AvidXchange (NASDAQ:AVDX) Price Target Cut to $9.00

AvidXchange (NASDAQ:AVDX) had its target price decreased by research analysts at Wells Fargo & Company from $10.00 to $9.00 in a research report issued to clients and investors on Monday, Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price objective would suggest a potential upside of 6.76% from the stock’s previous close.

A number of other research analysts have also recently issued reports on the company. Barclays cut their price objective on AvidXchange from $14.00 to $10.00 and set an “overweight” rating for the company in a report on Monday, August 5th. Bank of America cut their price objective on AvidXchange from $12.00 to $8.00 and set an “underperform” rating for the company in a report on Tuesday, October 15th. Robert W. Baird cut their price objective on AvidXchange from $16.00 to $14.00 and set an “outperform” rating for the company in a report on Thursday, August 1st. KeyCorp cut their price objective on AvidXchange from $15.00 to $12.00 and set an “overweight” rating for the company in a report on Thursday, August 1st. Finally, Susquehanna cut their price objective on AvidXchange from $16.00 to $14.00 and set a “positive” rating for the company in a report on Thursday, August 1st. Two 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’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $10.57.

AvidXchange Stock Down 2.5 %

AVDX opened at $8.43 on Monday. AvidXchange has a fifty-two week low of $6.88 and a fifty-two week high of $13.56. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.36 and a quick ratio of 1.36. The firm’s fifty day moving average price is $8.00 and its two-hundred day moving average price is $10.08. The company has a market capitalization of $1.74 billion, a P/E ratio of -56.20 and a beta of 1.01.

AvidXchange (NASDAQ:AVDX) last posted its quarterly earnings results on Wednesday, July 31st. The company reported $0.05 earnings per share for the quarter, topping analysts’ consensus estimates of $0.04 by $0.01. The firm had revenue of $105.30 million for the quarter, compared to the consensus estimate of $107.13 million. AvidXchange had a negative net margin of 3.18% and a negative return on equity of 0.23%. The business’s revenue was up 15.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.05) earnings per share. On average, analysts anticipate that AvidXchange will post 0.03 EPS for the current year.

Insider Buying and Selling at AvidXchange

In other AvidXchange news, insider Ryan Stahl sold 7,427 shares of the company’s stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $8.58, for a total transaction of $63,723.66. Following the transaction, the insider now directly owns 369,603 shares in the company, valued at approximately $3,171,193.74. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other AvidXchange news, insider Joel Wilhite sold 19,358 shares of the company’s stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $8.15, for a total transaction of $157,767.70. Following the transaction, the insider now directly owns 400,278 shares in the company, valued at approximately $3,262,265.70. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Ryan Stahl sold 7,427 shares of the company’s stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $8.58, for a total transaction of $63,723.66. Following the transaction, the insider now owns 369,603 shares in the company, valued at approximately $3,171,193.74. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 166,386 shares of company stock worth $1,343,044. Company insiders own 10.30% of the company’s stock.

Institutional Trading of AvidXchange

Institutional investors and hedge funds have recently modified their holdings of the stock. TimesSquare Capital Management LLC increased its stake in shares of AvidXchange by 6.8% in the 1st quarter. TimesSquare Capital Management LLC now owns 1,970,837 shares of the company’s stock valued at $25,917,000 after acquiring an additional 124,988 shares during the last quarter. Lisanti Capital Growth LLC increased its stake in shares of AvidXchange by 58.3% in the 1st quarter. Lisanti Capital Growth LLC now owns 167,715 shares of the company’s stock valued at $2,205,000 after acquiring an additional 61,795 shares during the last quarter. Lazard Asset Management LLC bought a new stake in shares of AvidXchange in the 1st quarter valued at about $7,621,000. California State Teachers Retirement System increased its stake in shares of AvidXchange by 1.0% in the 1st quarter. California State Teachers Retirement System now owns 161,292 shares of the company’s stock valued at $2,121,000 after acquiring an additional 1,656 shares during the last quarter. Finally, American Century Companies Inc. increased 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 valued at $54,460,000 after acquiring an additional 1,586,510 shares during the last quarter. 80.58% of the stock is owned by 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.