AvidXchange Holdings, Inc. (NASDAQ:AVDX) Given Average Recommendation of “Reduce” by Analysts

AvidXchange Holdings, Inc. (NASDAQ:AVDX) has been given a consensus recommendation of “Reduce” by the seventeen ratings firms that are covering the firm, Marketbeat Ratings reports. Two investment analysts have rated the stock with a sell recommendation, fourteen have given a hold recommendation and one has given a buy recommendation to the company. The average 12 month target price among brokerages that have issued ratings on the stock in the last year is $10.30.

Several research analysts have weighed in on the company. BMO Capital Markets lowered their price target on AvidXchange from $11.00 to $7.50 and set a “market perform” rating on the stock in a research report on Thursday, February 27th. Susquehanna lowered AvidXchange from a “strong-buy” rating to a “hold” rating in a research report on Thursday, May 8th. Morgan Stanley boosted their target price on AvidXchange from $8.00 to $10.00 and gave the stock an “equal weight” rating in a report on Thursday, May 8th. JPMorgan Chase & Co. decreased their target price on AvidXchange from $10.00 to $9.00 and set a “neutral” rating on the stock in a report on Thursday, February 27th. Finally, UBS Group boosted their target price on AvidXchange from $8.00 to $10.00 and gave the stock a “neutral” rating in a report on Thursday, May 8th.

AvidXchange Stock Up 0.2%

NASDAQ:AVDX opened at $9.80 on Friday. The firm has a market capitalization of $2.02 billion, a price-to-earnings ratio of 245.00 and a beta of 1.22. AvidXchange has a twelve month low of $6.61 and a twelve month high of $12.93. The stock’s 50 day moving average price is $8.72 and its two-hundred day moving average price is $9.45. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.11.

Insider Buying and Selling at AvidXchange

In other AvidXchange news, insider Ryan Stahl sold 8,999 shares of the company’s stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $9.74, for a total value of $87,650.26. Following the transaction, the insider now directly owns 667,226 shares of the company’s stock, valued at $6,498,781.24. This represents a 1.33% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Michael Praeger sold 40,005 shares of the company’s stock in a transaction on Thursday, May 15th. The shares were sold at an average price of $9.74, for a total value of $389,648.70. Following the completion of the transaction, the chief executive officer now directly owns 11,037,830 shares in the company, valued at approximately $107,508,464.20. This represents a 0.36% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 95,890 shares of company stock valued at $933,969 in the last ninety days. 11.10% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in AvidXchange by 0.7% in the 1st quarter. Vanguard Group Inc. now owns 18,236,837 shares of the company’s stock valued at $154,648,000 after buying an additional 126,786 shares in the last quarter. FMR LLC lifted its position in shares of AvidXchange by 8.4% during the 4th quarter. FMR LLC now owns 14,889,282 shares of the company’s stock valued at $153,955,000 after acquiring an additional 1,155,513 shares during the period. North Reef Capital Management LP lifted its position in shares of AvidXchange by 2.5% during the 4th quarter. North Reef Capital Management LP now owns 7,994,000 shares of the company’s stock valued at $82,658,000 after acquiring an additional 194,000 shares during the period. Azora Capital LP bought a new stake in shares of AvidXchange during the 4th quarter valued at $45,067,000. Finally, Jacobs Levy Equity Management Inc. lifted its position in shares of AvidXchange by 8.7% during the 4th quarter. Jacobs Levy Equity Management Inc. now owns 3,397,658 shares of the company’s stock valued at $35,132,000 after acquiring an additional 273,194 shares during the period. 80.58% of the stock is owned by institutional investors and hedge funds.

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.