AvidXchange (NASDAQ:AVDX) Given New $10.00 Price Target at BMO Capital Markets

AvidXchange (NASDAQ:AVDX) had its target price lowered by BMO Capital Markets from $13.00 to $10.00 in a report issued on Thursday, Benzinga reports. The firm currently has a market perform rating on the stock.

Several other analysts have also recently commented on the stock. Wells Fargo & Company reduced their target price on shares of AvidXchange from $13.00 to $10.00 and set an equal weight rating for the company in a research note on Thursday. Keefe, Bruyette & Woods reduced their target price on shares of AvidXchange from $13.50 to $11.00 and set a market perform rating for the company in a research note on Thursday. Susquehanna reduced their target price on shares of AvidXchange from $16.00 to $14.00 and set a positive rating for the company in a research note on Thursday. Piper Sandler reduced their target price on shares of AvidXchange from $14.00 to $12.00 and set a neutral rating for the company in a research note on Friday, April 12th. Finally, UBS Group downgraded shares of AvidXchange from a buy rating to a neutral rating and cut their price target for the company from $15.00 to $10.00 in a report on Thursday. One analyst has rated the stock with a sell rating, six have issued a hold rating and six have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of Hold and an average target price of $12.00.

AvidXchange Stock Performance

NASDAQ:AVDX traded down $0.45 during trading hours on Thursday, reaching $7.80. 1,803,399 shares of the company’s stock were exchanged, compared to its average volume of 2,022,632. The firm has a market capitalization of $1.61 billion, a price-to-earnings ratio of -55.00 and a beta of 1.03. The company has a 50-day moving average of $11.48 and a 200 day moving average of $11.78. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.20. AvidXchange has a 1-year low of $6.88 and a 1-year high of $13.56.

AvidXchange (NASDAQ:AVDX) last released its earnings results on Wednesday, May 8th. The company reported $0.02 EPS for the quarter, topping the consensus estimate of ($0.02) by $0.04. AvidXchange had a negative net margin of 3.18% and a negative return on equity of 0.23%. The company had revenue of $105.60 million during the quarter, compared to analysts’ expectations of $101.33 million. Research analysts anticipate that AvidXchange will post 0.01 EPS for the current year.

Insider Transactions at AvidXchange

In other news, President Daniel Drees sold 13,762 shares of AvidXchange stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $11.24, for a total transaction of $154,684.88. Following the completion of the sale, the president now directly owns 758,406 shares in the company, valued at $8,524,483.44. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, CEO Michael Praeger sold 29,192 shares of the firm’s stock in a transaction that occurred on Tuesday, June 11th. The shares were sold at an average price of $10.85, for a total value of $316,733.20. Following the sale, the chief executive officer now directly owns 10,440,510 shares of the company’s stock, valued at $113,279,533.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, President Daniel Drees sold 13,762 shares of the firm’s 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 $154,684.88. Following the completion of the sale, the president now directly owns 758,406 shares in the company, valued at $8,524,483.44. The disclosure for this sale can be found here. Insiders sold a total of 152,897 shares of company stock worth $1,695,238 over the last ninety days. 10.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On AvidXchange

Several hedge funds have recently modified their holdings of the stock. Rhumbline Advisers boosted its position in shares of AvidXchange by 15.2% in the second quarter. Rhumbline Advisers now owns 242,533 shares of the company’s stock worth $2,925,000 after acquiring an additional 32,085 shares during the last quarter. nVerses Capital LLC acquired a new position in AvidXchange during the second quarter valued at approximately $66,000. Principal Financial Group Inc. lifted its position in AvidXchange by 17.1% during the second quarter. Principal Financial Group Inc. now owns 23,479 shares of the company’s stock valued at $283,000 after buying an additional 3,421 shares in the last quarter. Assenagon Asset Management S.A. acquired a new position in AvidXchange during the second quarter valued at approximately $557,000. Finally, SG Americas Securities LLC lifted its position in AvidXchange by 2.9% during 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. 80.58% of the stock is owned by institutional investors and hedge funds.

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.