JPMorgan Chase & Co. Issues Pessimistic Forecast for AvidXchange (NASDAQ:AVDX) Stock Price

AvidXchange (NASDAQ:AVDX) had its price objective cut by investment analysts at JPMorgan Chase & Co. from $10.00 to $9.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s price objective points to a potential upside of 18.42% from the stock’s previous close.

Other analysts have also recently issued reports about the stock. Barclays raised their target price on shares of AvidXchange from $11.00 to $13.00 and gave the stock an “overweight” rating in a report on Monday, November 18th. Keefe, Bruyette & Woods reduced their target price on shares of AvidXchange from $11.00 to $8.00 and set a “market perform” rating for the company in a report on Thursday. BMO Capital Markets raised their price objective on shares of AvidXchange from $10.00 to $11.00 and gave the stock a “market perform” rating in a research note on Friday, November 8th. UBS Group raised their price objective on shares of AvidXchange from $10.00 to $10.50 and gave the stock a “neutral” rating in a research note on Thursday, November 7th. Finally, Compass Point raised shares of AvidXchange from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $8.00 to $15.00 in a research note on Thursday, November 7th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, AvidXchange currently has an average rating of “Hold” and a consensus price target of $10.33.

AvidXchange Trading Up 3.3 %

Shares of NASDAQ:AVDX opened at $7.60 on Thursday. The stock has a market capitalization of $1.56 billion, a price-to-earnings ratio of 461.00 and a beta of 1.22. AvidXchange has a 1-year low of $6.89 and a 1-year high of $13.56. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.32 and a current ratio of 1.32. The company has a 50 day moving average price of $10.03 and a 200 day moving average price of $9.40.

AvidXchange (NASDAQ:AVDX) last issued its earnings results 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). The business had revenue of $115.44 million for the quarter, compared to the consensus estimate of $114.98 million. AvidXchange had a positive return on equity of 0.74% and a negative net margin of 0.23%. On average, research analysts anticipate that AvidXchange will post 0.02 EPS for the current fiscal year.

Insiders Place Their Bets

In other 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 transaction of $152,335.04. Following the transaction, the director now owns 47,388 shares in the company, valued at approximately $542,118.72. This trade represents a 21.94 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 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 transaction, the director now owns 2,112,232 shares in the company, valued at $23,762,610. This represents a 1.17 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 80,693 shares of company stock worth $916,683 in the last quarter. 10.40% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of AVDX. Blue Trust Inc. raised its holdings in shares of AvidXchange by 90.1% during the 4th quarter. Blue Trust Inc. now owns 2,697 shares of the company’s stock valued at $28,000 after purchasing an additional 1,278 shares in the last quarter. Point72 DIFC Ltd bought a new position in shares of AvidXchange during the 3rd quarter valued at $37,000. Allspring Global Investments Holdings LLC bought a new position in shares of AvidXchange during the 3rd quarter valued at $38,000. R Squared Ltd bought a new position in shares of AvidXchange during the 4th quarter valued at $41,000. Finally, Quarry LP raised its holdings in shares of AvidXchange by 126.6% during the 4th quarter. Quarry LP now owns 5,518 shares of the company’s stock valued at $57,000 after purchasing an additional 3,083 shares in the last quarter. Institutional investors 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.