The Goldman Sachs Group Trims AvidXchange (NASDAQ:AVDX) Target Price to $9.00

AvidXchange (NASDAQ:AVDX) had its target price trimmed by The Goldman Sachs Group from $11.50 to $9.00 in a research report released on Thursday morning, Benzinga reports. The firm currently has a sell rating on the stock.

Several other analysts have also recently weighed in on the company. Robert W. Baird lowered their price target on AvidXchange from $16.00 to $14.00 and set an outperform rating on the stock in a report on Thursday. Piper Sandler decreased their price objective on AvidXchange from $14.00 to $12.00 and set a neutral rating on the stock in a report on Friday, April 12th. Keefe, Bruyette & Woods decreased their price objective on AvidXchange from $13.50 to $11.00 and set a market perform rating on the stock in a report on Thursday. UBS Group cut AvidXchange from a buy rating to a neutral rating and decreased their price objective for the company from $15.00 to $10.00 in a report on Thursday. Finally, Susquehanna reduced their price target on AvidXchange from $16.00 to $14.00 and set a positive rating on the stock in a research report on Thursday. One analyst has rated the stock with a sell rating, five have issued a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of Hold and an average target price of $12.08.

AvidXchange Stock Performance

NASDAQ:AVDX traded down $0.37 during trading on Thursday, reaching $7.43. The company’s stock had a trading volume of 200,493 shares, compared to its average volume of 2,051,430. The firm has a market cap of $1.54 billion, a price-to-earnings ratio of -49.46 and a beta of 1.03. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.34 and a current ratio of 1.34. The firm has a 50 day moving average of $11.42 and a 200-day moving average of $11.77. AvidXchange has a 12 month low of $6.88 and a 12 month high of $13.56.

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

Insider Activity at AvidXchange

In related news, insider Todd Alan Cunningham sold 28,424 shares of AvidXchange stock in a transaction that occurred on Thursday, May 23rd. The stock was sold at an average price of $11.02, for a total transaction of $313,232.48. Following the sale, the insider now directly owns 336,017 shares in the company, valued at $3,702,907.34. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other AvidXchange news, insider Todd Alan Cunningham sold 28,424 shares of AvidXchange stock in a transaction on Thursday, May 23rd. The stock was sold at an average price of $11.02, for a total transaction of $313,232.48. Following the completion of the transaction, the insider now owns 336,017 shares in the company, valued at $3,702,907.34. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Joel Wilhite sold 12,363 shares of AvidXchange stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $11.24, for a total value of $138,960.12. Following the transaction, the insider now owns 466,491 shares of the company’s stock, valued at approximately $5,243,358.84. The disclosure for this sale can be found here. Insiders have sold 152,897 shares of company stock worth $1,695,238 over the last ninety days. 10.30% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Advisors Asset Management Inc. raised its stake in AvidXchange by 96.3% during the first quarter. Advisors Asset Management Inc. now owns 4,309 shares of the company’s stock valued at $57,000 after buying an additional 2,114 shares during the last quarter. National Bank of Canada FI purchased a new position in shares of AvidXchange in the fourth quarter worth $54,000. nVerses Capital LLC purchased a new position in shares of AvidXchange in the second quarter worth $66,000. MBL Wealth LLC purchased a new position in shares of AvidXchange in the first quarter worth $163,000. Finally, Cornerstone Investment Partners LLC purchased a new position in shares of AvidXchange in the fourth quarter worth $178,000. Hedge funds and other institutional investors own 80.58% of the company’s stock.

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.