AvidXchange (NASDAQ:AVDX) Price Target Cut to $8.00 by Analysts at Piper Sandler

AvidXchange (NASDAQ:AVDX) had its price target reduced by stock analysts at Piper Sandler from $10.00 to $8.00 in a research report issued on Friday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Piper Sandler’s target price would indicate a potential upside of 8.70% from the stock’s current price.

Several other equities analysts have also issued reports on AVDX. BTIG Research began coverage on shares of AvidXchange in a report on Wednesday, December 11th. They issued a “buy” rating and a $14.00 target price on the stock. KeyCorp lowered AvidXchange from an “overweight” rating to a “sector weight” rating in a research report on Thursday. Wells Fargo & Company cut their target price on AvidXchange from $10.00 to $8.00 and set an “equal weight” rating on the stock in a research report on Thursday. Morgan Stanley decreased their target price on AvidXchange from $11.00 to $8.00 and set an “equal weight” rating for the company in a research note on Thursday. Finally, UBS Group boosted their price target on AvidXchange from $10.00 to $10.50 and gave the company a “neutral” rating in a research note on Thursday, November 7th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $10.33.

AvidXchange Trading Up 1.4 %

Shares of AVDX stock opened at $7.36 on Friday. The stock has a 50-day moving average of $10.09 and a 200-day moving average of $9.41. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.11. The stock has a market cap of $1.51 billion, a price-to-earnings ratio of 461.00 and a beta of 1.22. AvidXchange has a 1-year low of $6.89 and a 1-year high of $13.56.

AvidXchange (NASDAQ:AVDX) last released its earnings results on Wednesday, February 26th. The company reported $0.03 earnings per share 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 analyst estimates of $114.98 million. AvidXchange had a negative net margin of 0.23% and a positive return on equity of 0.74%. On average, equities research analysts forecast that AvidXchange will post 0.02 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Teresa Mackintosh sold 13,316 shares of the business’s stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $11.44, for a total transaction of $152,335.04. Following the completion of the sale, the director now directly owns 47,388 shares of the company’s stock, valued at $542,118.72. The trade was a 21.94 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Michael Praeger sold 42,377 shares of the firm’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $11.40, for a total transaction of $483,097.80. Following the completion of the transaction, the chief executive officer now directly owns 10,381,033 shares in the company, valued at approximately $118,343,776.20. The trade was a 0.41 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 80,693 shares of company stock worth $916,683. Insiders own 10.40% of the company’s stock.

Institutional Investors Weigh In On AvidXchange

Several institutional investors have recently bought and sold shares of the stock. Allspring Global Investments Holdings LLC purchased a new position in AvidXchange during the 3rd quarter worth $38,000. Wealth Enhancement Advisory Services LLC lifted its position in shares of AvidXchange by 29.6% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 13,211 shares of the company’s stock valued at $107,000 after purchasing an additional 3,019 shares in the last quarter. US Bancorp DE boosted its holdings 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 purchasing an additional 52,224 shares during the last quarter. ARK Investment Management LLC boosted its holdings in AvidXchange by 17.4% during the third quarter. ARK Investment Management LLC now owns 1,161,998 shares of the company’s stock worth $9,424,000 after purchasing an additional 171,908 shares during the last quarter. Finally, State of New Jersey Common Pension Fund D grew its position in AvidXchange by 39.3% in the 3rd quarter. State of New Jersey Common Pension Fund D now owns 247,947 shares of the company’s stock worth $2,011,000 after purchasing an additional 69,971 shares in the last quarter. 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.