AvidXchange (NASDAQ:AVDX) Lowered to “Equal Weight” Rating by Barclays

Barclays cut shares of AvidXchange (NASDAQ:AVDX) from an overweight rating to an equal weight rating in a research note released on Tuesday morning, MarketBeat.com reports. They currently have $8.00 price target on the stock, down from their prior price target of $13.00.

Several other brokerages have also recently weighed in on AVDX. BMO Capital Markets dropped their price target on shares of AvidXchange from $11.00 to $7.50 and set a “market perform” rating on the stock in a research report on Thursday, February 27th. UBS Group boosted their price target 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. Wolfe Research downgraded shares of AvidXchange from a “strong-buy” rating to a “hold” rating in a research note on Thursday, February 27th. KeyCorp cut shares of AvidXchange from an “overweight” rating to a “sector weight” rating in a report on Thursday, February 27th. Finally, Morgan Stanley dropped their price target on shares of AvidXchange from $11.00 to $8.00 and set an “equal weight” rating on the stock in a research note on Thursday, February 27th. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, AvidXchange currently has a consensus rating of “Hold” and an average price target of $10.00.

AvidXchange Price Performance

Shares of NASDAQ AVDX opened at $7.16 on Tuesday. The business’s 50 day moving average price is $9.91 and its two-hundred day moving average price is $9.41. The company has a market cap of $1.47 billion, a PE ratio of 179.00 and a beta of 1.22. 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 twelve month low of $6.89 and a twelve month high of $13.49.

AvidXchange (NASDAQ:AVDX) last issued its quarterly earnings results on Wednesday, February 26th. The company reported $0.03 earnings per share (EPS) 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 company had revenue of $115.44 million for the quarter, compared to analyst estimates of $114.98 million. On average, analysts predict that AvidXchange will post 0.02 EPS for the current year.

Insider Buying and Selling

In related news, Director Teresa Mackintosh sold 13,316 shares of AvidXchange stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $11.44, for a total transaction of $152,335.04. Following the transaction, 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 legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Michael Praeger sold 58,881 shares of the business’s stock in a transaction dated Friday, February 28th. The stock was sold at an average price of $7.59, for a total value of $446,906.79. Following the sale, the chief executive officer now owns 11,164,737 shares in the company, valued at approximately $84,740,353.83. The trade was a 0.52 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 164,182 shares of company stock worth $1,388,908 in the last three months. Corporate insiders own 10.40% of the company’s stock.

Institutional Investors Weigh In On AvidXchange

Several large investors have recently made changes to their positions in the company. Allspring Global Investments Holdings LLC acquired a new position in shares of AvidXchange during the third quarter worth approximately $38,000. Wealth Enhancement Advisory Services LLC boosted its holdings in AvidXchange by 29.6% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 13,211 shares of the company’s stock valued at $107,000 after acquiring an additional 3,019 shares during the last quarter. US Bancorp DE boosted its holdings in AvidXchange by 111,114.9% in the third quarter. US Bancorp DE now owns 52,271 shares of the company’s stock valued at $424,000 after acquiring an additional 52,224 shares during the last quarter. ARK Investment Management LLC lifted its stake in AvidXchange by 17.4% in the third quarter. ARK Investment Management LLC now owns 1,161,998 shares of the company’s stock valued at $9,424,000 after buying an additional 171,908 shares during the period. Finally, State of New Jersey Common Pension Fund D lifted its stake in AvidXchange by 39.3% in the third quarter. State of New Jersey Common Pension Fund D now owns 247,947 shares of the company’s stock valued at $2,011,000 after buying an additional 69,971 shares during the period. Institutional investors own 80.58% of the company’s stock.

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.