AvidXchange (NASDAQ:AVDX) Given New $10.00 Price Target at Wells Fargo & Company

AvidXchange (NASDAQ:AVDX) had its price objective lowered by research analysts at Wells Fargo & Company from $13.00 to $10.00 in a report released on Thursday, Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price target would suggest a potential upside of 12.11% from the company’s current price.

A number of other equities research analysts have also commented on the company. UBS Group lowered AvidXchange from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $15.00 to $10.00 in a research report on Thursday. Susquehanna lowered their price objective on AvidXchange from $16.00 to $14.00 and set a “positive” rating on the stock in a research report on Thursday. Keefe, Bruyette & Woods started coverage on AvidXchange in a research note on Tuesday, April 9th. They issued a “market perform” rating and a $13.50 price target on the stock. Barclays reduced their price objective on AvidXchange from $16.00 to $14.00 and set an “overweight” rating on the stock in a research note on Monday, May 13th. Finally, Piper Sandler dropped their price objective on AvidXchange from $14.00 to $12.00 and set a “neutral” rating for the company in a report on Friday, April 12th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, AvidXchange presently has an average rating of “Hold” and an average price target of $12.46.

AvidXchange Stock Down 0.2 %

NASDAQ AVDX traded down $0.02 on Thursday, reaching $8.92. The company had a trading volume of 1,647,401 shares, compared to its average volume of 1,942,290. The firm has a 50-day moving average of $11.54 and a 200-day moving average of $11.81. AvidXchange has a 1 year low of $6.88 and a 1 year high of $13.56. The firm has a market capitalization of $1.84 billion, a PE ratio of -59.46 and a beta of 1.04. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.34 and a quick ratio of 1.34.

AvidXchange (NASDAQ:AVDX) last issued its earnings results on Wednesday, May 8th. The company reported $0.02 earnings per share for the quarter, topping the consensus estimate of ($0.02) by $0.04. The firm had revenue of $105.60 million for the quarter, compared to analyst estimates of $101.33 million. AvidXchange had a negative return on equity of 1.75% and a negative net margin of 8.10%. On average, equities research analysts anticipate that AvidXchange will post 0.01 EPS for the current fiscal year.

Insider Activity at AvidXchange

In other news, CEO Michael Praeger sold 25,418 shares of the stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $11.24, for a total transaction of $285,698.32. Following the transaction, the chief executive officer now owns 10,495,547 shares in the company, valued at $117,969,948.28. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, CEO Michael Praeger sold 25,418 shares of the firm’s stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $11.24, for a total transaction of $285,698.32. Following the sale, the chief executive officer now owns 10,495,547 shares of the company’s stock, valued at approximately $117,969,948.28. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Todd Alan Cunningham sold 28,424 shares of AvidXchange stock in a transaction dated Thursday, May 23rd. The stock was sold at an average price of $11.02, for a total value of $313,232.48. Following the transaction, the insider now directly owns 336,017 shares in the company, valued at $3,702,907.34. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 152,897 shares of company stock valued at $1,695,238. Insiders own 10.30% of the company’s stock.

Hedge Funds Weigh In On AvidXchange

Several institutional investors have recently bought and sold shares of the company. Jennison Associates LLC bought a new position in shares of AvidXchange in the first quarter worth $23,800,000. Kodai Capital Management LP raised its holdings in AvidXchange by 872.9% in the 1st quarter. Kodai Capital Management LP now owns 1,581,667 shares of the company’s stock worth $20,799,000 after acquiring an additional 1,419,099 shares during the last quarter. Intrinsic Edge Capital Management LLC raised its stake in AvidXchange by 79.9% during 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 during the last quarter. Dimensional Fund Advisors LP raised its stake 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. Finally, Lazard Asset Management LLC purchased a new stake in AvidXchange during the 1st quarter valued at $7,621,000. Hedge funds and other institutional investors own 80.58% of the company’s stock.

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.