AvidXchange (NASDAQ:AVDX) Price Target Cut to $8.00 by Analysts at Bank of America

by · The Markets Daily

AvidXchange (NASDAQ:AVDX – Free Report) had its target price reduced by Bank of America from $12.00 to $8.00 in a research report report published on Tuesday morning, Benzinga reports. They currently have an underperform rating on the stock.

Other equities analysts have also recently issued research reports about the company. The Goldman Sachs Group decreased their price objective on AvidXchange from $9.00 to $7.00 and set a “sell” rating for the company in a report on Monday, October 14th. JPMorgan Chase & Co. downgraded AvidXchange from an “overweight” rating to a “neutral” rating and decreased their price target for the company from $11.00 to $9.00 in a report on Tuesday, August 20th. Wells Fargo & Company dropped their price objective on shares of AvidXchange from $13.00 to $10.00 and set an “equal weight” rating on the stock in a research note on Thursday, August 1st. KeyCorp decreased their target price on shares of AvidXchange from $15.00 to $12.00 and set an “overweight” rating for the company in a research note on Thursday, August 1st. Finally, Keefe, Bruyette & Woods dropped their price target on shares of AvidXchange from $13.50 to $11.00 and set a “market perform” rating on the stock in a research report on Thursday, August 1st. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, AvidXchange has a consensus rating of “Hold” and an average price target of $10.64.

View Our Latest Stock Report on AvidXchange

AvidXchange Price Performance

Shares of NASDAQ:AVDX opened at $8.58 on Tuesday. AvidXchange has a twelve month low of $6.88 and a twelve month high of $13.56. The company has a current ratio of 1.36, a quick ratio of 1.36 and a debt-to-equity ratio of 0.19. The company has a market cap of $1.77 billion, a PE ratio of -57.20 and a beta of 1.01. The company’s 50 day moving average is $7.98 and its 200 day moving average is $10.16.

AvidXchange (NASDAQ:AVDX – Get Free Report) last released its quarterly earnings data on Wednesday, July 31st. The company reported $0.05 earnings per share for the quarter, topping analysts’ consensus estimates of $0.04 by $0.01. The firm had revenue of $105.30 million for the quarter, compared to analyst estimates of $107.13 million. AvidXchange had a negative net margin of 3.18% and a negative return on equity of 0.23%. The business’s quarterly revenue was up 15.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.05) earnings per share. On average, sell-side analysts forecast that AvidXchange will post 0.03 EPS for the current year.

Insiders Place Their Bets

In other news, insider Joel Wilhite sold 47,308 shares of the firm’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $8.10, for a total value of $383,194.80. Following the transaction, the insider now owns 413,687 shares in the company, valued at $3,350,864.70. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In related news, President Daniel Drees sold 20,069 shares of the company’s stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $7.98, for a total transaction of $160,150.62. Following the completion of the sale, the president now owns 753,644 shares of the company’s stock, valued at approximately $6,014,079.12. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Joel Wilhite sold 47,308 shares of the firm’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $8.10, for a total transaction of $383,194.80. Following the completion of the transaction, the insider now directly owns 413,687 shares in the company, valued at $3,350,864.70. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 166,386 shares of company stock worth $1,343,044. Corporate insiders own 10.30% of the company’s stock.

Institutional Investors Weigh In On AvidXchange

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Jennison Associates LLC acquired a new position in AvidXchange during the first quarter worth $23,800,000. American Century Companies Inc. boosted its position in shares of AvidXchange by 54.2% during the 2nd quarter. American Century Companies Inc. now owns 4,515,719 shares of the company’s stock valued at $54,460,000 after acquiring an additional 1,586,510 shares during the last quarter. Kodai Capital Management LP grew its holdings in shares of AvidXchange by 872.9% in the first quarter. Kodai Capital Management LP now owns 1,581,667 shares of the company’s stock valued at $20,799,000 after purchasing an additional 1,419,099 shares during the period. Lazard Asset Management LLC acquired a new stake in AvidXchange during the first quarter worth about $7,621,000. Finally, Healthcare of Ontario Pension Plan Trust Fund increased its holdings in shares of AvidXchange by 142.2% during the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 581,300 shares of the company’s stock worth $7,010,000 after buying an additional 341,300 shares during the last quarter. Institutional investors and hedge funds own 80.58% of the company’s stock.

About AvidXchange

(Get Free Report)

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.

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