Wells Fargo & Company Cuts AvidXchange (NASDAQ:AVDX) Price Target to $8.00

AvidXchange (NASDAQ:AVDX) had its price objective trimmed by Wells Fargo & Company from $10.00 to $8.00 in a research report released on Thursday,Benzinga reports. The brokerage currently has an equal weight rating on the stock.

AVDX has been the subject of several other research reports. The Goldman Sachs Group dropped their price target on shares of AvidXchange from $9.50 to $7.00 and set a “sell” rating for the company in a research report on Thursday. Keefe, Bruyette & Woods dropped their price target on shares of AvidXchange from $11.00 to $8.00 and set a “market perform” rating for the company in a research report on Thursday. KeyCorp lowered shares of AvidXchange from an “overweight” rating to a “sector weight” rating in a research report on Thursday. Robert W. Baird dropped their price target on shares of AvidXchange from $14.00 to $12.00 and set an “outperform” rating for the company in a research report on Thursday. Finally, Piper Sandler increased their price target on shares of AvidXchange from $9.00 to $10.00 and gave the stock a “neutral” rating in a research report on Thursday, November 7th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and five have issued a buy rating to the stock. According to MarketBeat, AvidXchange has a consensus rating of “Hold” and a consensus target price of $10.33.

AvidXchange Stock Up 3.3 %

Shares of AVDX opened at $7.60 on Thursday. The company has a 50-day simple moving average of $10.03 and a 200-day simple moving average of $9.41. The firm has a market capitalization of $1.56 billion, a P/E ratio of 461.00 and a beta of 1.22. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.32 and a current ratio of 1.32. AvidXchange has a 52 week low of $6.89 and a 52 week high of $13.56.

AvidXchange (NASDAQ:AVDX) last announced its quarterly earnings data on Wednesday, February 26th. The company reported $0.03 EPS for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.03). The company had revenue of $115.44 million for the quarter, compared to analyst estimates of $114.98 million. AvidXchange had a negative net margin of 0.23% and a positive return on equity of 0.74%. On average, equities research analysts expect that AvidXchange will post 0.02 earnings per share for the current year.

Insider Activity

In other AvidXchange news, CEO Michael Praeger sold 42,377 shares of the stock in a transaction 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 sale, the chief executive officer now directly owns 10,381,033 shares in the company, valued at approximately $118,343,776.20. This trade represents a 0.41 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Teresa Mackintosh sold 13,316 shares of the stock in a transaction on Friday, December 6th. The stock was sold at an average price of $11.44, for a total transaction of $152,335.04. Following the completion of the sale, the director now owns 47,388 shares in the company, valued at approximately $542,118.72. This trade represents a 21.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 80,693 shares of company stock valued at $916,683 over the last three months. 10.40% of the stock is owned by insiders.

Institutional Investors Weigh In On AvidXchange

Several hedge funds have recently bought and sold shares of AVDX. Xponance Inc. raised its holdings in shares of AvidXchange by 9.2% during the fourth quarter. Xponance Inc. now owns 12,459 shares of the company’s stock worth $129,000 after acquiring an additional 1,045 shares during the period. Captrust Financial Advisors raised its holdings in shares of AvidXchange by 6.2% during the fourth quarter. Captrust Financial Advisors now owns 18,434 shares of the company’s stock worth $191,000 after acquiring an additional 1,084 shares during the period. Summit Investment Advisors Inc. raised its holdings in shares of AvidXchange by 6.8% during the fourth quarter. Summit Investment Advisors Inc. now owns 18,182 shares of the company’s stock worth $188,000 after acquiring an additional 1,155 shares during the period. Blue Trust Inc. raised its holdings in shares of 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 acquiring an additional 1,278 shares during the period. Finally, Rhumbline Advisers raised its holdings in shares of AvidXchange by 1.0% during the fourth quarter. Rhumbline Advisers now owns 234,738 shares of the company’s stock worth $2,427,000 after acquiring an additional 2,391 shares during the period. 80.58% of the stock is currently owned by institutional investors and hedge funds.

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.