AvidXchange Holdings, Inc. (NASDAQ:AVDX) Receives Average Recommendation of “Hold” from Analysts

AvidXchange Holdings, Inc. (NASDAQ:AVDX) has earned an average rating of “Hold” from the sixteen brokerages that are presently covering the firm, Marketbeat Ratings reports. Two analysts have rated the stock with a sell recommendation, ten have issued a hold recommendation and four have assigned a buy recommendation to the company. The average 1 year price target among brokerages that have issued a report on the stock in the last year is $10.00.

Several research firms have commented on AVDX. Barclays cut AvidXchange from an “overweight” rating to an “equal weight” rating and cut their price target for the company from $13.00 to $8.00 in a report on Tuesday, March 4th. Wells Fargo & Company reduced their target price on shares of AvidXchange from $10.00 to $8.00 and set an “equal weight” rating on the stock in a research note on Thursday, February 27th. Piper Sandler reduced their price target on shares of AvidXchange from $10.00 to $8.00 and set a “neutral” rating on the stock in a research report on Friday, February 28th. The Goldman Sachs Group cut their target price on shares of AvidXchange from $9.50 to $7.00 and set a “sell” rating for the company in a research note on Thursday, February 27th. Finally, KeyCorp cut AvidXchange from an “overweight” rating to a “sector weight” rating in a report on Thursday, February 27th.

AvidXchange Stock Up 1.0 %

AVDX stock opened at $7.92 on Monday. The stock has a market capitalization of $1.62 billion, a price-to-earnings ratio of 198.00 and a beta of 1.28. The company has a 50-day moving average of $9.41 and a two-hundred day moving average of $9.37. AvidXchange has a 52-week low of $6.61 and a 52-week high of $13.49. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.32 and a quick ratio of 1.32.

AvidXchange (NASDAQ:AVDX) last issued its quarterly 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). AvidXchange had a positive return on equity of 0.74% and a negative net margin of 0.23%. The business had revenue of $115.44 million during the quarter, compared to the consensus estimate of $114.98 million. As a group, equities research analysts anticipate that AvidXchange will post 0.02 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Michael Praeger sold 58,881 shares of the stock in a transaction that occurred on Friday, February 28th. The shares were sold at an average price of $7.59, for a total value of $446,906.79. Following the sale, the chief executive officer now directly owns 11,164,737 shares in the company, valued at $84,740,353.83. This trade represents a 0.52 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, President Daniel Drees sold 34,782 shares of the business’s stock in a transaction that occurred on Friday, February 28th. The shares were sold at an average price of $7.59, for a total transaction of $263,995.38. Following the transaction, the president now owns 1,176,833 shares of the company’s stock, valued at approximately $8,932,162.47. This represents a 2.87 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 125,866 shares of company stock valued at $955,323. Company insiders own 10.40% of the company’s stock.

Hedge Funds Weigh In On AvidXchange

Several institutional investors and hedge funds have recently made changes to their positions in the company. US Bancorp DE lifted its holdings in AvidXchange by 11.6% during the fourth quarter. US Bancorp DE now owns 58,350 shares of the company’s stock worth $603,000 after acquiring an additional 6,079 shares in the last quarter. Jacobs Levy Equity Management Inc. bought a new position in AvidXchange in the third quarter valued at approximately $25,339,000. State of New Jersey Common Pension Fund D boosted its holdings in shares of AvidXchange by 39.3% in the third quarter. State of New Jersey Common Pension Fund D now owns 247,947 shares of the company’s stock valued at $2,011,000 after buying an additional 69,971 shares during the period. Barclays PLC raised its holdings in shares of AvidXchange by 239.8% during the third quarter. Barclays PLC now owns 285,768 shares of the company’s stock worth $2,318,000 after acquiring an additional 201,679 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its position in AvidXchange by 8.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,528,875 shares of the company’s stock valued at $12,399,000 after acquiring an additional 114,763 shares in the last quarter. 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.