The Goldman Sachs Group Cuts AvidXchange (NASDAQ:AVDX) Price Target to $7.00

AvidXchange (NASDAQ:AVDX) had its price objective lowered by The Goldman Sachs Group from $9.50 to $7.00 in a report released on Thursday,Benzinga reports. The firm currently has a sell rating on the stock.

Several other brokerages also recently commented on AVDX. KeyCorp downgraded AvidXchange from an “overweight” rating to a “sector weight” rating in a research note on Thursday. Robert W. Baird dropped their price target on shares of AvidXchange from $14.00 to $12.00 and set an “outperform” rating on the stock in a research report on Thursday. Barclays lifted their target price on shares of AvidXchange from $11.00 to $13.00 and gave the stock an “overweight” rating in a research report on Monday, November 18th. UBS Group lifted their price target on shares of AvidXchange from $10.00 to $10.50 and gave the stock a “neutral” rating in a report on Thursday, November 7th. Finally, JPMorgan Chase & Co. lowered their price target on shares of AvidXchange from $10.00 to $9.00 and set a “neutral” rating on the stock in a report on Thursday. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $10.33.

AvidXchange Stock Performance

NASDAQ AVDX opened at $7.60 on Thursday. The company has a market capitalization of $1.56 billion, a price-to-earnings ratio of 461.00 and a beta of 1.22. AvidXchange has a twelve month low of $6.89 and a twelve month high of $13.56. The stock has a fifty day simple moving average of $10.03 and a 200 day simple moving average of $9.41. 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 (NASDAQ:AVDX) last issued its quarterly earnings results on Wednesday, February 26th. The company reported $0.03 earnings per share for the quarter, missing analysts’ consensus estimates 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 business had revenue of $115.44 million for the quarter, compared to analyst estimates of $114.98 million. Sell-side analysts expect that AvidXchange will post 0.02 EPS for the current year.

Insider Transactions 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 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 $542,118.72. The trade was a 21.94 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at 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 completion of the sale, the chief executive officer now directly owns 10,381,033 shares of the company’s stock, valued at $118,343,776.20. This represents a 0.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 80,693 shares of company stock valued at $916,683. Insiders own 10.40% of the company’s stock.

Institutional Trading of AvidXchange

Hedge funds have recently added to or reduced their stakes in the business. Blue Trust Inc. lifted its stake in 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 during the last quarter. R Squared Ltd bought a new position in shares of AvidXchange during the fourth quarter valued at about $41,000. Point72 DIFC Ltd bought a new position in shares of AvidXchange during the third quarter valued at about $37,000. Allspring Global Investments Holdings LLC bought a new position in shares of AvidXchange during the third quarter valued at about $38,000. Finally, Quarry LP raised its stake in shares of AvidXchange by 126.6% during the fourth quarter. Quarry LP now owns 5,518 shares of the company’s stock valued at $57,000 after acquiring an additional 3,083 shares during the last quarter. 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.