The Goldman Sachs Group Trims AvidXchange (NASDAQ:AVDX) Target Price to $7.00

AvidXchange (NASDAQ:AVDX) had its price objective lowered by equities researchers at The Goldman Sachs Group from $9.00 to $7.00 in a report released on Monday, Benzinga reports. The brokerage currently has a “sell” rating on the stock. The Goldman Sachs Group’s price objective would indicate a potential downside of 16.96% from the company’s previous close.

Several other brokerages have also recently issued reports on AVDX. BMO Capital Markets decreased their price target on shares of AvidXchange from $13.00 to $10.00 and set a “market perform” rating for the company in a research report on Thursday, August 1st. Susquehanna decreased their price target on shares of AvidXchange from $16.00 to $14.00 and set a “positive” rating for the company in a research report on Thursday, August 1st. UBS Group cut shares of AvidXchange from a “buy” rating to a “neutral” rating and decreased their price target for the company from $15.00 to $10.00 in a research report on Thursday, August 1st. Keefe, Bruyette & Woods decreased their price target on shares of AvidXchange from $13.50 to $11.00 and set a “market perform” rating for the company in a research report on Thursday, August 1st. Finally, Compass Point initiated coverage on shares of AvidXchange in a research report on Wednesday, September 4th. They issued a “neutral” rating and a $8.00 price target for the company. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $10.64.

AvidXchange Price Performance

Shares of NASDAQ:AVDX opened at $8.43 on Monday. The company has a market cap of $1.74 billion, a price-to-earnings ratio of -56.20 and a beta of 1.01. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.36 and a quick ratio of 1.36. The firm has a 50 day simple moving average of $7.93 and a 200 day simple moving average of $10.22. AvidXchange has a one year low of $6.88 and a one year high of $13.56.

AvidXchange (NASDAQ:AVDX) last issued its quarterly earnings data on Wednesday, July 31st. The company reported $0.05 EPS for the quarter, beating the consensus estimate of $0.04 by $0.01. AvidXchange had a negative net margin of 3.18% and a negative return on equity of 0.23%. The business had revenue of $105.30 million during the quarter, compared to the consensus estimate of $107.13 million. During the same quarter in the prior year, the firm earned ($0.05) EPS. The firm’s revenue was up 15.6% compared to the same quarter last year. Research analysts predict that AvidXchange will post 0.03 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other AvidXchange news, insider Ryan Stahl sold 7,621 shares of the firm’s stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $8.13, for a total value of $61,958.73. Following the completion of the sale, the insider now directly owns 377,030 shares in the company, valued at approximately $3,065,253.90. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other AvidXchange news, insider Ryan Stahl sold 7,621 shares of the firm’s stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $8.13, for a total value of $61,958.73. Following the completion of the sale, the insider now directly owns 377,030 shares in the company, valued at approximately $3,065,253.90. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Michael Praeger sold 6,701 shares of the firm’s stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $8.17, for a total transaction of $54,747.17. Following the completion of the sale, the chief executive officer now owns 10,410,983 shares of the company’s stock, valued at $85,057,731.11. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 158,959 shares of company stock worth $1,279,321. 10.30% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. CWM LLC lifted its stake in shares of AvidXchange by 7,259.8% in the third quarter. CWM LLC now owns 6,771 shares of the company’s stock valued at $55,000 after buying an additional 6,679 shares in the last quarter. Advisors Asset Management Inc. lifted its stake in shares of AvidXchange by 96.3% in the first quarter. Advisors Asset Management Inc. now owns 4,309 shares of the company’s stock valued at $57,000 after buying an additional 2,114 shares in the last quarter. nVerses Capital LLC bought a new position in shares of AvidXchange during the second quarter valued at about $66,000. Xponance Inc. bought a new position in shares of AvidXchange during the second quarter valued at about $133,000. Finally, Cardinal Capital Management bought a new position in shares of AvidXchange during the first quarter valued at about $190,000. 80.58% of the stock is owned by institutional investors.

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.