Wells Fargo & Company Trims AvidXchange (NASDAQ:AVDX) Target Price to $9.00

AvidXchange (NASDAQ:AVDX) had its price target decreased by Wells Fargo & Company from $10.00 to $9.00 in a research report released on Monday morning, Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the stock.

AVDX has been the subject of several other research reports. UBS Group lowered AvidXchange from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $15.00 to $10.00 in a research note on Thursday, August 1st. KeyCorp decreased their price objective on AvidXchange from $15.00 to $12.00 and set an “overweight” rating on the stock in a report on Thursday, August 1st. Bank of America dropped their price target on AvidXchange from $12.00 to $8.00 and set an “underperform” rating on the stock in a research report on Tuesday, October 15th. JPMorgan Chase & Co. lowered shares of AvidXchange from an “overweight” rating to a “neutral” rating and decreased their target price for the company from $11.00 to $9.00 in a research note on Tuesday, August 20th. Finally, Robert W. Baird reduced their price objective on AvidXchange from $16.00 to $14.00 and set an “outperform” rating for the company in a research note on Thursday, August 1st. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, AvidXchange currently has an average rating of “Hold” and an average target price of $10.57.

AvidXchange Trading Down 1.1 %

Shares of AVDX opened at $8.17 on Monday. The firm has a market cap of $1.69 billion, a price-to-earnings ratio of -54.47 and a beta of 1.01. AvidXchange has a 52-week low of $6.88 and a 52-week high of $13.56. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.36 and a current ratio of 1.36. The business’s fifty day moving average is $8.01 and its 200-day moving average is $10.06.

AvidXchange (NASDAQ:AVDX) last announced its earnings results on Wednesday, July 31st. The company reported $0.05 EPS for the quarter, beating the consensus estimate of $0.04 by $0.01. AvidXchange had a negative return on equity of 0.23% and a negative net margin of 3.18%. The company had revenue of $105.30 million for the quarter, compared to analyst estimates of $107.13 million. During the same quarter in the prior year, the company earned ($0.05) EPS. The firm’s revenue for the quarter was up 15.6% compared to the same quarter last year. Equities analysts anticipate that AvidXchange will post 0.03 EPS for the current fiscal year.

Insider Activity at AvidXchange

In related news, insider Ryan Stahl sold 7,427 shares of the business’s stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $8.58, for a total transaction of $63,723.66. Following the completion of the transaction, the insider now directly owns 369,603 shares in the company, valued at $3,171,193.74. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, insider Joel Wilhite sold 19,358 shares of the business’s stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $8.15, for a total transaction of $157,767.70. Following the completion of the sale, the insider now owns 400,278 shares of the company’s stock, valued at $3,262,265.70. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Ryan Stahl sold 7,427 shares of the business’s stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $8.58, for a total transaction of $63,723.66. Following the sale, the insider now directly owns 369,603 shares of the company’s stock, valued at $3,171,193.74. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 166,386 shares of company stock worth $1,343,044 over the last three months. Company insiders own 10.30% of the company’s stock.

Institutional Trading of AvidXchange

Several large investors have recently bought and sold shares of the business. SG Americas Securities LLC lifted its holdings in shares of AvidXchange by 2.9% in the 2nd quarter. SG Americas Securities LLC now owns 29,813 shares of the company’s stock worth $360,000 after acquiring an additional 835 shares during the last quarter. California State Teachers Retirement System increased its stake in AvidXchange by 1.0% during the 1st quarter. California State Teachers Retirement System now owns 161,292 shares of the company’s stock worth $2,121,000 after buying an additional 1,656 shares during the period. Advisors Asset Management Inc. increased its stake in AvidXchange by 96.3% during the 1st quarter. Advisors Asset Management Inc. now owns 4,309 shares of the company’s stock worth $57,000 after buying an additional 2,114 shares during the period. ProShare Advisors LLC increased its stake in AvidXchange by 9.7% during the 1st quarter. ProShare Advisors LLC now owns 27,135 shares of the company’s stock worth $357,000 after buying an additional 2,396 shares during the period. Finally, Principal Financial Group Inc. increased its position in shares of AvidXchange by 14.6% in the 1st quarter. Principal Financial Group Inc. now owns 20,058 shares of the company’s stock valued at $264,000 after purchasing an additional 2,556 shares during the last quarter. Hedge funds and other 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.