Robert W. Baird Has Lowered Expectations for AvidXchange (NASDAQ:AVDX) Stock Price

AvidXchange (NASDAQ:AVDX) had its target price cut by Robert W. Baird from $14.00 to $12.00 in a research note published on Thursday,Benzinga reports. They currently have an outperform rating on the stock.

AVDX has been the topic of several other research reports. BTIG Research started coverage on shares of AvidXchange in a research report on Wednesday, December 11th. They set a “buy” rating and a $14.00 target price on the stock. Barclays boosted their target price on shares of AvidXchange from $11.00 to $13.00 and gave the stock an “overweight” rating in a research report on Monday, November 18th. Piper Sandler boosted their target price on shares of AvidXchange from $9.00 to $10.00 and gave the stock a “neutral” rating in a research report on Thursday, November 7th. JPMorgan Chase & Co. dropped 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. Finally, BMO Capital Markets boosted their target price on shares of AvidXchange from $10.00 to $11.00 and gave the stock a “market perform” rating in a research report on Friday, November 8th. Two equities research 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. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $10.47.

AvidXchange Trading Up 1.4 %

NASDAQ AVDX opened at $7.36 on Thursday. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.11. The firm has a market cap of $1.51 billion, a PE ratio of 461.00 and a beta of 1.22. The company has a 50 day moving average price of $10.09 and a 200 day moving average price of $9.41. AvidXchange has a 52 week low of $6.89 and a 52 week high of $13.56.

AvidXchange (NASDAQ:AVDX) last posted its quarterly earnings data on Wednesday, February 26th. The company reported $0.03 EPS for the quarter, missing the consensus estimate of $0.06 by ($0.03). The firm had revenue of $115.44 million for the quarter, compared to the consensus estimate of $114.98 million. AvidXchange had a positive return on equity of 0.74% and a negative net margin of 0.23%. As a group, sell-side analysts forecast that AvidXchange will post 0.02 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director James E. Hausman sold 25,000 shares of the stock in a transaction on Monday, December 9th. The shares were sold at an average price of $11.25, for a total transaction of $281,250.00. Following the sale, the director now directly owns 2,112,232 shares of the company’s stock, valued at approximately $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 at this hyperlink. Also, Director Teresa Mackintosh sold 13,316 shares of the stock in a transaction on Friday, December 6th. The stock was sold at an average price of $11.44, for a total transaction of $152,335.04. Following the sale, the director now directly owns 47,388 shares in the company, valued at $542,118.72. This trade represents a 21.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 80,693 shares of company stock valued at $916,683. Corporate insiders own 10.40% of the company’s stock.

Institutional Trading of AvidXchange

A number of hedge funds have recently added to or reduced their stakes in AVDX. US Bancorp DE raised its position in AvidXchange by 111,114.9% during the third quarter. US Bancorp DE now owns 52,271 shares of the company’s stock worth $424,000 after acquiring an additional 52,224 shares during the period. Jacobs Levy Equity Management Inc. acquired a new position in AvidXchange during the third quarter worth $25,339,000. Entropy Technologies LP acquired a new position in AvidXchange during the third quarter worth $447,000. State of New Jersey Common Pension Fund D raised its position in AvidXchange by 39.3% during 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 acquiring an additional 69,971 shares during the period. Finally, Barclays PLC raised its position in AvidXchange by 239.8% during the third quarter. Barclays PLC now owns 285,768 shares of the company’s stock worth $2,318,000 after acquiring an additional 201,679 shares during the period. 80.58% of the stock is owned by hedge funds and other 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.