AvidXchange (NASDAQ:AVDX) Downgraded by Wolfe Research to “Hold”

Wolfe Research lowered shares of AvidXchange (NASDAQ:AVDX) from a strong-buy rating to a hold rating in a report published on Thursday morning,Zacks.com reports.

Several other equities analysts also recently issued reports on the stock. Barclays lifted their price target on shares of AvidXchange from $11.00 to $13.00 and gave the company an “overweight” rating in a report on Monday, November 18th. JPMorgan Chase & Co. cut their target price on shares of AvidXchange from $10.00 to $9.00 and set a “neutral” rating for the company in a research note on Thursday. Morgan Stanley decreased their price target on AvidXchange from $11.00 to $8.00 and set an “equal weight” rating on the stock in a research report on Thursday. KeyCorp downgraded AvidXchange from an “overweight” rating to a “sector weight” rating in a research report on Thursday. Finally, Robert W. Baird reduced their price objective on AvidXchange from $14.00 to $12.00 and set an “outperform” rating on the stock in a research note on Thursday. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $10.33.

AvidXchange Trading Up 3.3 %

Shares of AVDX opened at $7.60 on Thursday. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.11. The stock has a market cap of $1.56 billion, a PE 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 stock has a 50 day simple moving average of $10.03 and a 200-day simple moving average of $9.40.

AvidXchange (NASDAQ:AVDX) last released its quarterly earnings data on Wednesday, February 26th. The company reported $0.03 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.06 by ($0.03). The company 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, sell-side analysts predict that AvidXchange will post 0.02 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CEO Michael Praeger sold 42,377 shares of the stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $11.40, for a total value of $483,097.80. Following the transaction, 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 position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, 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 value of $152,335.04. Following the completion of the transaction, the director now owns 47,388 shares in the company, valued at $542,118.72. This represents a 21.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 80,693 shares of company stock worth $916,683 over the last three months. 10.40% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On AvidXchange

Hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its stake in shares of AvidXchange by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 18,110,051 shares of the company’s stock valued at $187,258,000 after acquiring an additional 116,410 shares during the last quarter. FMR LLC grew its holdings in AvidXchange by 8.4% during the fourth quarter. FMR LLC now owns 14,889,282 shares of the company’s stock valued at $153,955,000 after purchasing an additional 1,155,513 shares during the period. North Reef Capital Management LP increased its stake in AvidXchange by 2.5% in the fourth quarter. North Reef Capital Management LP now owns 7,994,000 shares of the company’s stock valued at $82,658,000 after purchasing an additional 194,000 shares in the last quarter. Azora Capital LP acquired a new stake in AvidXchange in the fourth quarter worth $45,067,000. Finally, Geode Capital Management LLC boosted its position in shares of AvidXchange by 5.0% during the third quarter. Geode Capital Management LLC now owns 4,266,265 shares of the company’s stock worth $34,607,000 after purchasing an additional 201,847 shares in the last quarter. Institutional investors and hedge funds 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.