AvidXchange Holdings, Inc. (NASDAQ:AVDX) Receives $10.00 Consensus PT from Brokerages

Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) have received an average rating of “Hold” from the sixteen analysts that are covering the company, Marketbeat reports. Two analysts have rated the stock with a sell recommendation, ten have issued a hold recommendation and four have assigned a buy recommendation to the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $10.00.

Several equities research analysts have recently weighed in on AVDX shares. BMO Capital Markets dropped their target price on shares of AvidXchange from $11.00 to $7.50 and set a “market perform” rating for the company in a research report on Thursday, February 27th. Wells Fargo & Company dropped their target price on shares of AvidXchange from $10.00 to $8.00 and set an “equal weight” rating for the company in a research report on Thursday, February 27th. BTIG Research started coverage on shares of AvidXchange in a research report on Wednesday, December 11th. They issued a “buy” rating and a $14.00 target price for the company. Robert W. Baird dropped their target price on shares of AvidXchange from $14.00 to $12.00 and set an “outperform” rating for the company in a research report on Thursday, February 27th. Finally, Wolfe Research downgraded shares of AvidXchange from a “strong-buy” rating to a “hold” rating in a research report on Thursday, February 27th.

AvidXchange Stock Performance

AvidXchange stock opened at $8.42 on Monday. AvidXchange has a 12-month low of $6.61 and a 12-month high of $13.50. The company has a market capitalization of $1.72 billion, a price-to-earnings ratio of 210.50 and a beta of 1.28. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.32 and a quick ratio of 1.32. The firm’s fifty day moving average price is $9.30 and its 200 day moving average price is $9.37.

AvidXchange (NASDAQ:AVDX) last released its quarterly earnings results on Wednesday, February 26th. The company reported $0.03 earnings per share (EPS) for the quarter, missing the consensus estimate 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 firm had revenue of $115.44 million for the quarter, compared to analysts’ expectations of $114.98 million. On average, research analysts forecast that AvidXchange will post 0.02 EPS for the current fiscal year.

Insider Buying and Selling at AvidXchange

In other AvidXchange news, CEO Michael Praeger sold 58,881 shares of the business’s stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $7.59, for a total transaction of $446,906.79. Following the completion of the transaction, the chief executive officer now directly owns 11,164,737 shares of the company’s stock, valued at $84,740,353.83. The trade was a 0.52 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, President Daniel Drees sold 34,782 shares of the company’s stock in a transaction that occurred on Friday, February 28th. The stock was sold at an average price of $7.59, for a total transaction of $263,995.38. Following the completion of the sale, the president now directly owns 1,176,833 shares of the company’s stock, valued at approximately $8,932,162.47. This represents a 2.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 125,866 shares of company stock valued at $955,323 in the last ninety days. Company insiders own 10.40% of the company’s stock.

Institutional Trading of AvidXchange

Institutional investors have recently made changes to their positions in the stock. Blue Trust Inc. lifted its stake in shares of AvidXchange by 90.1% in the 4th 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. Point72 DIFC Ltd acquired a new stake in shares of AvidXchange in the 3rd quarter worth approximately $37,000. R Squared Ltd acquired a new stake in shares of AvidXchange in the 4th quarter worth approximately $41,000. Quarry LP lifted its stake in shares of AvidXchange by 126.6% in the 4th quarter. Quarry LP now owns 5,518 shares of the company’s stock worth $57,000 after acquiring an additional 3,083 shares during the period. Finally, Y Intercept Hong Kong Ltd acquired a new stake in shares of AvidXchange in the 3rd quarter worth approximately $86,000. 80.58% of the stock is owned by institutional investors and hedge funds.

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.