AvidXchange Holdings, Inc. (NASDAQ:AVDX) Receives $10.64 Average PT from Brokerages

AvidXchange Holdings, Inc. (NASDAQ:AVDX) has earned a consensus recommendation of “Hold” from the fourteen research firms that are presently covering the firm, Marketbeat reports. Two equities research analysts have rated the stock with a sell recommendation, seven have given a hold recommendation and five have issued a buy recommendation on the company. The average 12 month price objective among brokers that have issued ratings on the stock in the last year is $10.57.

AVDX has been the subject of a number of research reports. Bank of America cut their target price on shares of AvidXchange from $12.00 to $8.00 and set an “underperform” rating for the company in a research note on Tuesday, October 15th. BMO Capital Markets cut their price objective on AvidXchange from $13.00 to $10.00 and set a “market perform” rating for the company in a research note on Thursday, August 1st. Compass Point initiated coverage on AvidXchange in a research report on Wednesday, September 4th. They issued a “neutral” rating and a $8.00 target price on the stock. Robert W. Baird lowered their price target on AvidXchange from $16.00 to $14.00 and set an “outperform” rating on the stock in a research note on Thursday, August 1st. Finally, JPMorgan Chase & Co. downgraded AvidXchange from an “overweight” rating to a “neutral” rating and reduced their price objective for the company from $11.00 to $9.00 in a research note on Tuesday, August 20th.

AvidXchange Stock Performance

Shares of AVDX stock opened at $8.17 on Friday. AvidXchange has a 52-week low of $6.88 and a 52-week high of $13.56. The company has a quick ratio of 1.36, a current ratio of 1.36 and a debt-to-equity ratio of 0.19. The stock has a market cap of $1.69 billion, a PE ratio of -54.47 and a beta of 1.01. The business has a 50-day simple moving average of $8.01 and a 200-day simple moving average of $10.06.

AvidXchange (NASDAQ:AVDX) last released its quarterly earnings data on Wednesday, July 31st. The company reported $0.05 EPS for the quarter, topping the consensus estimate of $0.04 by $0.01. AvidXchange had a negative return on equity of 0.23% and a negative net margin of 3.18%. The business had revenue of $105.30 million for the quarter, compared to analyst estimates of $107.13 million. During the same quarter in the prior year, the firm posted ($0.05) EPS. The business’s quarterly revenue was up 15.6% compared to the same quarter last year. On average, equities analysts expect that AvidXchange will post 0.03 EPS for the current year.

Insiders Place Their Bets

In other news, insider Joel Wilhite sold 18,028 shares of the stock in a transaction that occurred on 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 sale, the insider now owns 419,636 shares of the company’s stock, valued at $3,348,695.28. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, insider Joel Wilhite sold 18,028 shares of the company’s stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $7.98, for a total value of $143,863.44. Following the transaction, the insider now owns 419,636 shares of the company’s stock, valued at $3,348,695.28. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Ryan Stahl sold 7,427 shares of the stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $8.58, for a total value of $63,723.66. Following the transaction, the insider now owns 369,603 shares of the company’s stock, valued at approximately $3,171,193.74. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 166,386 shares of company stock valued at $1,343,044 over the last ninety days. Company insiders own 10.30% of the company’s stock.

Institutional Investors Weigh In On AvidXchange

Institutional investors and hedge funds have recently made changes to their positions in the stock. SG Americas Securities LLC grew its stake in shares of AvidXchange by 2.9% in the second quarter. SG Americas Securities LLC now owns 29,813 shares of the company’s stock valued at $360,000 after buying an additional 835 shares in the last quarter. California State Teachers Retirement System grew its position in AvidXchange by 1.0% in the 1st quarter. California State Teachers Retirement System now owns 161,292 shares of the company’s stock valued at $2,121,000 after acquiring an additional 1,656 shares in the last quarter. Advisors Asset Management Inc. increased its stake in AvidXchange by 96.3% during the first quarter. Advisors Asset Management Inc. now owns 4,309 shares of the company’s stock worth $57,000 after purchasing an additional 2,114 shares during the period. ProShare Advisors LLC lifted its position in shares of AvidXchange by 9.7% during the first quarter. ProShare Advisors LLC now owns 27,135 shares of the company’s stock worth $357,000 after purchasing an additional 2,396 shares in the last quarter. Finally, Principal Financial Group Inc. boosted its stake in shares of AvidXchange by 14.6% in the first quarter. Principal Financial Group Inc. now owns 20,058 shares of the company’s stock valued at $264,000 after purchasing an additional 2,556 shares during the period. 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.