AvidXchange Holdings, Inc. (NASDAQ:AVDX) Receives $12.86 Consensus Price Target from Analysts

AvidXchange Holdings, Inc. (NASDAQ:AVDX) has received an average recommendation of “Hold” from the eleven brokerages that are covering the company, MarketBeat Ratings reports. One analyst has rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $12.86.

AVDX has been the topic of several recent analyst reports. Barclays decreased their price target on AvidXchange from $16.00 to $14.00 and set an “overweight” rating on the stock in a research note on Monday, May 13th. Piper Sandler decreased their price target on AvidXchange from $14.00 to $12.00 and set a “neutral” rating on the stock in a research note on Friday, April 12th. 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 on the stock. Finally, The Goldman Sachs Group reaffirmed a “sell” rating and issued a $11.50 price target (down previously from $13.00) on shares of AvidXchange in a research note on Monday, April 15th.

Insider Activity at AvidXchange

In related news, CEO Michael Praeger sold 43,738 shares of the company’s stock in a transaction dated Monday, May 20th. The stock was sold at an average price of $11.11, for a total value of $485,929.18. Following the completion of the sale, the chief executive officer now owns 10,440,510 shares in the company, valued at $115,994,066.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CEO Michael Praeger sold 43,738 shares of the company’s stock in a transaction dated Monday, May 20th. The stock was sold at an average price of $11.11, for a total value of $485,929.18. Following the completion of the sale, the chief executive officer now owns 10,440,510 shares in the company, valued at $115,994,066.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, President Daniel Drees sold 13,762 shares of the company’s stock in a transaction dated 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 of the company’s stock, valued at approximately $8,524,483.44. The disclosure for this sale can be found here. Over the last quarter, insiders sold 152,897 shares of company stock worth $1,695,238. 10.30% of the stock is owned by insiders.

Institutional Investors Weigh In On AvidXchange

Several large investors have recently modified their holdings of AVDX. Jennison Associates LLC bought a new stake in shares of AvidXchange in the first quarter worth about $23,800,000. Kodai Capital Management LP increased its holdings in shares of AvidXchange by 872.9% in the first quarter. Kodai Capital Management LP now owns 1,581,667 shares of the company’s stock worth $20,799,000 after acquiring an additional 1,419,099 shares in the last quarter. American Century Companies Inc. bought a new stake in shares of AvidXchange in the third quarter worth about $11,884,000. Intrinsic Edge Capital Management LLC increased its holdings in shares of AvidXchange by 79.9% in the fourth quarter. Intrinsic Edge Capital Management LLC now owns 2,785,445 shares of the company’s stock worth $34,512,000 after acquiring an additional 1,237,508 shares in the last quarter. Finally, Vanguard Group Inc. increased its holdings in shares of AvidXchange by 5.2% in the third quarter. Vanguard Group Inc. now owns 18,482,011 shares of the company’s stock worth $175,209,000 after acquiring an additional 907,305 shares in the last quarter. 80.58% of the stock is currently owned by institutional investors.

AvidXchange Price Performance

Shares of NASDAQ:AVDX opened at $12.64 on Wednesday. AvidXchange has a 1-year low of $6.88 and a 1-year high of $13.56. The firm has a market capitalization of $2.61 billion, a PE ratio of -84.26 and a beta of 1.04. The business’s 50 day moving average is $11.32 and its 200-day moving average is $11.76. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 0.20.

AvidXchange (NASDAQ:AVDX) last announced its quarterly earnings data on Wednesday, May 8th. The company reported $0.02 earnings per share for the quarter, topping the consensus estimate of ($0.02) by $0.04. AvidXchange had a negative return on equity of 1.75% and a negative net margin of 8.10%. The company had revenue of $105.60 million for the quarter, compared to analyst estimates of $101.33 million. Sell-side analysts predict that AvidXchange will post 0.01 earnings per share for the current year.

About AvidXchange

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.