AvidXchange Holdings, Inc. (NASDAQ:AVDX) Given Consensus Rating of “Hold” by Analysts

Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) have received an average rating of “Hold” from the sixteen research firms that are covering the firm, MarketBeat.com reports. Two investment analysts have rated the stock with a sell recommendation, ten have assigned a hold recommendation and four have assigned a buy recommendation to the company. The average twelve-month price target among brokers that have issued a report on the stock in the last year is $10.00.

Several analysts have recently issued reports on AVDX shares. KeyCorp lowered shares of AvidXchange from an “overweight” rating to a “sector weight” rating in a research report on Thursday, February 27th. BTIG Research started coverage on shares of AvidXchange in a research report on Wednesday, December 11th. They issued a “buy” rating and a $14.00 price target on the stock. The Goldman Sachs Group lowered their price target on shares of AvidXchange from $9.50 to $7.00 and set a “sell” rating on the stock in a research report on Thursday, February 27th. Wolfe Research lowered shares of AvidXchange from a “strong-buy” rating to a “hold” rating in a research report on Thursday, February 27th. Finally, Morgan Stanley lowered their price target 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 Stock Performance

Shares of AVDX stock opened at $8.48 on Monday. The firm has a market cap of $1.73 billion, a price-to-earnings ratio of 212.00 and a beta of 1.28. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.32 and a current ratio of 1.32. AvidXchange has a 52 week low of $6.61 and a 52 week high of $13.50. The firm’s 50-day simple moving average is $9.25 and its two-hundred day simple moving average is $9.37.

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

Insider Transactions at AvidXchange

In related news, President Daniel Drees sold 34,782 shares of the stock in a transaction on Friday, February 28th. The shares were sold at an average price of $7.59, for a total transaction of $263,995.38. Following the transaction, the president now 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 Securities & Exchange Commission, which is accessible through this link. Also, CEO Michael Praeger sold 58,881 shares of the stock in a transaction on Friday, February 28th. The shares were sold at an average price of $7.59, for a total transaction of $446,906.79. Following the transaction, the chief executive officer now directly owns 11,164,737 shares in the company, valued at approximately $84,740,353.83. This represents a 0.52 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 125,866 shares of company stock valued at $955,323 in the last quarter. Insiders own 10.40% of the company’s stock.

Hedge Funds Weigh In On AvidXchange

Several institutional investors and hedge funds have recently made changes to their positions in the business. Xponance Inc. grew its holdings in shares of AvidXchange by 9.2% during the 4th quarter. Xponance Inc. now owns 12,459 shares of the company’s stock valued at $129,000 after purchasing an additional 1,045 shares during the last quarter. Captrust Financial Advisors grew its holdings in shares of AvidXchange by 6.2% during the 4th quarter. Captrust Financial Advisors now owns 18,434 shares of the company’s stock valued at $191,000 after purchasing an additional 1,084 shares during the last quarter. Summit Investment Advisors Inc. grew its holdings in shares of AvidXchange by 6.8% during the 4th quarter. Summit Investment Advisors Inc. now owns 18,182 shares of the company’s stock valued at $188,000 after purchasing an additional 1,155 shares during the last quarter. Blue Trust Inc. grew its holdings in shares of AvidXchange by 90.1% during the 4th quarter. Blue Trust Inc. now owns 2,697 shares of the company’s stock valued at $28,000 after purchasing an additional 1,278 shares during the last quarter. Finally, Rhumbline Advisers grew its holdings in shares of AvidXchange by 1.0% during the 4th quarter. Rhumbline Advisers now owns 234,738 shares of the company’s stock valued at $2,427,000 after purchasing an additional 2,391 shares during the last quarter. Institutional investors 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.