AvidXchange (NASDAQ:AVDX) Cut to Hold at Wolfe Research

Wolfe Research downgraded shares of AvidXchange (NASDAQ:AVDX) from a strong-buy rating to a hold rating in a report published on Thursday,Zacks.com reports.

AVDX has been the subject of a number of other reports. BTIG Research started coverage on shares of AvidXchange in a report on Wednesday, December 11th. They issued a “buy” rating and a $14.00 price target for the company. Wells Fargo & Company cut their price objective on AvidXchange from $10.00 to $8.00 and set an “equal weight” rating on the stock in a report on Thursday. UBS Group boosted their price objective on AvidXchange from $10.00 to $10.50 and gave the stock a “neutral” rating in a report on Thursday, November 7th. Morgan Stanley cut their price objective on AvidXchange from $11.00 to $8.00 and set an “equal weight” rating on the stock in a report on Thursday. Finally, Keefe, Bruyette & Woods cut their price objective on AvidXchange from $11.00 to $8.00 and set a “market perform” rating on the stock in a report on Thursday. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, AvidXchange presently has a consensus rating of “Hold” and a consensus target price of $10.33.

AvidXchange Price Performance

Shares of NASDAQ AVDX opened at $7.60 on Thursday. AvidXchange has a twelve month low of $6.89 and a twelve month high of $13.56. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.11. The company has a market capitalization of $1.56 billion, a price-to-earnings ratio of 461.00 and a beta of 1.22. The firm has a 50-day moving average of $10.03 and a two-hundred day moving average of $9.41.

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 negative net margin of 0.23% and a positive return on equity of 0.74%. The business had revenue of $115.44 million during the quarter, compared to analyst estimates of $114.98 million. As a group, analysts expect that AvidXchange will post 0.02 earnings per share for the current fiscal year.

Insider Activity

In related news, Director James E. Hausman sold 25,000 shares of the business’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $11.25, for a total value of $281,250.00. Following the completion of the sale, the director now owns 2,112,232 shares of the company’s stock, valued at approximately $23,762,610. The trade was a 1.17 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Michael Praeger sold 42,377 shares of the business’s stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $11.40, for a total value 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 approximately $118,343,776.20. The trade was a 0.41 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 80,693 shares of company stock worth $916,683 in the last 90 days. Company insiders own 10.40% of the company’s stock.

Institutional Investors Weigh In On AvidXchange

Large investors have recently made changes to their positions in the company. Blue Trust Inc. boosted its position in AvidXchange by 90.1% during 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 period. R Squared Ltd bought a new stake in AvidXchange during the fourth quarter worth approximately $41,000. Point72 DIFC Ltd bought a new stake in AvidXchange during the third quarter worth approximately $37,000. Allspring Global Investments Holdings LLC bought a new stake in AvidXchange during the third quarter worth approximately $38,000. Finally, Quarry LP boosted its position in AvidXchange by 126.6% during the fourth quarter. Quarry LP now owns 5,518 shares of the company’s stock worth $57,000 after purchasing an additional 3,083 shares during the period. Institutional investors own 80.58% of the company’s stock.

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.