Robert W. Baird Issues Pessimistic Forecast for AvidXchange (NASDAQ:AVDX) Stock Price

AvidXchange (NASDAQ:AVDX) had its price objective lowered by Robert W. Baird from $14.00 to $12.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Robert W. Baird’s price objective points to a potential upside of 67.95% from the stock’s previous close.

Other analysts also recently issued reports about the company. UBS Group increased their price target on AvidXchange from $10.00 to $10.50 and gave the company a “neutral” rating in a report on Thursday, November 7th. Compass Point raised shares of AvidXchange from a “neutral” rating to a “buy” rating and upped their price objective for the company from $8.00 to $15.00 in a research report on Thursday, November 7th. The Goldman Sachs Group upped their price objective on shares of AvidXchange from $9.00 to $10.00 and gave the company a “sell” rating in a research report on Monday, December 2nd. KeyCorp cut shares of AvidXchange from an “overweight” rating to a “sector weight” rating in a research report on Thursday. Finally, Keefe, Bruyette & Woods decreased their price objective on shares of AvidXchange from $11.00 to $8.00 and set a “market perform” rating for the company in a research report on Thursday. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $11.03.

AvidXchange Stock Performance

NASDAQ:AVDX opened at $7.15 on Thursday. The company has a market capitalization of $1.47 billion, a PE ratio of 461.00 and a beta of 1.22. 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 simple moving average of $10.16 and a two-hundred day simple moving average of $9.42. AvidXchange has a fifty-two week low of $6.95 and a fifty-two week high of $13.56.

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

Insiders Place Their Bets

In other AvidXchange news, Director James E. Hausman sold 25,000 shares of the firm’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $11.25, for a total value of $281,250.00. Following the transaction, the director now owns 2,112,232 shares of the company’s stock, valued at $23,762,610. This trade represents a 1.17 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Teresa Mackintosh sold 13,316 shares of the firm’s stock in a transaction dated 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 transaction, the director now directly owns 47,388 shares in the company, valued at $542,118.72. This represents a 21.94 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 80,693 shares of company stock valued at $916,683 over the last quarter. Insiders own 10.40% of the company’s stock.

Institutional Investors Weigh In On AvidXchange

Large investors have recently made changes to their positions in the company. Blue Trust Inc. increased its stake in shares of AvidXchange by 90.1% in the fourth 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 during the period. R Squared Ltd acquired a new stake in shares of AvidXchange in the fourth quarter valued at approximately $41,000. Point72 DIFC Ltd acquired a new stake in shares of AvidXchange in the third quarter valued at approximately $37,000. Allspring Global Investments Holdings LLC acquired a new position in shares of AvidXchange during the third quarter valued at approximately $38,000. Finally, Quarry LP increased its stake in shares of AvidXchange by 126.6% during the fourth quarter. Quarry LP now owns 5,518 shares of the company’s stock valued at $57,000 after acquiring 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.