AvidXchange (NASDAQ:AVDX) Price Target Cut to $8.00

AvidXchange (NASDAQ:AVDX) had its price target cut by stock analysts at Bank of America from $12.00 to $8.00 in a research note issued on Tuesday, Benzinga reports. The firm currently has an “underperform” rating on the stock. Bank of America‘s price objective would indicate a potential downside of 4.88% from the stock’s current price.

A number of other equities research analysts have also commented on AVDX. Keefe, Bruyette & Woods lowered their price target on shares of AvidXchange from $13.50 to $11.00 and set a “market perform” rating for the company in a report on Thursday, August 1st. Robert W. Baird lowered their price target on shares of AvidXchange from $16.00 to $14.00 and set an “outperform” rating for the company in a report on Thursday, August 1st. KeyCorp lowered their price target on shares of AvidXchange from $15.00 to $12.00 and set an “overweight” rating for the company in a report on Thursday, August 1st. JPMorgan Chase & Co. lowered shares of AvidXchange from an “overweight” rating to a “neutral” rating and lowered their price target for the company from $11.00 to $9.00 in a report on Tuesday, August 20th. Finally, The Goldman Sachs Group decreased their price objective on shares of AvidXchange from $9.00 to $7.00 and set a “sell” rating for the company in a report on Monday. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and five have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $10.64.

AvidXchange Price Performance

Shares of AvidXchange stock opened at $8.41 on Tuesday. AvidXchange has a 52-week low of $6.88 and a 52-week high of $13.56. The stock has a market capitalization of $1.74 billion, a price-to-earnings ratio of -56.07 and a beta of 1.01. The company has a fifty day moving average of $7.95 and a 200-day moving average of $10.20. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.36 and a current ratio of 1.36.

AvidXchange (NASDAQ:AVDX) last announced its quarterly earnings data on Wednesday, July 31st. The company reported $0.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.04 by $0.01. AvidXchange had a negative net margin of 3.18% and a negative return on equity of 0.23%. The company had revenue of $105.30 million during the quarter, compared to analysts’ expectations of $107.13 million. During the same quarter in the prior year, the company earned ($0.05) EPS. The firm’s revenue was up 15.6% on a year-over-year basis. Equities research analysts expect that AvidXchange will post 0.03 EPS for the current year.

Insider Transactions at AvidXchange

In related news, insider Ryan Stahl sold 7,621 shares of the stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $8.13, for a total transaction of $61,958.73. Following the sale, the insider now directly owns 377,030 shares of the company’s stock, valued at approximately $3,065,253.90. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, insider Joel Wilhite sold 47,308 shares of the firm’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $8.10, for a total transaction of $383,194.80. Following the sale, the insider now owns 413,687 shares of the company’s stock, valued at $3,350,864.70. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Ryan Stahl sold 7,621 shares of the firm’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $8.13, for a total transaction of $61,958.73. Following the sale, the insider now directly owns 377,030 shares in the company, valued at approximately $3,065,253.90. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 158,959 shares of company stock valued at $1,279,321 in the last three months. 10.30% of the stock is currently owned by company insiders.

Institutional Trading of AvidXchange

A number of institutional investors have recently made changes to their positions in AVDX. Jennison Associates LLC purchased a new stake in shares of AvidXchange during the 1st quarter valued at about $23,800,000. American Century Companies Inc. lifted its stake in shares of AvidXchange by 54.2% in the 2nd quarter. American Century Companies Inc. now owns 4,515,719 shares of the company’s stock worth $54,460,000 after purchasing an additional 1,586,510 shares during the period. Kodai Capital Management LP lifted its stake in shares of AvidXchange by 872.9% in the 1st quarter. Kodai Capital Management LP now owns 1,581,667 shares of the company’s stock worth $20,799,000 after purchasing an additional 1,419,099 shares during the period. Lazard Asset Management LLC bought a new position in shares of AvidXchange in the 1st quarter worth approximately $7,621,000. Finally, Healthcare of Ontario Pension Plan Trust Fund lifted its stake in shares of AvidXchange by 142.2% in the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 581,300 shares of the company’s stock worth $7,010,000 after purchasing an additional 341,300 shares during the period. Hedge funds and other 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.