AvidXchange (NASDAQ:AVDX) Price Target Cut to $8.00 by Analysts at Morgan Stanley

AvidXchange (NASDAQ:AVDX) had its price objective lowered by Morgan Stanley from $11.00 to $8.00 in a report issued on Thursday morning,Benzinga reports. The firm currently has an equal weight rating on the stock.

A number of other analysts have also recently weighed in on AVDX. BTIG Research initiated coverage on AvidXchange in a research report on Wednesday, December 11th. They set a “buy” rating and a $14.00 price target on the stock. JPMorgan Chase & Co. decreased their price objective on AvidXchange from $10.00 to $9.00 and set a “neutral” rating for the company in a report on Thursday. The Goldman Sachs Group increased their price objective on AvidXchange from $9.00 to $10.00 and gave the stock a “sell” rating in a report on Monday, December 2nd. Compass Point raised AvidXchange from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $8.00 to $15.00 in a report on Thursday, November 7th. Finally, KeyCorp lowered AvidXchange from an “overweight” rating to a “sector weight” rating in a report on Thursday. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $10.33.

AvidXchange Stock Up 3.3 %

Shares of AvidXchange stock opened at $7.60 on Thursday. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.11. The business’s 50 day simple moving average is $10.03 and its 200-day simple moving average is $9.41. The stock has a market capitalization of $1.56 billion, a price-to-earnings ratio of 461.00 and a beta of 1.22. AvidXchange has a twelve month low of $6.89 and a twelve month high of $13.56.

AvidXchange (NASDAQ:AVDX) last announced its quarterly earnings results on Wednesday, February 26th. The company reported $0.03 earnings per share for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.03). The company had revenue of $115.44 million for the quarter, compared to analyst estimates of $114.98 million. AvidXchange had a positive return on equity of 0.74% and a negative net margin of 0.23%. Equities research analysts forecast that AvidXchange will post 0.02 earnings per share for the current year.

Insider Transactions at AvidXchange

In other news, CEO Michael Praeger sold 42,377 shares of the stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $11.40, for a total value of $483,097.80. Following the completion of the sale, the chief executive officer now owns 10,381,033 shares in the company, valued at $118,343,776.20. This represents a 0.41 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Teresa Mackintosh sold 13,316 shares of AvidXchange stock in a transaction on Friday, December 6th. The stock was sold at an average price of $11.44, for a total transaction of $152,335.04. Following the sale, the director now directly owns 47,388 shares of the company’s stock, valued at $542,118.72. This represents a 21.94 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 80,693 shares of company stock valued at $916,683 in the last three months. 10.40% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On AvidXchange

Several institutional investors have recently added to or reduced their stakes in AVDX. FMR LLC raised its holdings in shares of AvidXchange by 272.5% in the 3rd quarter. FMR LLC now owns 13,733,769 shares of the company’s stock valued at $111,381,000 after purchasing an additional 10,046,893 shares during the period. Azora Capital LP acquired a new position in AvidXchange in the 4th quarter valued at about $45,067,000. Jacobs Levy Equity Management Inc. acquired a new position in AvidXchange in the 3rd quarter valued at about $25,339,000. Arrowstreet Capital Limited Partnership acquired a new position in shares of AvidXchange during the 4th quarter worth approximately $10,292,000. Finally, Point72 Asset Management L.P. acquired a new position in shares of AvidXchange during the 3rd quarter worth approximately $7,920,000. 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.