AvidXchange (NASDAQ:AVDX) Price Target Cut to $8.00 by Analysts at Wells Fargo & Company

AvidXchange (NASDAQ:AVDX) had its price objective cut by Wells Fargo & Company from $10.00 to $8.00 in a research note issued to investors on Thursday,Benzinga reports. They currently have an equal weight rating on the stock.

A number of other equities analysts have also recently commented on the stock. The Goldman Sachs Group reduced their price objective on shares of AvidXchange from $9.50 to $7.00 and set a “sell” rating for the company in a research report on Thursday. JPMorgan Chase & Co. reduced their price objective on shares of AvidXchange from $10.00 to $9.00 and set a “neutral” rating for the company in a research report on Thursday. BMO Capital Markets reduced their price objective on shares of AvidXchange from $11.00 to $7.50 and set a “market perform” rating for the company in a research report on Thursday. KeyCorp cut shares of AvidXchange from an “overweight” rating to a “sector weight” rating in a research report on Thursday. Finally, UBS Group lifted their price objective on shares of AvidXchange from $10.00 to $10.50 and gave the stock a “neutral” rating in a research report on Thursday, November 7th. Two 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. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $10.47.

AvidXchange Price Performance

Shares of AVDX opened at $7.36 on Thursday. The company has a market cap of $1.51 billion, a price-to-earnings ratio of 461.00 and a beta of 1.22. AvidXchange has a 1-year low of $6.89 and a 1-year high of $13.56. The company’s fifty day simple moving average is $10.09 and its 200 day simple moving average is $9.41. 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 (NASDAQ:AVDX) last issued its earnings results on Wednesday, February 26th. The company reported $0.03 earnings per share for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.03). The firm had revenue of $115.44 million for the quarter, compared to analyst estimates of $114.98 million. AvidXchange had a positive return on equity of 0.74% and a negative net margin of 0.23%. On average, research analysts forecast that AvidXchange will post 0.02 earnings per share for the current fiscal year.

Insider Activity

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

Institutional Investors Weigh In On AvidXchange

Institutional investors and hedge funds have recently bought and sold shares of the company. Blue Trust Inc. lifted its position in AvidXchange by 90.1% during the fourth quarter. Blue Trust Inc. now owns 2,697 shares of the company’s stock worth $28,000 after purchasing an additional 1,278 shares during the period. Point72 DIFC Ltd acquired a new position in AvidXchange during the third quarter worth about $37,000. Allspring Global Investments Holdings LLC acquired a new position in AvidXchange during the third quarter worth about $38,000. R Squared Ltd acquired a new position in AvidXchange during the fourth quarter worth about $41,000. Finally, Quarry LP raised its stake in AvidXchange by 126.6% during the fourth quarter. Quarry LP now owns 5,518 shares of the company’s stock worth $57,000 after acquiring an additional 3,083 shares in the last quarter. 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.