AvidXchange (NASDAQ:AVDX) Rating Lowered to “Hold” at Wolfe Research

AvidXchange (NASDAQ:AVDX) was downgraded by analysts at Wolfe Research from a “strong-buy” rating to a “hold” rating in a research report issued on Thursday,Zacks.com reports.

A number of other research analysts also recently commented on the company. UBS Group boosted their price target on AvidXchange from $10.00 to $10.50 and gave the company a “neutral” rating in a research note on Thursday, November 7th. BMO Capital Markets dropped their price target on AvidXchange from $11.00 to $7.50 and set a “market perform” rating for the company in a research note on Thursday. Robert W. Baird dropped their price target on AvidXchange from $14.00 to $12.00 and set an “outperform” rating for the company in a research note on Thursday. KeyCorp downgraded AvidXchange from an “overweight” rating to a “sector weight” rating in a research note on Thursday. Finally, 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 research report on Thursday. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $10.33.

AvidXchange Stock Up 3.3 %

AVDX opened at $7.60 on Thursday. AvidXchange has a fifty-two week low of $6.89 and a fifty-two week high of $13.56. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.32 and a current ratio of 1.32. The company has a market capitalization of $1.56 billion, a P/E ratio of 461.00 and a beta of 1.22. The stock has a fifty day moving average of $10.03 and a 200-day moving average of $9.40.

AvidXchange (NASDAQ:AVDX) last posted its earnings results 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 firm 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%. On average, equities analysts expect that AvidXchange will post 0.02 EPS for the current year.

Insider Transactions at AvidXchange

In related news, Director James E. Hausman sold 25,000 shares of AvidXchange stock in a transaction that occurred on Monday, December 9th. The stock was 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 of the company’s stock, valued at $23,762,610. The trade was a 1.17 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Teresa Mackintosh sold 13,316 shares of AvidXchange stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $11.44, for a total value of $152,335.04. Following the completion of the transaction, the director now directly owns 47,388 shares in the company, valued at approximately $542,118.72. This represents a 21.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 80,693 shares of company stock worth $916,683. Insiders own 10.40% of the company’s stock.

Hedge Funds Weigh In On AvidXchange

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Blue Trust Inc. lifted its stake in shares of AvidXchange by 90.1% in the fourth quarter. Blue Trust Inc. now owns 2,697 shares of the company’s stock worth $28,000 after acquiring an additional 1,278 shares during the period. Point72 DIFC Ltd acquired a new position in AvidXchange in the third quarter valued at approximately $37,000. Allspring Global Investments Holdings LLC acquired a new position in AvidXchange in the third quarter valued at approximately $38,000. R Squared Ltd acquired a new position in AvidXchange in the fourth quarter valued at approximately $41,000. Finally, Quarry LP lifted its stake in 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 buying an additional 3,083 shares during the period. 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.