AvidXchange (NASDAQ:AVDX) Price Target Cut to $14.00 by Analysts at Robert W. Baird

AvidXchange (NASDAQ:AVDX) had its price objective lowered by Robert W. Baird from $16.00 to $14.00 in a research note released on Thursday morning, Benzinga reports. The brokerage currently has an outperform rating on the stock.

A number of other equities research analysts also recently weighed in on the company. UBS Group downgraded AvidXchange from a buy rating to a neutral rating and dropped their price objective for the company from $15.00 to $10.00 in a research report on Thursday. Piper Sandler decreased their price target on AvidXchange from $14.00 to $12.00 and set a neutral rating for the company in a research note on Friday, April 12th. The Goldman Sachs Group reiterated a sell rating and issued a $11.50 price target (down from $13.00) on shares of AvidXchange in a research note on Monday, April 15th. Barclays decreased their price target on AvidXchange from $16.00 to $14.00 and set an overweight rating for the company in a research note on Monday, May 13th. Finally, Keefe, Bruyette & Woods initiated coverage on AvidXchange in a research note on Tuesday, April 9th. They issued a market perform rating and a $13.50 price target for the company. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, AvidXchange has an average rating of Hold and a consensus target price of $12.08.

AvidXchange Stock Down 4.7 %

Shares of AVDX traded down $0.37 during midday trading on Thursday, reaching $7.43. 200,493 shares of the stock were exchanged, compared to its average volume of 2,051,430. AvidXchange has a 52 week low of $6.88 and a 52 week high of $13.56. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 0.20. The company’s 50 day moving average is $11.42 and its two-hundred day moving average is $11.77. The company has a market capitalization of $1.54 billion, a P/E ratio of -49.46 and a beta of 1.03.

AvidXchange (NASDAQ:AVDX) last posted its quarterly earnings results on Wednesday, July 31st. The company reported $0.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 the consensus estimate of $107.13 million. During the same quarter in the prior year, the company earned ($0.05) EPS. The business’s revenue was up 15.6% compared to the same quarter last year. On average, sell-side analysts anticipate that AvidXchange will post 0.01 earnings per share for the current year.

Insider Activity at AvidXchange

In related news, CEO Michael Praeger sold 25,418 shares of AvidXchange 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 completion of the transaction, the chief executive officer now directly owns 10,495,547 shares in the company, valued at $117,969,948.28. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, insider Joel Wilhite sold 12,363 shares of AvidXchange 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 $138,960.12. Following the completion of the transaction, the insider now directly owns 466,491 shares in the company, valued at $5,243,358.84. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Michael Praeger sold 25,418 shares of the firm’s stock in a transaction that occurred on Wednesday, May 15th. The shares were sold at an average price of $11.24, for a total value of $285,698.32. Following the completion of the sale, the chief executive officer now directly owns 10,495,547 shares in the company, valued at $117,969,948.28. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 152,897 shares of company stock worth $1,695,238. 10.30% of the stock is owned by corporate insiders.

Institutional Trading of AvidXchange

Institutional investors have recently made changes to their positions in the company. Gillson Capital LP boosted its stake in shares of AvidXchange by 871.2% in the fourth quarter. Gillson Capital LP now owns 619,893 shares of the company’s stock worth $7,680,000 after acquiring an additional 556,066 shares during the last quarter. TimesSquare Capital Management LLC boosted its stake in shares of AvidXchange by 6.8% in the first quarter. TimesSquare Capital Management LLC now owns 1,970,837 shares of the company’s stock worth $25,917,000 after acquiring an additional 124,988 shares during the last quarter. Lisanti Capital Growth LLC boosted its stake in shares of AvidXchange by 58.3% in the first quarter. Lisanti Capital Growth LLC now owns 167,715 shares of the company’s stock worth $2,205,000 after acquiring an additional 61,795 shares during the last quarter. SG Capital Management LLC acquired a new stake in shares of AvidXchange in the fourth quarter worth approximately $1,975,000. Finally, Trexquant Investment LP boosted its stake 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 acquiring an additional 209,828 shares during the last quarter. 80.58% of the stock is owned by institutional investors and hedge funds.

AvidXchange Company Profile

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.