AvidXchange (NASDAQ:AVDX) Price Target Lowered to $9.00 at JPMorgan Chase & Co.

AvidXchange (NASDAQ:AVDX) had its price objective cut by investment analysts at JPMorgan Chase & Co. from $10.00 to $9.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s target price would suggest a potential upside of 18.42% from the stock’s current price.

Several other research firms have also issued reports on AVDX. UBS Group raised their price target on shares of AvidXchange from $10.00 to $10.50 and gave the stock a “neutral” rating in a research report on Thursday, November 7th. The Goldman Sachs Group raised their price target on shares of AvidXchange from $9.00 to $10.00 and gave the stock a “sell” rating in a research report on Monday, December 2nd. KeyCorp lowered shares of AvidXchange from an “overweight” rating to a “sector weight” rating in a research report on Thursday. BTIG Research began coverage on shares of AvidXchange in a research report on Wednesday, December 11th. They issued a “buy” rating and a $14.00 price target on the stock. Finally, Barclays raised their price target on shares of AvidXchange from $11.00 to $13.00 and gave the stock an “overweight” rating in a research report on Monday, November 18th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and five have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $10.33.

AvidXchange Stock Performance

Shares of AVDX opened at $7.60 on Thursday. The company has a market capitalization of $1.56 billion, a PE ratio of 461.00 and a beta of 1.22. AvidXchange has a one year low of $6.89 and a one year high of $13.56. 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 company’s fifty day moving average price is $10.03 and its 200 day moving average price is $9.40.

AvidXchange (NASDAQ:AVDX) last announced its earnings results on Wednesday, February 26th. The company reported $0.03 EPS for the quarter, missing the consensus estimate of $0.06 by ($0.03). The firm had revenue of $115.44 million during the quarter, compared to the consensus estimate 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, analysts expect that AvidXchange will post 0.02 earnings per share for the current year.

Insider Buying and Selling at AvidXchange

In other AvidXchange news, Director James E. Hausman sold 25,000 shares of the business’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $11.25, for a total value of $281,250.00. Following the transaction, the director now directly owns 2,112,232 shares in the company, valued at $23,762,610. The trade was a 1.17 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Teresa Mackintosh sold 13,316 shares of the business’s stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $11.44, for a total transaction of $152,335.04. Following the completion of the transaction, the director now owns 47,388 shares in the company, valued at approximately $542,118.72. This trade represents a 21.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 80,693 shares of company stock worth $916,683 over the last ninety days. Corporate insiders own 10.40% of the company’s stock.

Hedge Funds Weigh In On AvidXchange

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. FMR LLC raised its stake in shares of AvidXchange by 272.5% in the third quarter. FMR LLC now owns 13,733,769 shares of the company’s stock worth $111,381,000 after acquiring an additional 10,046,893 shares during the last quarter. Azora Capital LP bought a new position in shares of AvidXchange in the fourth quarter worth about $45,067,000. Jacobs Levy Equity Management Inc. bought a new position in shares of AvidXchange in the third quarter worth about $25,339,000. Arrowstreet Capital Limited Partnership bought a new position in shares of AvidXchange in the fourth quarter worth about $10,292,000. Finally, Point72 Asset Management L.P. bought a new position in shares of AvidXchange in the third quarter worth about $7,920,000. 80.58% of the stock is currently 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.