Barclays Lowers AvidXchange (NASDAQ:AVDX) Price Target to $10.00

AvidXchange (NASDAQ:AVDX) had its target price lowered by Barclays from $14.00 to $10.00 in a report issued on Monday, Benzinga reports. The brokerage currently has an overweight rating on the stock.

Several other brokerages have also commented on AVDX. Piper Sandler cut their price target on shares of AvidXchange from $14.00 to $12.00 and set a neutral rating for the company in a report on Friday, April 12th. UBS Group downgraded shares of AvidXchange from a buy rating to a neutral rating and reduced their price target for the stock from $15.00 to $10.00 in a research report on Thursday, August 1st. Robert W. Baird lowered their price objective on AvidXchange from $16.00 to $14.00 and set an outperform rating on the stock in a report on Thursday, August 1st. Keefe, Bruyette & Woods cut their price objective on AvidXchange from $13.50 to $11.00 and set a market perform rating for the company in a research note on Thursday, August 1st. Finally, KeyCorp decreased their target price on AvidXchange from $15.00 to $12.00 and set an overweight rating on the stock in a research report on Thursday, August 1st. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, AvidXchange has a consensus rating of Hold and a consensus target price of $11.75.

AvidXchange Stock Up 3.8 %

AVDX opened at $7.86 on Monday. The company has a fifty day moving average of $11.24 and a two-hundred day moving average of $11.70. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.34 and a current ratio of 1.34. AvidXchange has a fifty-two week low of $6.88 and a fifty-two week high of $13.56. The stock has a market capitalization of $1.62 billion, a price-to-earnings ratio of -52.00 and a beta of 1.03.

AvidXchange (NASDAQ:AVDX) last announced its quarterly earnings results on Wednesday, July 31st. The company reported $0.05 earnings per share for the quarter, beating the consensus estimate of $0.04 by $0.01. The firm had revenue of $105.30 million during the quarter, compared to analyst estimates of $107.13 million. AvidXchange had a negative return on equity of 0.23% and a negative net margin of 3.18%. AvidXchange’s revenue for the quarter was up 15.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.05) EPS. On average, research analysts expect that AvidXchange will post 0.01 earnings per share for the current year.

Insider Buying and Selling at AvidXchange

In related news, insider Joel Wilhite sold 12,363 shares of the firm’s stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $11.24, for a total transaction of $138,960.12. Following the completion of the sale, the insider now directly owns 466,491 shares in the company, valued at $5,243,358.84. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, insider Joel Wilhite sold 12,363 shares of the company’s stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $11.24, for a total value of $138,960.12. Following the transaction, the insider now directly owns 466,491 shares in the company, valued at $5,243,358.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, President Daniel Drees sold 13,762 shares of AvidXchange stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $11.24, for a total value of $154,684.88. Following the completion of the sale, the president now owns 758,406 shares in the company, valued at approximately $8,524,483.44. The disclosure for this sale can be found here. Insiders sold a total of 152,897 shares of company stock worth $1,695,238 in the last three months. 10.30% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. National Bank of Canada FI purchased a new position in shares of AvidXchange during the fourth quarter worth $54,000. Advisors Asset Management Inc. boosted its holdings in AvidXchange by 96.3% during the 1st quarter. Advisors Asset Management Inc. now owns 4,309 shares of the company’s stock valued at $57,000 after acquiring an additional 2,114 shares during the period. nVerses Capital LLC acquired a new position in AvidXchange in the 2nd quarter valued at about $66,000. MBL Wealth LLC purchased a new stake in AvidXchange during the first quarter worth about $163,000. Finally, Cornerstone Investment Partners LLC acquired a new stake in shares of AvidXchange during the fourth quarter worth about $178,000. Institutional investors and hedge funds own 80.58% of the company’s stock.

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.