BMO Capital Markets Lowers AvidXchange (NASDAQ:AVDX) Price Target to $7.50

AvidXchange (NASDAQ:AVDX) had its price objective cut by BMO Capital Markets from $11.00 to $7.50 in a research report report published on Thursday morning,Benzinga reports. They currently have a market perform rating on the stock.

Several other equities research analysts also recently commented on AVDX. Robert W. Baird dropped their target price on AvidXchange from $14.00 to $12.00 and set an “outperform” rating on the stock in a report on Thursday. Piper Sandler upped their price target on AvidXchange from $9.00 to $10.00 and gave the company a “neutral” rating in a report on Thursday, November 7th. KeyCorp downgraded AvidXchange from an “overweight” rating to a “sector weight” rating in a report on Thursday. The Goldman Sachs Group upped their price target on AvidXchange from $9.00 to $10.00 and gave the company a “sell” rating in a report on Monday, December 2nd. Finally, JPMorgan Chase & Co. lowered their price target on AvidXchange from $10.00 to $9.00 and set a “neutral” rating on the stock in a report on Thursday. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and five 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 price target of $10.47.

AvidXchange Trading Up 1.4 %

AvidXchange stock opened at $7.36 on Thursday. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.11. The business’s fifty day simple moving average is $10.09 and its two-hundred day simple moving average is $9.41. AvidXchange has a 12 month low of $6.89 and a 12 month high of $13.56. The company has a market capitalization of $1.51 billion, a price-to-earnings ratio of 461.00 and a beta of 1.22.

AvidXchange (NASDAQ:AVDX) last released its 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 company had revenue of $115.44 million during the quarter, compared to the consensus estimate of $114.98 million. As a group, equities analysts predict that AvidXchange will post 0.02 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other AvidXchange news, Director James E. Hausman sold 25,000 shares of the company’s stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $11.25, for a total value of $281,250.00. Following the completion of the sale, the director now owns 2,112,232 shares in the company, valued at $23,762,610. This represents a 1.17 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Teresa Mackintosh sold 13,316 shares of the company’s stock in a transaction dated 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 sale, the director now owns 47,388 shares of the company’s stock, valued at approximately $542,118.72. The trade was a 21.94 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 80,693 shares of company stock worth $916,683 over the last quarter. 10.40% of the stock is currently owned by corporate insiders.

Institutional Trading of AvidXchange

A number of hedge funds and other institutional investors have recently bought and sold shares of AVDX. Allspring Global Investments Holdings LLC purchased a new stake in AvidXchange in the third quarter worth about $38,000. Wealth Enhancement Advisory Services LLC raised its stake in AvidXchange by 29.6% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 13,211 shares of the company’s stock valued at $107,000 after purchasing an additional 3,019 shares during the period. US Bancorp DE raised its stake in AvidXchange by 111,114.9% during the 3rd quarter. US Bancorp DE now owns 52,271 shares of the company’s stock valued at $424,000 after purchasing an additional 52,224 shares during the period. ARK Investment Management LLC raised its stake in AvidXchange by 17.4% during the 3rd quarter. ARK Investment Management LLC now owns 1,161,998 shares of the company’s stock valued at $9,424,000 after purchasing an additional 171,908 shares during the period. Finally, State of New Jersey Common Pension Fund D raised its stake in AvidXchange by 39.3% during the 3rd 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 purchasing an additional 69,971 shares during the period. Hedge funds and other institutional investors 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.