AvidXchange (NASDAQ:AVDX) Price Target Lowered to $11.00 at Keefe, Bruyette & Woods

AvidXchange (NASDAQ:AVDX) had its price target reduced by Keefe, Bruyette & Woods from $13.50 to $11.00 in a report issued on Thursday, Benzinga reports. They currently have a market perform rating on the stock.

A number of other research firms have also weighed in on AVDX. UBS Group lowered AvidXchange from a buy rating to a neutral rating and reduced their target price for the company from $15.00 to $10.00 in a report on Thursday. Barclays lowered their price objective on shares of AvidXchange from $16.00 to $14.00 and set an overweight rating for the company in a report on Monday, May 13th. Wells Fargo & Company lowered 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. Robert W. Baird cut their price objective on AvidXchange from $16.00 to $14.00 and set an outperform rating on the stock in a research report on Thursday. Finally, Piper Sandler reduced their price target on shares of AvidXchange from $14.00 to $12.00 and set a neutral rating on the stock in a research report on Friday, April 12th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of Hold and an average price target of $12.00.

AvidXchange Stock Performance

NASDAQ AVDX traded down $0.43 on Thursday, hitting $7.82. 1,876,369 shares of the stock traded hands, compared to its average volume of 2,022,632. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.34 and a current ratio of 1.34. The business’s fifty day moving average is $11.48 and its two-hundred day moving average is $11.78. AvidXchange has a 12 month low of $6.88 and a 12 month high of $13.56. The firm has a market capitalization of $1.62 billion, a price-to-earnings ratio of -55.00 and a beta of 1.03.

AvidXchange (NASDAQ:AVDX) last posted its quarterly 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. AvidXchange had a negative return on equity of 0.23% and a negative net margin of 3.18%. The company had revenue of $105.60 million during the quarter, compared to the consensus estimate of $101.33 million. As a group, equities analysts anticipate that AvidXchange will post 0.01 EPS for the current fiscal year.

Insider Transactions at AvidXchange

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

Institutional Trading of AvidXchange

Several institutional investors and hedge funds have recently added to or reduced their stakes in AVDX. Gillson Capital LP grew its stake in AvidXchange by 871.2% during the fourth quarter. Gillson Capital LP now owns 619,893 shares of the company’s stock valued at $7,680,000 after acquiring an additional 556,066 shares in the last quarter. TimesSquare Capital Management LLC boosted its holdings in shares of AvidXchange by 6.8% in the 1st quarter. TimesSquare Capital Management LLC now owns 1,970,837 shares of the company’s stock worth $25,917,000 after purchasing an additional 124,988 shares during the period. Lisanti Capital Growth LLC increased its position in AvidXchange by 58.3% during the first quarter. Lisanti Capital Growth LLC now owns 167,715 shares of the company’s stock valued at $2,205,000 after acquiring an additional 61,795 shares during the last quarter. SG Capital Management LLC bought a new position in AvidXchange during the 4th quarter valued at about $1,975,000. Finally, Trexquant Investment LP raised its holdings in shares of AvidXchange by 350.6% in the fourth quarter. Trexquant Investment LP now owns 269,669 shares of the company’s stock worth $3,341,000 after buying an additional 209,828 shares during the period. 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.