AvidXchange (NASDAQ:AVDX) Price Target Lowered to $8.00 at Piper Sandler

AvidXchange (NASDAQ:AVDX) had its price target decreased by Piper Sandler from $10.00 to $8.00 in a report published on Friday,Benzinga reports. Piper Sandler currently has a neutral rating on the stock.

A number of other research firms have also recently issued reports on AVDX. Robert W. Baird decreased their target price on AvidXchange from $14.00 to $12.00 and set an “outperform” rating on the stock in a research report on Thursday. Wells Fargo & Company decreased their target price on AvidXchange from $10.00 to $8.00 and set an “equal weight” rating on the stock in a research report on Thursday. Barclays lifted their target price on AvidXchange from $11.00 to $13.00 and gave the company an “overweight” rating in a research report on Monday, November 18th. JPMorgan Chase & Co. cut their price target on AvidXchange from $10.00 to $9.00 and set a “neutral” rating on the stock in a research note on Thursday. Finally, The Goldman Sachs Group cut their price target on AvidXchange from $9.50 to $7.00 and set a “sell” rating on the stock in a research note on Thursday. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, AvidXchange presently has a consensus rating of “Hold” and a consensus target price of $10.33.

AvidXchange Stock Up 3.3 %

Shares of NASDAQ AVDX opened at $7.60 on Friday. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.32 and a current ratio of 1.32. AvidXchange has a 52 week low of $6.89 and a 52 week high of $13.56. The stock has a market capitalization of $1.56 billion, a P/E ratio of 461.00 and a beta of 1.22. The stock’s fifty day moving average is $10.03 and its 200 day moving average is $9.40.

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

Insider Buying and Selling at AvidXchange

In other news, Director Teresa Mackintosh sold 13,316 shares of the business’s stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $11.44, for a total transaction of $152,335.04. Following the completion of the sale, the director now owns 47,388 shares in the company, valued at $542,118.72. The trade was a 21.94 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Michael Praeger sold 42,377 shares of the business’s stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $11.40, for a total value of $483,097.80. Following the sale, the chief executive officer now owns 10,381,033 shares of the company’s stock, valued at approximately $118,343,776.20. This represents a 0.41 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 80,693 shares of company stock valued at $916,683. 10.40% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On AvidXchange

Several hedge funds and other institutional investors have recently modified their holdings of the company. Xponance Inc. increased its holdings in shares of AvidXchange by 9.2% during the fourth quarter. Xponance Inc. now owns 12,459 shares of the company’s stock valued at $129,000 after acquiring an additional 1,045 shares in the last quarter. Captrust Financial Advisors grew its holdings in AvidXchange by 6.2% during the fourth quarter. Captrust Financial Advisors now owns 18,434 shares of the company’s stock worth $191,000 after buying an additional 1,084 shares in the last quarter. Summit Investment Advisors Inc. grew its holdings in AvidXchange by 6.8% during the fourth quarter. Summit Investment Advisors Inc. now owns 18,182 shares of the company’s stock worth $188,000 after buying an additional 1,155 shares in the last quarter. Blue Trust Inc. grew its holdings in AvidXchange by 90.1% during the fourth quarter. Blue Trust Inc. now owns 2,697 shares of the company’s stock worth $28,000 after buying an additional 1,278 shares in the last quarter. Finally, Rhumbline Advisers grew its holdings in AvidXchange by 1.0% during the fourth quarter. Rhumbline Advisers now owns 234,738 shares of the company’s stock worth $2,427,000 after buying an additional 2,391 shares in the last quarter. Institutional investors 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.