Compass Point Upgrades AvidXchange (NASDAQ:AVDX) to “Buy”

AvidXchange (NASDAQ:AVDX) was upgraded by stock analysts at Compass Point from a “neutral” rating to a “buy” rating in a note issued to investors on Thursday, MarketBeat Ratings reports. The brokerage presently has a $15.00 price target on the stock, up from their previous price target of $8.00. Compass Point’s price target indicates a potential upside of 54.96% from the stock’s current price.

A number of other equities analysts also recently issued reports on the stock. Susquehanna dropped their price objective on shares of AvidXchange from $16.00 to $14.00 and set a “positive” rating on the stock in a research note on Thursday, August 1st. Keefe, Bruyette & Woods dropped their price objective on shares of AvidXchange from $13.50 to $11.00 and set a “market perform” rating on the stock in a research note on Thursday, August 1st. Robert W. Baird dropped their price objective on shares of AvidXchange from $16.00 to $14.00 and set an “outperform” rating on the stock in a research note on Thursday, August 1st. JPMorgan Chase & Co. downgraded shares of AvidXchange from an “overweight” rating to a “neutral” rating and dropped their price objective for the company from $11.00 to $9.00 in a research note on Tuesday, August 20th. Finally, Bank of America dropped their price objective on shares of AvidXchange from $12.00 to $8.00 and set an “underperform” rating on the stock in a research note on Tuesday, October 15th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $11.07.

AvidXchange Price Performance

Shares of AVDX stock opened at $9.68 on Thursday. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.36 and a quick ratio of 1.36. The company has a market capitalization of $2.01 billion, a P/E ratio of -161.33 and a beta of 1.00. The company’s 50-day simple moving average is $8.10 and its two-hundred day simple moving average is $9.84. AvidXchange has a one year low of $7.38 and a one year high of $13.56.

AvidXchange (NASDAQ:AVDX) last issued its earnings results on Wednesday, November 6th. The company reported $0.01 EPS for the quarter, missing analysts’ consensus estimates of $0.02 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 $112.77 million during the quarter, compared to the consensus estimate of $110.89 million. As a group, equities analysts anticipate that AvidXchange will post 0.03 EPS for the current year.

Insiders Place Their Bets

In other news, insider Ryan Stahl sold 7,427 shares of the stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $8.58, for a total value of $63,723.66. Following the sale, the insider now owns 369,603 shares in the company, valued at $3,171,193.74. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO Michael Praeger sold 37,225 shares of the firm’s stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $7.98, for a total transaction of $297,055.50. Following the sale, the chief executive officer now owns 10,453,786 shares in the company, valued at approximately $83,421,212.28. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Ryan Stahl sold 7,427 shares of the firm’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 sale, the insider now owns 369,603 shares in the company, valued at approximately $3,171,193.74. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 166,386 shares of company stock valued at $1,343,044. Insiders own 10.40% of the company’s stock.

Institutional Trading of AvidXchange

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Sumitomo Mitsui Trust Group Inc. grew its position in shares of AvidXchange by 9.1% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,862,225 shares of the company’s stock valued at $15,103,000 after purchasing an additional 155,008 shares during the period. GSA Capital Partners LLP purchased a new position in shares of AvidXchange in the third quarter worth about $1,393,000. Entropy Technologies LP purchased a new position in shares of AvidXchange in the third quarter worth about $447,000. Versor Investments LP purchased a new position in shares of AvidXchange in the third quarter worth about $216,000. Finally, State of New Jersey Common Pension Fund D lifted its stake 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 worth $2,011,000 after buying an additional 69,971 shares in the last quarter. Institutional investors and hedge funds 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.