AvidXchange (NASDAQ:AVDX) Shares Gap Up to $7.77

Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) gapped up prior to trading on Friday . The stock had previously closed at $7.77, but opened at $8.13. AvidXchange shares last traded at $7.99, with a volume of 348,742 shares.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on AVDX. Barclays dropped their price objective on shares of AvidXchange from $14.00 to $10.00 and set an “overweight” rating on the stock in a report on Monday, August 5th. JPMorgan Chase & Co. lowered shares of AvidXchange from an “overweight” rating to a “neutral” rating and decreased their target price for the company from $11.00 to $9.00 in a research report on Tuesday. The Goldman Sachs Group decreased their target price on shares of AvidXchange from $11.50 to $9.00 and set a “sell” rating for the company in a research report on Thursday, August 1st. Susquehanna decreased their target price on shares of AvidXchange from $16.00 to $14.00 and set a “positive” rating for the company in a research report on Thursday, August 1st. Finally, KeyCorp decreased their target price on shares of AvidXchange from $15.00 to $12.00 and set an “overweight” rating for the company in a research report on Thursday, August 1st. One research analyst has rated the stock with a sell rating, six have given a hold rating and five have given a buy rating to the company. According to MarketBeat.com, AvidXchange presently has an average rating of “Hold” and an average price target of $11.25.

AvidXchange Stock Up 2.6 %

The business’s 50-day moving average price is $10.65 and its 200-day moving average price is $11.46. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.20. The firm has a market capitalization of $1.65 billion, a PE ratio of -51.80 and a beta of 1.03.

AvidXchange (NASDAQ:AVDX) last posted its quarterly earnings results on Wednesday, July 31st. The company reported $0.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.04 by $0.01. The business had revenue of $105.30 million during the quarter, compared to analyst estimates of $107.13 million. AvidXchange had a negative net margin of 3.18% and a negative return on equity of 0.23%. The firm’s revenue was up 15.6% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.05) earnings per share. As a group, equities research analysts predict that AvidXchange Holdings, Inc. will post 0.01 EPS for the current fiscal year.

Insider Activity at AvidXchange

In other AvidXchange news, CEO Michael Praeger sold 29,192 shares of the stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $10.85, for a total transaction of $316,733.20. Following the transaction, the chief executive officer now owns 10,440,510 shares in the company, valued at $113,279,533.50. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 10.30% of the company’s stock.

Hedge Funds Weigh In On AvidXchange

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Creative Planning grew its holdings in AvidXchange by 272.1% during the second quarter. Creative Planning now owns 38,635 shares of the company’s stock valued at $466,000 after purchasing an additional 28,253 shares during the last quarter. The Manufacturers Life Insurance Company grew its holdings in AvidXchange by 14.8% during the second quarter. The Manufacturers Life Insurance Company now owns 102,804 shares of the company’s stock valued at $1,240,000 after purchasing an additional 13,229 shares during the last quarter. Millennium Management LLC grew its stake in shares of AvidXchange by 9.8% in the second quarter. Millennium Management LLC now owns 2,770,662 shares of the company’s stock worth $33,414,000 after acquiring an additional 246,462 shares during the last quarter. Dark Forest Capital Management LP acquired a new stake in shares of AvidXchange in the second quarter worth $332,000. Finally, Squarepoint Ops LLC acquired a new stake in shares of AvidXchange in the second quarter worth $2,423,000. 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.