BMO Capital Markets Cuts AvidXchange (NASDAQ:AVDX) Price Target to $7.50

AvidXchange (NASDAQ:AVDX) had its target price trimmed by BMO Capital Markets from $11.00 to $7.50 in a research note published on Thursday,Benzinga reports. The brokerage currently has a market perform rating on the stock.

Several other analysts have also recently weighed in on AVDX. UBS Group raised their target price on shares of AvidXchange from $10.00 to $10.50 and gave the company a “neutral” rating in a report on Thursday, November 7th. KeyCorp cut shares of AvidXchange from an “overweight” rating to a “sector weight” rating in a report on Thursday. BTIG Research started coverage on shares of AvidXchange in a research note on Wednesday, December 11th. They issued a “buy” rating and a $14.00 price target on the stock. The Goldman Sachs Group boosted their price objective on shares of AvidXchange from $9.00 to $10.00 and gave the stock a “sell” rating in a research report on Monday, December 2nd. Finally, JPMorgan Chase & Co. reduced their price objective on shares of AvidXchange from $10.00 to $9.00 and set a “neutral” rating for the company in a research report on Thursday. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, AvidXchange has a consensus rating of “Hold” and a consensus price target of $10.33.

AvidXchange Trading Up 3.3 %

Shares of AVDX opened at $7.60 on Thursday. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.11. AvidXchange has a 12-month low of $6.89 and a 12-month high of $13.56. The firm has a 50-day moving average price of $10.03 and a 200 day moving average price of $9.41. The firm has a market capitalization of $1.56 billion, a P/E ratio of 461.00 and a beta of 1.22.

AvidXchange (NASDAQ:AVDX) last posted its earnings results on Wednesday, February 26th. The company reported $0.03 EPS for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.03). AvidXchange had a negative net margin of 0.23% and a positive return on equity of 0.74%. The company had revenue of $115.44 million during the quarter, compared to analyst estimates of $114.98 million. Sell-side analysts forecast that AvidXchange will post 0.02 EPS for the current year.

Insider Buying and Selling at AvidXchange

In other AvidXchange news, Director Teresa Mackintosh sold 13,316 shares of the business’s stock in a transaction on 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 in the company, valued at approximately $542,118.72. The trade was a 21.94 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Michael Praeger sold 42,377 shares of the business’s stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $11.40, for a total transaction of $483,097.80. Following the sale, the chief executive officer now owns 10,381,033 shares in the company, valued at $118,343,776.20. The trade was a 0.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 80,693 shares of company stock valued at $916,683. 10.40% of the stock is owned by company insiders.

Institutional Investors Weigh In On AvidXchange

Several institutional investors have recently made changes to their positions in AVDX. FMR LLC boosted its position in shares of AvidXchange by 272.5% during the 3rd quarter. FMR LLC now owns 13,733,769 shares of the company’s stock worth $111,381,000 after purchasing an additional 10,046,893 shares in the last quarter. Azora Capital LP purchased a new stake in shares of AvidXchange during the 4th quarter worth $45,067,000. Jacobs Levy Equity Management Inc. purchased a new stake in shares of AvidXchange during the 3rd quarter worth $25,339,000. Arrowstreet Capital Limited Partnership purchased a new stake in shares of AvidXchange during the 4th quarter worth $10,292,000. Finally, Point72 Asset Management L.P. purchased a new stake in shares of AvidXchange during the 3rd quarter worth $7,920,000. 80.58% of the stock is currently owned by hedge funds and other institutional investors.

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.