AvidXchange (NASDAQ:AVDX) Price Target Lowered to $8.00 at Keefe, Bruyette & Woods

AvidXchange (NASDAQ:AVDX) had its price objective cut by Keefe, Bruyette & Woods from $11.00 to $8.00 in a research note released on Thursday morning,Benzinga reports. They currently have a market perform rating on the stock.

Several other research analysts also recently issued reports on AVDX. Compass Point upgraded AvidXchange from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $8.00 to $15.00 in a research report on Thursday, November 7th. The Goldman Sachs Group boosted their price target on AvidXchange from $9.00 to $10.00 and gave the company a “sell” rating in a report on Monday, December 2nd. Wells Fargo & Company boosted their price target on AvidXchange from $9.00 to $10.00 and gave the company an “equal weight” rating in a report on Thursday, November 7th. UBS Group boosted their price target on AvidXchange from $10.00 to $10.50 and gave the company a “neutral” rating in a report on Thursday, November 7th. Finally, Piper Sandler boosted their price target on AvidXchange from $9.00 to $10.00 and gave the company a “neutral” rating in a report on Thursday, November 7th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $10.47.

AvidXchange Price Performance

Shares of NASDAQ:AVDX opened at $7.36 on Thursday. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.32 and a quick ratio of 1.32. AvidXchange has a 12 month low of $6.89 and a 12 month high of $13.56. The firm has a market capitalization of $1.51 billion, a price-to-earnings ratio of 461.00 and a beta of 1.22. The business’s 50 day simple moving average is $10.09 and its 200-day simple moving average is $9.41.

AvidXchange (NASDAQ:AVDX) last issued its quarterly earnings data on Wednesday, February 26th. The company reported $0.03 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.06 by ($0.03). AvidXchange had a positive return on equity of 0.74% and a negative net margin of 0.23%. The company had revenue of $115.44 million for the quarter, compared to analyst estimates of $114.98 million. As a group, equities analysts forecast that AvidXchange will post 0.02 earnings per share for the current fiscal year.

Insider Activity

In related news, Director James E. Hausman sold 25,000 shares of the company’s stock in a transaction on Monday, December 9th. The shares were sold at an average price of $11.25, for a total transaction of $281,250.00. Following the completion of the sale, the director now directly owns 2,112,232 shares of the company’s stock, valued at approximately $23,762,610. This represents a 1.17 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Teresa Mackintosh sold 13,316 shares of the company’s stock in a transaction on Friday, December 6th. The stock was sold at an average price of $11.44, for a total transaction of $152,335.04. Following the sale, the director now directly owns 47,388 shares of the company’s stock, valued at approximately $542,118.72. This trade represents a 21.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 80,693 shares of company stock valued at $916,683 in the last ninety days. Company insiders own 10.40% of the company’s stock.

Institutional Trading of AvidXchange

A number of institutional investors have recently added to or reduced their stakes in AVDX. FMR LLC boosted its position in AvidXchange by 272.5% during the 3rd quarter. FMR LLC now owns 13,733,769 shares of the company’s stock worth $111,381,000 after purchasing an additional 10,046,893 shares during the period. Azora Capital LP purchased a new stake in AvidXchange during the 4th quarter worth $45,067,000. Jacobs Levy Equity Management Inc. purchased a new stake in AvidXchange during the 3rd quarter worth $25,339,000. Arrowstreet Capital Limited Partnership purchased a new stake in AvidXchange during the 4th quarter worth $10,292,000. Finally, Point72 Asset Management L.P. purchased a new stake in AvidXchange during the 3rd quarter worth $7,920,000. 80.58% of the stock is owned by hedge funds and other institutional investors.

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.