Keefe, Bruyette & Woods Issues Positive Forecast for AvidXchange (NASDAQ:AVDX) Stock Price

AvidXchange (NASDAQ:AVDX) had its price objective increased by stock analysts at Keefe, Bruyette & Woods from $8.00 to $9.00 in a note issued to investors on Monday,Benzinga reports. The brokerage presently has a “market perform” rating on the stock. Keefe, Bruyette & Woods’ price target indicates a potential upside of 7.53% from the company’s previous close.

A number of other research firms also recently issued reports on AVDX. Wolfe Research downgraded shares of AvidXchange from a “strong-buy” rating to a “hold” rating in a report on Thursday, February 27th. Piper Sandler reduced their target price on AvidXchange from $10.00 to $8.00 and set a “neutral” rating on the stock in a report on Friday, February 28th. KeyCorp lowered AvidXchange from an “overweight” rating to a “sector weight” rating in a research note on Thursday, February 27th. BMO Capital Markets lowered their price objective on shares of AvidXchange from $11.00 to $7.50 and set a “market perform” rating for the company in a research report on Thursday, February 27th. Finally, JPMorgan Chase & Co. reduced their target price on shares of AvidXchange from $10.00 to $9.00 and set a “neutral” rating on the stock in a research report on Thursday, February 27th. Two analysts have rated the stock with a sell rating, ten have issued a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $10.07.

AvidXchange Trading Down 2.1 %

AvidXchange stock opened at $8.37 on Monday. The stock has a 50-day moving average price of $9.10 and a 200 day moving average price of $9.41. AvidXchange has a 52 week low of $6.61 and a 52 week high of $13.27. The stock has a market cap of $1.71 billion, a PE ratio of 209.25 and a beta of 1.28. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.11.

AvidXchange (NASDAQ:AVDX) last issued its quarterly earnings results on Wednesday, February 26th. The company reported $0.03 EPS for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.03). The firm had revenue of $115.44 million for the quarter, compared to analysts’ expectations of $114.98 million. AvidXchange had a positive return on equity of 0.74% and a negative net margin of 0.23%. Equities research analysts predict that AvidXchange will post 0.02 earnings per share for the current fiscal year.

Insiders Place Their Bets

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

Hedge Funds Weigh In On AvidXchange

A number of large investors have recently bought and sold shares of AVDX. Intech Investment Management LLC acquired a new stake in shares of AvidXchange during the 3rd quarter worth approximately $396,000. Charles Schwab Investment Management Inc. grew its stake in AvidXchange by 8.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,528,875 shares of the company’s stock worth $12,399,000 after buying an additional 114,763 shares during the last quarter. FMR LLC increased its position in AvidXchange by 272.5% in the third quarter. FMR LLC now owns 13,733,769 shares of the company’s stock worth $111,381,000 after buying an additional 10,046,893 shares during the period. Quantbot Technologies LP bought a new stake in AvidXchange in the third quarter valued at $618,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of AvidXchange by 5.1% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 422,697 shares of the company’s stock valued at $3,428,000 after acquiring an additional 20,665 shares during the period. 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.