AvidXchange (NASDAQ:AVDX) Price Target Cut to $8.00 by Analysts at Piper Sandler

AvidXchange (NASDAQ:AVDX) had its price target trimmed by Piper Sandler from $10.00 to $8.00 in a research report sent to investors on Friday morning,Benzinga reports. The firm currently has a neutral rating on the stock.

A number of other analysts have also recently commented on the company. Robert W. Baird lowered their price target on AvidXchange from $14.00 to $12.00 and set an “outperform” rating for the company in a research note on Thursday. The Goldman Sachs Group lowered their price target on AvidXchange from $9.50 to $7.00 and set a “sell” rating for the company in a research note on Thursday. KeyCorp cut AvidXchange from an “overweight” rating to a “sector weight” rating in a research note on Thursday. Compass Point raised AvidXchange from a “neutral” rating to a “buy” rating and increased their target price for the stock from $8.00 to $15.00 in a research note on Thursday, November 7th. Finally, JPMorgan Chase & Co. lowered their target price on AvidXchange from $10.00 to $9.00 and set a “neutral” rating for the company in a research note on Thursday. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $10.33.

AvidXchange Stock Performance

AvidXchange stock opened at $7.60 on Friday. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.11. AvidXchange has a 1 year low of $6.89 and a 1 year high of $13.56. The company has a market cap of $1.56 billion, a PE ratio of 461.00 and a beta of 1.22. The company’s 50-day moving average is $10.03 and its two-hundred day moving average is $9.40.

AvidXchange (NASDAQ:AVDX) last released its earnings results on Wednesday, February 26th. The company reported $0.03 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.03). AvidXchange had a negative net margin of 0.23% and a positive return on equity of 0.74%. The business had revenue of $115.44 million for the quarter, compared to analyst estimates of $114.98 million. Equities analysts anticipate that AvidXchange will post 0.02 earnings per share for the current year.

Insider Activity

In other AvidXchange news, Director Teresa Mackintosh sold 13,316 shares of the firm’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 completion of the sale, the director now owns 47,388 shares of the company’s stock, valued at $542,118.72. This trade represents a 21.94 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Michael Praeger sold 42,377 shares of the firm’s stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $11.40, for a total value of $483,097.80. Following the sale, the chief executive officer now directly owns 10,381,033 shares of the company’s stock, valued at $118,343,776.20. This represents a 0.41 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 80,693 shares of company stock valued at $916,683. 10.40% of the stock is owned by insiders.

Institutional Investors Weigh In On AvidXchange

Several hedge funds have recently added to or reduced their stakes in the business. Blue Trust Inc. increased its position in AvidXchange by 90.1% during the 4th quarter. Blue Trust Inc. now owns 2,697 shares of the company’s stock worth $28,000 after buying an additional 1,278 shares during the period. Point72 DIFC Ltd bought a new position in AvidXchange during the 3rd quarter worth $37,000. Allspring Global Investments Holdings LLC bought a new position in AvidXchange during the 3rd quarter worth $38,000. R Squared Ltd bought a new position in AvidXchange during the 4th quarter worth $41,000. Finally, Quarry LP increased its position in AvidXchange by 126.6% during the 4th quarter. Quarry LP now owns 5,518 shares of the company’s stock worth $57,000 after buying an additional 3,083 shares during the period. 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.