AvidXchange Holdings, Inc. (NASDAQ:AVDX) Receives Consensus Recommendation of “Hold” from Analysts

AvidXchange Holdings, Inc. (NASDAQ:AVDX) has received a consensus recommendation of “Hold” from the thirteen ratings firms that are presently covering the company, MarketBeat.com reports. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and five have assigned a buy rating to the company. The average 1 year price target among brokerages that have updated their coverage on the stock in the last year is $11.00.

A number of equities analysts have recently issued reports on the stock. The Goldman Sachs Group lowered their target price on shares of AvidXchange from $11.50 to $9.00 and set a “sell” rating on the stock in a research report on Thursday, August 1st. Barclays dropped their price objective on shares of AvidXchange from $14.00 to $10.00 and set an “overweight” rating on the stock in a research note on Monday, August 5th. BMO Capital Markets decreased their target price on shares of AvidXchange from $13.00 to $10.00 and set a “market perform” rating for the company in a research note on Thursday, August 1st. KeyCorp dropped their price target on AvidXchange from $15.00 to $12.00 and set an “overweight” rating on the stock in a research report on Thursday, August 1st. Finally, Wells Fargo & Company decreased their price objective on AvidXchange from $13.00 to $10.00 and set an “equal weight” rating for the company in a research report on Thursday, August 1st.

AvidXchange Price Performance

AvidXchange stock opened at $8.08 on Monday. AvidXchange has a 12-month low of $6.88 and a 12-month high of $13.56. The company has a current ratio of 1.36, a quick ratio of 1.36 and a debt-to-equity ratio of 0.19. The stock has a market cap of $1.67 billion, a P/E ratio of -53.87 and a beta of 1.01. The company has a fifty day simple moving average of $9.04 and a 200-day simple moving average of $10.80.

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

Insider Buying and Selling at AvidXchange

In other news, CEO Michael Praeger sold 6,701 shares of the stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $8.17, for a total value of $54,747.17. Following the completion of the transaction, the chief executive officer now owns 10,410,983 shares in the company, valued at approximately $85,057,731.11. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other AvidXchange news, insider Joel Wilhite sold 19,358 shares of the business’s stock in a transaction on Friday, August 30th. The stock was sold at an average price of $8.15, for a total transaction of $157,767.70. Following the sale, the insider now directly owns 400,278 shares in the company, valued at $3,262,265.70. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Michael Praeger sold 6,701 shares of the firm’s stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $8.17, for a total value of $54,747.17. Following the completion of the transaction, the chief executive officer now owns 10,410,983 shares of the company’s stock, valued at approximately $85,057,731.11. The disclosure for this sale can be found here. Over the last quarter, insiders sold 151,338 shares of company stock valued at $1,217,362. 10.30% of the stock is owned by company insiders.

Institutional Investors Weigh In On AvidXchange

Institutional investors and hedge funds have recently made changes to their positions in the business. Jennison Associates LLC purchased a new position in AvidXchange during the 1st quarter valued at about $23,800,000. American Century Companies Inc. increased its stake in shares of 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 purchasing an additional 1,586,510 shares in the last quarter. Kodai Capital Management LP raised its position in shares of AvidXchange by 872.9% during the 1st quarter. Kodai Capital Management LP now owns 1,581,667 shares of the company’s stock worth $20,799,000 after purchasing an additional 1,419,099 shares during the last quarter. Intrinsic Edge Capital Management LLC lifted its stake in AvidXchange by 79.9% in the 4th quarter. Intrinsic Edge Capital Management LLC now owns 2,785,445 shares of the company’s stock valued at $34,512,000 after buying an additional 1,237,508 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in AvidXchange by 17.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 3,864,725 shares of the company’s stock valued at $47,885,000 after buying an additional 587,692 shares during the last quarter. 80.58% of the stock is currently 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.