Keefe, Bruyette & Woods Cuts AvidXchange (NASDAQ:AVDX) Price Target to $8.00

AvidXchange (NASDAQ:AVDX) had its target price reduced by Keefe, Bruyette & Woods from $11.00 to $8.00 in a report issued on Thursday morning,Benzinga reports. Keefe, Bruyette & Woods currently has a market perform rating on the stock.

AVDX has been the topic of several other research reports. Piper Sandler lifted their price target on shares of AvidXchange from $9.00 to $10.00 and gave the company a “neutral” rating in a report on Thursday, November 7th. BTIG Research initiated coverage on shares of AvidXchange in a report on Wednesday, December 11th. They issued a “buy” rating and a $14.00 price target on the stock. The Goldman Sachs Group boosted their target price on shares of AvidXchange from $9.00 to $10.00 and gave the company a “sell” rating in a report on Monday, December 2nd. Wells Fargo & Company boosted their target price on shares of AvidXchange from $9.00 to $10.00 and gave the company an “equal weight” rating in a report on Thursday, November 7th. Finally, Barclays boosted their target price on shares of AvidXchange from $11.00 to $13.00 and gave the company an “overweight” rating in a report on Monday, November 18th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and five have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $10.33.

AvidXchange Stock Up 3.3 %

Shares of NASDAQ AVDX opened at $7.60 on Thursday. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.11. AvidXchange has a 52 week low of $6.89 and a 52 week high of $13.56. The firm’s fifty day moving average is $10.03 and its 200 day moving average is $9.41. The company has a market cap of $1.56 billion, a price-to-earnings ratio of 461.00 and a beta of 1.22.

AvidXchange (NASDAQ:AVDX) last issued its 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). AvidXchange had a positive return on equity of 0.74% and a negative net margin of 0.23%. The firm had revenue of $115.44 million during the quarter, compared to analysts’ expectations of $114.98 million. On average, equities research analysts expect that AvidXchange will post 0.02 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Teresa Mackintosh sold 13,316 shares of the stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $11.44, for a total value of $152,335.04. Following the completion of the sale, the director now directly owns 47,388 shares of the company’s stock, valued at approximately $542,118.72. This represents a 21.94 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director James E. Hausman sold 25,000 shares of the stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $11.25, for a total transaction of $281,250.00. Following the completion of the sale, the director now directly owns 2,112,232 shares of the company’s stock, valued at $23,762,610. This represents a 1.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 80,693 shares of company stock valued at $916,683. 10.40% of the stock is owned by insiders.

Institutional Investors Weigh In On AvidXchange

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in AvidXchange by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 18,110,051 shares of the company’s stock worth $187,258,000 after purchasing an additional 116,410 shares during the period. FMR LLC boosted its stake in AvidXchange by 8.4% in the 4th quarter. FMR LLC now owns 14,889,282 shares of the company’s stock worth $153,955,000 after purchasing an additional 1,155,513 shares during the period. North Reef Capital Management LP boosted its stake in AvidXchange by 2.5% in the 4th quarter. North Reef Capital Management LP now owns 7,994,000 shares of the company’s stock worth $82,658,000 after purchasing an additional 194,000 shares during the period. Azora Capital LP bought a new position in AvidXchange in the 4th quarter worth approximately $45,067,000. Finally, Geode Capital Management LLC boosted its stake in AvidXchange by 5.0% in the 3rd quarter. Geode Capital Management LLC now owns 4,266,265 shares of the company’s stock worth $34,607,000 after purchasing an additional 201,847 shares during the period. 80.58% of the stock is 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.