Brokerages Set AvidXchange Holdings, Inc. (NASDAQ:AVDX) Price Target at $10.07

Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) have received an average recommendation of “Reduce” from the seventeen brokerages that are presently covering the firm, Marketbeat.com reports. Two analysts have rated the stock with a sell recommendation, fourteen have issued a hold recommendation and one has issued a buy recommendation on the company. The average twelve-month price objective among brokers that have covered the stock in the last year is $10.30.

Several equities analysts recently weighed in on the company. Susquehanna downgraded AvidXchange from a “strong-buy” rating to a “hold” rating in a research note on Thursday, May 8th. KeyCorp downgraded AvidXchange from an “overweight” rating to a “sector weight” rating in a research note on Thursday, February 27th. BMO Capital Markets dropped their price objective on AvidXchange from $11.00 to $7.50 and set a “market perform” rating for the company in a research note on Thursday, February 27th. BTIG Research downgraded AvidXchange from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, May 7th. Finally, Morgan Stanley raised their price objective on AvidXchange from $8.00 to $10.00 and gave the company an “equal weight” rating in a research note on Thursday, May 8th.

AvidXchange Stock Down 0.1%

AvidXchange stock opened at $9.72 on Tuesday. AvidXchange has a twelve month low of $6.61 and a twelve month high of $12.93. The stock has a 50 day moving average of $8.07 and a two-hundred day moving average of $9.42. 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 capitalization of $2.00 billion, a price-to-earnings ratio of 243.00 and a beta of 1.14.

AvidXchange (NASDAQ:AVDX) last posted its quarterly earnings data 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 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%. As a group, research analysts expect that AvidXchange will post 0.02 earnings per share for the current year.

Insider Activity

In related news, President Daniel Drees sold 34,782 shares of AvidXchange stock in a transaction on Friday, February 28th. The stock was sold at an average price of $7.59, for a total value of $263,995.38. Following the transaction, the president now owns 1,176,833 shares in the company, valued at approximately $8,932,162.47. This trade represents a 2.87% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Joel Wilhite sold 32,203 shares of AvidXchange stock in a transaction 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. The trade was a 97.45% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 125,866 shares of company stock valued at $955,323 over the last quarter. Company insiders own 10.40% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in AVDX. Azora Capital LP acquired a new position in AvidXchange in the fourth quarter valued at $45,067,000. FMR LLC lifted its stake in shares of AvidXchange by 8.4% during the fourth quarter. FMR LLC now owns 14,889,282 shares of the company’s stock worth $153,955,000 after purchasing an additional 1,155,513 shares in the last quarter. Arrowstreet Capital Limited Partnership acquired a new position in shares of AvidXchange during the fourth quarter worth about $10,292,000. Jennison Associates LLC lifted its stake in shares of AvidXchange by 45.7% during the first quarter. Jennison Associates LLC now owns 3,171,634 shares of the company’s stock worth $26,895,000 after purchasing an additional 995,109 shares in the last quarter. Finally, Point72 Asset Management L.P. lifted its stake in shares of AvidXchange by 74.1% during the fourth quarter. Point72 Asset Management L.P. now owns 1,700,334 shares of the company’s stock worth $17,581,000 after purchasing an additional 723,724 shares in the last quarter. 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.