Wells Fargo & Company Lowers AvidXchange (NASDAQ:AVDX) Price Target to $8.00

AvidXchange (NASDAQ:AVDX) had its price target lowered by research analysts at Wells Fargo & Company from $10.00 to $8.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s target price would suggest a potential upside of 5.26% from the company’s previous close.

Several other research analysts also recently weighed in on the company. Morgan Stanley cut their price target on AvidXchange from $11.00 to $8.00 and set an “equal weight” rating for the company in a research note on Thursday. UBS Group increased their target price on shares of AvidXchange from $10.00 to $10.50 and gave the stock a “neutral” rating in a research report on Thursday, November 7th. Keefe, Bruyette & Woods lowered their price target on shares of AvidXchange from $11.00 to $8.00 and set a “market perform” rating on the stock in a research report on Thursday. Piper Sandler raised their price objective on shares of AvidXchange from $9.00 to $10.00 and gave the stock a “neutral” rating in a report on Thursday, November 7th. Finally, KeyCorp cut shares of AvidXchange from an “overweight” rating to a “sector weight” rating in a report on Thursday. Two investment 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. Based on data from MarketBeat, AvidXchange presently has an average rating of “Hold” and a consensus target price of $10.33.

AvidXchange Stock Performance

NASDAQ AVDX opened at $7.60 on Thursday. The company has a market capitalization of $1.56 billion, a PE ratio of 461.00 and a beta of 1.22. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.32 and a current ratio of 1.32. AvidXchange has a 52-week low of $6.89 and a 52-week high of $13.56. The company has a 50-day simple moving average of $10.03 and a 200 day simple moving average of $9.40.

AvidXchange (NASDAQ:AVDX) last posted 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). 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. On average, research analysts predict that AvidXchange will post 0.02 EPS for the current year.

Insider Buying and Selling

In related news, Director James E. Hausman sold 25,000 shares of the firm’s stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $11.25, for a total value of $281,250.00. Following the sale, the director now directly owns 2,112,232 shares of the company’s stock, valued at $23,762,610. This trade represents a 1.17 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Teresa Mackintosh sold 13,316 shares of AvidXchange stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $11.44, for a total transaction of $152,335.04. Following 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 ownership of the stock. 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 ninety days. 10.40% of the stock is owned by corporate insiders.

Institutional Trading of AvidXchange

Hedge funds have recently made changes to their positions in the stock. Blue Trust Inc. increased its stake in AvidXchange by 90.1% in the fourth quarter. Blue Trust Inc. now owns 2,697 shares of the company’s stock valued at $28,000 after acquiring an additional 1,278 shares during the last quarter. Point72 DIFC Ltd bought a new position in shares of AvidXchange during the 3rd quarter valued at about $37,000. Allspring Global Investments Holdings LLC purchased a new position in shares of AvidXchange during the 3rd quarter valued at about $38,000. R Squared Ltd purchased a new position in shares of AvidXchange during the 4th quarter valued at about $41,000. Finally, Quarry LP lifted its position in AvidXchange by 126.6% in the 4th quarter. Quarry LP now owns 5,518 shares of the company’s stock worth $57,000 after buying an additional 3,083 shares during the last quarter. 80.58% of the stock is owned by institutional investors.

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.