AvidXchange (NASDAQ:AVDX) Downgraded by Baird R W to “Hold”

Baird R W downgraded shares of AvidXchange (NASDAQ:AVDX) from a strong-buy rating to a hold rating in a research note issued to investors on Thursday,Zacks.com reports.

A number of other analysts have also commented on AVDX. JPMorgan Chase & Co. lowered their price objective on AvidXchange from $10.00 to $9.00 and set a “neutral” rating for the company in a research report on Thursday, February 27th. Piper Sandler lifted their price target on shares of AvidXchange from $8.00 to $10.00 and gave the stock a “neutral” rating in a research report on Thursday. Wells Fargo & Company boosted their price target on shares of AvidXchange from $8.00 to $10.00 and gave the stock an “equal weight” rating in a research note on Thursday. Morgan Stanley raised their price objective on shares of AvidXchange from $8.00 to $10.00 and gave the company an “equal weight” rating in a research note on Thursday. Finally, Keefe, Bruyette & Woods upped their target price on shares of AvidXchange from $8.00 to $9.00 and gave the company a “market perform” rating in a research report on Monday, March 31st. Two equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and three have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $10.30.

AvidXchange Trading Down 0.3 %

AVDX stock opened at $9.72 on Thursday. The business has a fifty day moving average price of $7.97 and a 200 day moving average price of $9.38. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.32 and a quick ratio of 1.32. The stock has a market capitalization of $2.00 billion, a price-to-earnings ratio of 242.88 and a beta of 1.14. AvidXchange has a fifty-two week low of $6.61 and a fifty-two week high of $12.93.

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

Insiders Place Their Bets

In other news, insider Joel Wilhite sold 32,203 shares of the company’s stock in a transaction that occurred on Friday, February 28th. The shares were sold at an average price of $7.59, for a total value of $244,420.77. Following the completion of the transaction, the insider now owns 843 shares in the company, valued at $6,398.37. This represents a 97.45 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, President Daniel Drees sold 34,782 shares of the firm’s stock in a transaction on Friday, February 28th. The stock was sold at an average price of $7.59, for a total transaction of $263,995.38. Following the sale, the president now owns 1,176,833 shares in the company, valued at approximately $8,932,162.47. The trade was a 2.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 125,866 shares of company stock worth $955,323 over the last ninety days. 10.40% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On AvidXchange

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Blue Trust Inc. lifted its holdings 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 in the last quarter. Versant Capital Management Inc lifted its stake in AvidXchange by 801.2% in the 1st quarter. Versant Capital Management Inc now owns 3,866 shares of the company’s stock valued at $33,000 after acquiring an additional 3,437 shares in the last quarter. GAMMA Investing LLC grew its stake in shares of AvidXchange by 816.6% during the 1st quarter. GAMMA Investing LLC now owns 4,079 shares of the company’s stock worth $35,000 after acquiring an additional 3,634 shares in the last quarter. R Squared Ltd acquired a new stake in shares of AvidXchange in the fourth quarter valued at approximately $41,000. Finally, Quarry LP raised its holdings in shares of AvidXchange by 126.6% in the fourth quarter. Quarry LP now owns 5,518 shares of the company’s stock valued at $57,000 after purchasing an additional 3,083 shares during the last quarter. 80.58% of the stock is owned by institutional investors and hedge funds.

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.