The Goldman Sachs Group Trims AvidXchange (NASDAQ:AVDX) Target Price to $9.00

AvidXchange (NASDAQ:AVDX) had its price objective lowered by The Goldman Sachs Group from $11.50 to $9.00 in a research note published on Thursday morning, Benzinga reports. The Goldman Sachs Group currently has a sell rating on the stock.

Several other brokerages have also recently issued reports on AVDX. KeyCorp reduced their price objective on AvidXchange from $15.00 to $12.00 and set an overweight rating on the stock in a research note on Thursday. Robert W. Baird dropped their target price on AvidXchange from $16.00 to $14.00 and set an outperform rating on the stock in a report on Thursday. Piper Sandler dropped their target price on AvidXchange from $14.00 to $12.00 and set a neutral rating on the stock in a report on Friday, April 12th. Wells Fargo & Company dropped their target price on AvidXchange from $13.00 to $10.00 and set an equal weight rating on the stock in a report on Thursday. Finally, Susquehanna dropped their target price on AvidXchange from $16.00 to $14.00 and set a positive rating on the stock in a report on Thursday. One analyst has rated the stock with a sell rating, five have given a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of Hold and an average price target of $12.08.

AvidXchange Stock Down 4.7 %

Shares of NASDAQ AVDX traded down $0.37 during mid-day trading on Thursday, hitting $7.43. The company had a trading volume of 200,493 shares, compared to its average volume of 2,051,430. The company has a market capitalization of $1.54 billion, a PE ratio of -49.46 and a beta of 1.03. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.34 and a quick ratio of 1.34. AvidXchange has a 1-year low of $6.88 and a 1-year high of $13.56. The business’s 50-day simple moving average is $11.42 and its 200 day simple moving average is $11.77.

AvidXchange (NASDAQ:AVDX) last announced its quarterly earnings data on Wednesday, July 31st. The company reported $0.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.04 by $0.01. The business had revenue of $105.30 million for the quarter, compared to analysts’ expectations of $107.13 million. AvidXchange had a negative return on equity of 0.23% and a negative net margin of 3.18%. The company’s revenue for the quarter was up 15.6% compared to the same quarter last year. During the same period last year, the firm earned ($0.05) earnings per share. On average, analysts predict that AvidXchange will post 0.01 earnings per share for the current year.

Insiders Place Their Bets

In related news, CEO Michael Praeger sold 25,418 shares of the firm’s stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $11.24, for a total transaction of $285,698.32. Following the transaction, the chief executive officer now owns 10,495,547 shares of the company’s stock, valued at $117,969,948.28. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In related news, President Daniel Drees sold 13,762 shares of the firm’s stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $11.24, for a total transaction of $154,684.88. Following the transaction, the president now owns 758,406 shares of the company’s stock, valued at $8,524,483.44. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Michael Praeger sold 25,418 shares of the firm’s stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $11.24, for a total value of $285,698.32. Following the transaction, the chief executive officer now directly owns 10,495,547 shares in the company, valued at approximately $117,969,948.28. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 152,897 shares of company stock valued at $1,695,238. 10.30% of the stock is currently owned by insiders.

Institutional Investors Weigh In On AvidXchange

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. SG Americas Securities LLC lifted its position in shares of AvidXchange by 2.9% during the 2nd quarter. SG Americas Securities LLC now owns 29,813 shares of the company’s stock valued at $360,000 after acquiring an additional 835 shares during the period. California State Teachers Retirement System lifted its position in shares of AvidXchange by 1.0% during the 1st quarter. California State Teachers Retirement System now owns 161,292 shares of the company’s stock valued at $2,121,000 after acquiring an additional 1,656 shares during the period. Advisors Asset Management Inc. lifted its position in shares of AvidXchange by 96.3% during the 1st quarter. Advisors Asset Management Inc. now owns 4,309 shares of the company’s stock valued at $57,000 after acquiring an additional 2,114 shares during the period. ProShare Advisors LLC lifted its position in shares of AvidXchange by 9.7% during the 1st quarter. ProShare Advisors LLC now owns 27,135 shares of the company’s stock valued at $357,000 after acquiring an additional 2,396 shares during the period. Finally, Principal Financial Group Inc. lifted its position in shares of AvidXchange by 14.6% during the 1st quarter. Principal Financial Group Inc. now owns 20,058 shares of the company’s stock valued at $264,000 after acquiring an additional 2,556 shares during the period. 80.58% of the stock is currently owned by institutional investors and hedge funds.

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.