Morgan Stanley Has Lowered Expectations for AvidXchange (NASDAQ:AVDX) Stock Price

AvidXchange (NASDAQ:AVDX) had its price objective reduced by equities research analysts at Morgan Stanley from $11.00 to $8.00 in a report issued on Thursday,Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Morgan Stanley’s price target would suggest a potential upside of 5.26% from the company’s previous close.

Other equities analysts have also issued research reports about the stock. Compass Point upgraded shares of AvidXchange from a “neutral” rating to a “buy” rating and upped their price target for the stock from $8.00 to $15.00 in a research report on Thursday, November 7th. UBS Group increased their target price on shares of AvidXchange from $10.00 to $10.50 and gave the company a “neutral” rating in a research report on Thursday, November 7th. JPMorgan Chase & Co. decreased their target price on shares of AvidXchange from $10.00 to $9.00 and set a “neutral” rating for the company in a research report on Thursday. Keefe, Bruyette & Woods decreased their target price on shares of AvidXchange from $11.00 to $8.00 and set a “market perform” rating for the company in a research report on Thursday. Finally, BTIG Research began coverage on shares of AvidXchange in a research report on Wednesday, December 11th. They issued a “buy” rating and a $14.00 target price for the company. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and five have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $10.33.

AvidXchange Stock Up 3.3 %

AvidXchange stock opened at $7.60 on Thursday. The company has a 50-day simple moving average of $10.03 and a 200-day simple moving average of $9.40. The firm has a market capitalization of $1.56 billion, a P/E ratio of 461.00 and a beta of 1.22. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.32 and a current ratio of 1.32. AvidXchange has a one year low of $6.89 and a one year high of $13.56.

AvidXchange (NASDAQ:AVDX) last released its quarterly earnings results on Wednesday, February 26th. The company reported $0.03 EPS for the quarter, missing the consensus estimate of $0.06 by ($0.03). The firm had revenue of $115.44 million for the quarter, compared to the consensus estimate of $114.98 million. AvidXchange had a positive return on equity of 0.74% and a negative net margin of 0.23%. As a group, equities analysts expect that AvidXchange will post 0.02 earnings per share for the current year.

Insider Buying and Selling at AvidXchange

In other AvidXchange news, CEO Michael Praeger sold 42,377 shares of the company’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $11.40, for a total transaction of $483,097.80. Following the completion of the sale, the chief executive officer now directly owns 10,381,033 shares of the company’s stock, valued at approximately $118,343,776.20. This represents a 0.41 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Teresa Mackintosh sold 13,316 shares of the company’s stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $11.44, for a total transaction of $152,335.04. Following the sale, the director now directly owns 47,388 shares of the company’s stock, valued at $542,118.72. This represents a 21.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 80,693 shares of company stock valued at $916,683. 10.40% of the stock is currently owned by corporate insiders.

Institutional Trading of AvidXchange

Hedge funds have recently made changes to their positions in the stock. Blue Trust Inc. lifted its position in shares of AvidXchange by 90.1% in the fourth quarter. Blue Trust Inc. now owns 2,697 shares of the company’s stock worth $28,000 after purchasing an additional 1,278 shares in the last quarter. Point72 DIFC Ltd purchased a new stake in shares of AvidXchange in the third quarter worth approximately $37,000. Allspring Global Investments Holdings LLC purchased a new stake in shares of AvidXchange in the third quarter worth approximately $38,000. R Squared Ltd purchased a new stake in shares of AvidXchange in the fourth quarter worth approximately $41,000. Finally, Quarry LP lifted its position in shares of AvidXchange by 126.6% in the fourth quarter. Quarry LP now owns 5,518 shares of the company’s stock worth $57,000 after purchasing an additional 3,083 shares in the last quarter. 80.58% of the stock is 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.