AvidXchange (NASDAQ:AVDX) Price Target Cut to $8.00 by Analysts at Bank of America

AvidXchange (NASDAQ:AVDX) had its price objective cut by Bank of America from $12.00 to $8.00 in a report issued on Tuesday, Benzinga reports. They currently have an underperform rating on the stock.

Other equities analysts have also issued research reports about the stock. KeyCorp dropped their price target on shares of AvidXchange from $15.00 to $12.00 and set an overweight rating on the stock in a research report on Thursday, August 1st. Robert W. Baird cut their price target on AvidXchange from $16.00 to $14.00 and set an outperform rating for the company in a report on Thursday, August 1st. The Goldman Sachs Group lowered their price objective on shares of AvidXchange from $9.00 to $7.00 and set a sell rating on the stock in a research note on Monday. Barclays cut their target price on shares of AvidXchange from $14.00 to $10.00 and set an overweight rating for the company in a research note on Monday, August 5th. Finally, Susquehanna decreased their price target on shares of AvidXchange from $16.00 to $14.00 and set a positive rating on the stock in a research report on Thursday, August 1st. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of Hold and a consensus target price of $10.64.

AvidXchange Price Performance

Shares of AVDX opened at $8.43 on Tuesday. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.36 and a current ratio of 1.36. The firm has a market cap of $1.74 billion, a PE ratio of -56.20 and a beta of 1.01. The firm’s 50 day moving average price is $7.93 and its 200 day moving average price is $10.22. AvidXchange has a twelve month low of $6.88 and a twelve month high of $13.56.

AvidXchange (NASDAQ:AVDX) last released its quarterly earnings results on Wednesday, July 31st. The company reported $0.05 earnings per share for the quarter, beating analysts’ consensus estimates of $0.04 by $0.01. The business 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%. AvidXchange’s revenue for the quarter was up 15.6% on a year-over-year basis. During the same quarter last year, the firm earned ($0.05) EPS. As a group, research analysts expect that AvidXchange will post 0.03 EPS for the current fiscal year.

Insider Buying and Selling at AvidXchange

In related news, insider Joel Wilhite sold 47,308 shares of the business’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $8.10, for a total value of $383,194.80. Following the sale, the insider now owns 413,687 shares of the company’s stock, valued at $3,350,864.70. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, President Daniel Drees sold 20,069 shares of the firm’s stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $7.98, for a total transaction of $160,150.62. Following the completion of the sale, the president now owns 753,644 shares of the company’s stock, valued at approximately $6,014,079.12. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Joel Wilhite sold 47,308 shares of AvidXchange stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $8.10, for a total transaction of $383,194.80. Following the completion of the transaction, the insider now owns 413,687 shares of the company’s stock, valued at $3,350,864.70. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 158,959 shares of company stock valued at $1,279,321. 10.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On AvidXchange

Large investors have recently bought and sold shares of the business. Jennison Associates LLC bought a new stake in shares of AvidXchange during the first quarter worth $23,800,000. American Century Companies Inc. grew its holdings in AvidXchange by 54.2% during the 2nd quarter. American Century Companies Inc. now owns 4,515,719 shares of the company’s stock worth $54,460,000 after acquiring an additional 1,586,510 shares during the last quarter. Kodai Capital Management LP increased its position in AvidXchange by 872.9% in the 1st quarter. Kodai Capital Management LP now owns 1,581,667 shares of the company’s stock valued at $20,799,000 after acquiring an additional 1,419,099 shares in the last quarter. Lazard Asset Management LLC bought a new position in shares of AvidXchange in the first quarter worth about $7,621,000. Finally, Healthcare of Ontario Pension Plan Trust Fund lifted its position in shares of AvidXchange by 142.2% during the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 581,300 shares of the company’s stock worth $7,010,000 after purchasing an additional 341,300 shares in the last quarter. 80.58% of the stock is currently owned by institutional investors.

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.