AvidXchange (NASDAQ:AVDX) Price Target Lowered to $9.00 at Wells Fargo & Company

AvidXchange (NASDAQ:AVDX) had its target price cut by Wells Fargo & Company from $10.00 to $9.00 in a report issued on Monday, Benzinga reports. They currently have an equal weight rating on the stock.

A number of other research firms have also weighed in on AVDX. JPMorgan Chase & Co. lowered AvidXchange from an “overweight” rating to a “neutral” rating and lowered their price objective for the stock from $11.00 to $9.00 in a research note on Tuesday, August 20th. Robert W. Baird lowered their price target on shares of AvidXchange from $16.00 to $14.00 and set an “outperform” rating on the stock in a research report on Thursday, August 1st. UBS Group cut shares of AvidXchange from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $15.00 to $10.00 in a research report on Thursday, August 1st. KeyCorp decreased their target price on shares of AvidXchange from $15.00 to $12.00 and set an “overweight” rating on the stock in a report on Thursday, August 1st. Finally, Keefe, Bruyette & Woods cut their price target on shares of AvidXchange from $13.50 to $11.00 and set a “market perform” rating for the company in a report on Thursday, August 1st. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $10.57.

AvidXchange Trading Down 2.0 %

Shares of AVDX opened at $8.26 on Monday. The firm’s fifty day moving average is $8.01 and its two-hundred day moving average is $10.07. The stock has a market cap of $1.71 billion, a PE ratio of -55.07 and a beta of 1.01. The company has a quick ratio of 1.36, a current ratio of 1.36 and a debt-to-equity ratio of 0.19. AvidXchange has a 52-week low of $6.88 and a 52-week high of $13.56.

AvidXchange (NASDAQ:AVDX) last announced its quarterly earnings data on Wednesday, July 31st. The company reported $0.05 earnings per share (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 company had revenue of $105.30 million during the quarter, compared to analysts’ expectations of $107.13 million. During the same quarter in the prior year, the company earned ($0.05) EPS. AvidXchange’s revenue was up 15.6% compared to the same quarter last year. Research analysts forecast that AvidXchange will post 0.03 earnings per share for the current fiscal year.

Insider Transactions at AvidXchange

In related news, President Daniel Drees sold 20,069 shares of the company’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 sale, the president now directly owns 753,644 shares of the company’s stock, valued at $6,014,079.12. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other AvidXchange news, President Daniel Drees sold 20,069 shares of the company’s stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $7.98, for a total transaction of $160,150.62. Following the sale, the president now owns 753,644 shares in the company, valued at $6,014,079.12. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Joel Wilhite sold 18,028 shares of AvidXchange stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $7.98, for a total value of $143,863.44. Following the completion of the transaction, the insider now owns 419,636 shares of the company’s stock, valued at $3,348,695.28. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 166,386 shares of company stock valued at $1,343,044. 10.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On AvidXchange

Large investors have recently modified their holdings of the company. Allspring Global Investments Holdings LLC acquired a new position in shares of AvidXchange during the third quarter worth $38,000. CWM LLC increased its holdings in shares of AvidXchange by 7,259.8% in the 3rd quarter. CWM LLC now owns 6,771 shares of the company’s stock valued at $55,000 after acquiring an additional 6,679 shares during the last quarter. Handelsbanken Fonder AB raised its position in shares of AvidXchange by 66.7% during the 3rd quarter. Handelsbanken Fonder AB now owns 46,000 shares of the company’s stock worth $373,000 after acquiring an additional 18,400 shares in the last quarter. SG Americas Securities LLC lifted its stake in AvidXchange by 208.2% during the third quarter. SG Americas Securities LLC now owns 91,891 shares of the company’s stock worth $745,000 after purchasing an additional 62,078 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund boosted its holdings in AvidXchange by 142.2% in the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 581,300 shares of the company’s stock valued at $7,010,000 after purchasing an additional 341,300 shares in the last quarter. 80.58% of the stock is owned by hedge funds and other 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.