AvidXchange Holdings, Inc. (NASDAQ:AVDX) Receives $10.07 Consensus Target Price from Analysts

AvidXchange Holdings, Inc. (NASDAQ:AVDX) has received a consensus recommendation of “Hold” from the sixteen analysts that are currently covering the firm, Marketbeat reports. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating and four have assigned a buy rating to the company. The average 1-year price target among brokerages that have covered the stock in the last year is $10.07.

A number of equities analysts have issued reports on the company. Piper Sandler lowered their target price on AvidXchange from $10.00 to $8.00 and set a “neutral” rating for the company in a report on Friday, February 28th. BMO Capital Markets decreased their price objective on AvidXchange from $11.00 to $7.50 and set a “market perform” rating for the company in a report on Thursday, February 27th. Wolfe Research cut AvidXchange from a “strong-buy” rating to a “hold” rating in a research note on Thursday, February 27th. KeyCorp cut shares of AvidXchange from an “overweight” rating to a “sector weight” rating in a research note on Thursday, February 27th. Finally, Morgan Stanley cut their price objective on shares of AvidXchange from $11.00 to $8.00 and set an “equal weight” rating on the stock in a research report on Thursday, February 27th.

AvidXchange Price Performance

Shares of AVDX opened at $7.69 on Friday. The stock has a 50 day simple moving average of $8.46 and a 200 day simple moving average of $9.40. AvidXchange has a 52-week low of $6.61 and a 52-week high of $12.93. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.32 and a current ratio of 1.32. The firm has a market capitalization of $1.57 billion, a PE ratio of 192.25 and a beta of 1.14.

AvidXchange (NASDAQ:AVDX) last released its quarterly earnings results on Wednesday, February 26th. The company reported $0.03 earnings per share for the quarter, missing the consensus estimate 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 company had revenue of $115.44 million during the quarter, compared to analyst estimates of $114.98 million. Sell-side analysts predict that AvidXchange will post 0.02 EPS for the current fiscal year.

Insider Transactions at AvidXchange

In related news, President Daniel Drees sold 34,782 shares of AvidXchange 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 trade represents a 2.87 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Michael Praeger sold 58,881 shares of the business’s stock in a transaction on Friday, February 28th. The shares were sold at an average price of $7.59, for a total value of $446,906.79. Following the completion of the sale, the chief executive officer now owns 11,164,737 shares of the company’s stock, valued at $84,740,353.83. This trade represents a 0.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 125,866 shares of company stock worth $955,323. 10.40% of the stock is owned by insiders.

Institutional Trading of AvidXchange

Several hedge funds and other institutional investors have recently bought and sold shares of AVDX. Blue Trust Inc. increased 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 purchasing an additional 1,278 shares during the period. Versant Capital Management Inc grew its position in AvidXchange by 801.2% during the first quarter. Versant Capital Management Inc now owns 3,866 shares of the company’s stock worth $33,000 after buying an additional 3,437 shares in the last quarter. R Squared Ltd bought a new position in AvidXchange during the 4th quarter worth $41,000. GAMMA Investing LLC raised its holdings in AvidXchange by 816.6% in the 1st quarter. GAMMA Investing LLC now owns 4,079 shares of the company’s stock valued at $35,000 after acquiring an additional 3,634 shares in the last quarter. Finally, Quarry LP lifted its position in shares of AvidXchange by 126.6% during the 4th quarter. Quarry LP now owns 5,518 shares of the company’s stock valued at $57,000 after acquiring an additional 3,083 shares during the period. Institutional investors and hedge funds 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.