 14th. Finally, Robert W. Baird dropped their price target on shares of AvidXchange from $16.00 to $14.00 and set an “outperform” rating on the stock in a research report on Thursday, August 1st.

AvidXchange Trading Up 1.5 %

NASDAQ AVDX opened at $8.58 on Friday. AvidXchange has a 52 week low of $6.88 and a 52 week high of $13.56. 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’s 50 day moving average price is $7.98 and its two-hundred day moving average price is $10.13. The stock has a market capitalization of $1.77 billion, a price-to-earnings ratio of -57.20 and a beta of 1.01.

AvidXchange (NASDAQ:AVDX) last announced its quarterly earnings data 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 business had revenue of $105.30 million for the quarter, compared to analyst estimates of $107.13 million. During the same quarter in the previous year, the firm posted ($0.05) earnings per share. The firm’s revenue for the quarter was up 15.6% on a year-over-year basis. As a group, analysts anticipate that AvidXchange will post 0.03 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Michael Praeger sold 6,701 shares of AvidXchange stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $8.17, for a total transaction of $54,747.17. Following the completion of the sale, the chief executive officer now directly owns 10,410,983 shares of the company’s stock, valued at approximately $85,057,731.11. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other AvidXchange news, CEO Michael Praeger sold 6,701 shares of AvidXchange stock in a transaction dated 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 sale, the chief executive officer now owns 10,410,983 shares in the company, valued at $85,057,731.11. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Joel Wilhite sold 47,308 shares of the 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 transaction, the insider now owns 413,687 shares in the company, valued at approximately $3,350,864.70. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 166,386 shares of company stock worth $1,343,044 over the last three months. Insiders own 10.30% of the company’s stock.

Hedge Funds Weigh In On AvidXchange

Hedge funds have recently bought and sold shares of the company. Advisors Asset Management Inc. increased its stake in shares of AvidXchange by 96.3% in the 1st 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 last quarter. Allspring Global Investments Holdings LLC acquired a new stake in AvidXchange in the third quarter valued at about $38,000. nVerses Capital LLC bought a new position in AvidXchange in the second quarter valued at about $66,000. CWM LLC raised its stake in AvidXchange by 7,259.8% during the third quarter. CWM LLC now owns 6,771 shares of the company’s stock worth $55,000 after acquiring an additional 6,679 shares in the last quarter. Finally, Xponance Inc. bought a new position in shares of AvidXchange in the second quarter worth about $133,000. 80.58% of the stock is owned by 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.