AvidXchange Holdings, Inc. (NASDAQ:AVDX) Receives Average Recommendation of “Hold” from Brokerages

Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) have been assigned an average recommendation of “Hold” from the twelve research firms that are covering the firm, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and six have given a buy rating to the company. The average twelve-month price target among analysts that have issued a report on the stock in the last year is $11.75.

AVDX has been the subject of several research analyst reports. Wells Fargo & Company decreased 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, August 1st. Piper Sandler reduced their price target on AvidXchange from $14.00 to $12.00 and set a “neutral” rating for the company in a research report on Friday, April 12th. Robert W. Baird reduced their price target on AvidXchange from $16.00 to $14.00 and set an “outperform” rating for the company in a research report on Thursday, August 1st. Barclays reduced their price target on AvidXchange from $14.00 to $10.00 and set an “overweight” rating for the company in a research report on Monday. Finally, 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 report on Thursday, August 1st.

Insider Activity at AvidXchange

In related news, insider Todd Alan Cunningham sold 28,424 shares of the stock in a transaction on Thursday, May 23rd. The stock was sold at an average price of $11.02, for a total value of $313,232.48. Following the sale, the insider now owns 336,017 shares in the company, valued at approximately $3,702,907.34. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, insider Todd Alan Cunningham sold 28,424 shares of the stock in a transaction on Thursday, May 23rd. The stock was sold at an average price of $11.02, for a total value of $313,232.48. Following the sale, the insider now owns 336,017 shares in the company, valued at approximately $3,702,907.34. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, President Daniel Drees sold 13,762 shares of the stock in a transaction on Wednesday, May 15th. The shares were 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 in the company, valued at approximately $8,524,483.44. The disclosure for this sale can be found here. In the last quarter, insiders have sold 152,897 shares of company stock worth $1,695,238. Company insiders own 10.30% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Advisors Asset Management Inc. increased its position in AvidXchange by 96.3% during the 1st quarter. Advisors Asset Management Inc. now owns 4,309 shares of the company’s stock worth $57,000 after buying an additional 2,114 shares during the period. National Bank of Canada FI bought a new position in shares of AvidXchange in the fourth quarter worth $54,000. nVerses Capital LLC bought a new position in shares of AvidXchange in the second quarter worth $66,000. MBL Wealth LLC bought a new position in shares of AvidXchange in the first quarter worth $163,000. Finally, Cornerstone Investment Partners LLC bought a new position in shares of AvidXchange in the fourth quarter worth $178,000. Institutional investors own 80.58% of the company’s stock.

AvidXchange Price Performance

Shares of AVDX opened at $7.86 on Friday. 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 stock has a 50 day simple moving average of $11.24 and a 200 day simple moving average of $11.70. AvidXchange has a 52-week low of $6.88 and a 52-week high of $13.56. The firm has a market capitalization of $1.62 billion, a PE ratio of -52.00 and a beta of 1.03.

AvidXchange (NASDAQ:AVDX) last issued its quarterly earnings data on Wednesday, July 31st. The company reported $0.05 earnings per share (EPS) for the quarter, beating 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 during the quarter, compared to analyst estimates of $107.13 million. During the same period in the previous year, the firm earned ($0.05) EPS. AvidXchange’s quarterly revenue was up 15.6% compared to the same quarter last year. Sell-side analysts predict that AvidXchange will post 0.01 EPS for the current fiscal year.

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.