AvidXchange (NASDAQ:AVDX) Lowered to “Hold” Rating by Wolfe Research

AvidXchange (NASDAQ:AVDX) was downgraded by equities research analysts at Wolfe Research from a “strong-buy” rating to a “hold” rating in a note issued to investors on Thursday,Zacks.com reports.

A number of other analysts have also recently weighed in on AVDX. Compass Point upgraded shares of AvidXchange from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $8.00 to $15.00 in a research note on Thursday, November 7th. BTIG Research began coverage on shares of AvidXchange in a research note on Wednesday, December 11th. They issued a “buy” rating and a $14.00 price objective for the company. Morgan Stanley reduced their price objective on shares of AvidXchange from $11.00 to $8.00 and set an “equal weight” rating for the company in a research note on Thursday. Piper Sandler cut their target price on shares of AvidXchange from $10.00 to $8.00 and set a “neutral” rating for the company in a research note on Friday. Finally, Barclays upped their target price on shares of AvidXchange from $11.00 to $13.00 and gave the company an “overweight” rating in a research note on Monday, November 18th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $10.33.

AvidXchange Price Performance

NASDAQ AVDX opened at $7.60 on Thursday. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.11. The stock has a market capitalization of $1.56 billion, a PE ratio of 461.00 and a beta of 1.22. The company has a 50 day moving average price of $10.03 and a two-hundred day moving average price of $9.40. AvidXchange has a 12-month low of $6.89 and a 12-month high of $13.56.

AvidXchange (NASDAQ:AVDX) last issued its quarterly earnings data on Wednesday, February 26th. The company reported $0.03 earnings per share for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $115.44 million during the quarter, compared to analyst estimates of $114.98 million. As a group, equities analysts predict that AvidXchange will post 0.02 earnings per share for the current fiscal year.

Insider Activity at AvidXchange

In related news, Director Teresa Mackintosh sold 13,316 shares of the firm’s stock in a transaction on Friday, December 6th. The shares were sold at an average price of $11.44, for a total value of $152,335.04. Following the completion of the transaction, 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director James E. Hausman sold 25,000 shares of the firm’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 transaction, the director now directly owns 2,112,232 shares of the company’s stock, valued at $23,762,610. This represents a 1.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 80,693 shares of company stock valued at $916,683. 10.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On AvidXchange

Several hedge funds have recently added to or reduced their stakes in the business. Neo Ivy Capital Management acquired a new stake in AvidXchange during the 4th quarter valued at $2,393,000. PharVision Advisers LLC acquired a new stake in AvidXchange during the 4th quarter valued at $230,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in AvidXchange by 10.2% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 465,690 shares of the company’s stock valued at $4,815,000 after purchasing an additional 42,993 shares during the last quarter. Vident Advisory LLC acquired a new stake in AvidXchange during the 4th quarter valued at $255,000. Finally, Tremblant Capital Group lifted its holdings in AvidXchange by 2.3% during the 4th quarter. Tremblant Capital Group now owns 3,231,149 shares of the company’s stock valued at $33,410,000 after purchasing an additional 73,802 shares during the last quarter. Institutional investors and hedge funds own 80.58% of the company’s stock.

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.