AvidXchange (NASDAQ:AVDX) Reaches New 52-Week Low – Here’s Why

AvidXchange Holdings, Inc. (NASDAQ:AVDX) reached a new 52-week low during mid-day trading on Monday . The company traded as low as $6.83 and last traded at $6.91, with a volume of 429594 shares changing hands. The stock had previously closed at $7.17.

Analysts Set New Price Targets

A number of research firms recently weighed in on AVDX. Keefe, Bruyette & Woods decreased their target price on shares of AvidXchange from $11.00 to $8.00 and set a “market perform” rating for the company in a research report on Thursday, February 27th. BTIG Research started coverage on AvidXchange in a research report on Wednesday, December 11th. They issued a “buy” rating and a $14.00 target price on the stock. Robert W. Baird reduced their price target on AvidXchange from $14.00 to $12.00 and set an “outperform” rating for the company in a research report on Thursday, February 27th. KeyCorp lowered AvidXchange from an “overweight” rating to a “sector weight” rating in a research report on Thursday, February 27th. Finally, Wolfe Research downgraded shares of AvidXchange from a “strong-buy” rating to a “hold” rating in a report on Thursday, February 27th. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, AvidXchange currently has a consensus rating of “Hold” and an average target price of $10.00.

AvidXchange Stock Performance

The company has a fifty day moving average price of $9.71 and a 200 day moving average price of $9.39. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.32 and a quick ratio of 1.32. The stock has a market cap of $1.44 billion, a P/E ratio of 175.75 and a beta of 1.28.

AvidXchange (NASDAQ:AVDX) last announced 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 negative net margin of 0.23% and a positive return on equity of 0.74%. The business had revenue of $115.44 million for the quarter, compared to the consensus estimate of $114.98 million. On average, equities analysts expect that AvidXchange Holdings, Inc. will post 0.02 EPS for the current year.

Insider Transactions at AvidXchange

In other news, CEO Michael Praeger sold 58,881 shares of AvidXchange stock in a transaction on Friday, February 28th. The stock was 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 in the company, valued at $84,740,353.83. The trade was a 0.52 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Joel Wilhite sold 32,203 shares of the business’s stock in a transaction dated Friday, February 28th. The stock was sold at an average price of $7.59, for a total transaction of $244,420.77. Following the completion of the transaction, the insider now directly owns 843 shares in the company, valued at $6,398.37. This trade represents a 97.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 125,866 shares of company stock valued at $955,323 over the last ninety days. 10.40% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. US Bancorp DE lifted its stake in AvidXchange by 111,114.9% in the third quarter. US Bancorp DE now owns 52,271 shares of the company’s stock valued at $424,000 after purchasing an additional 52,224 shares during the last quarter. Jacobs Levy Equity Management Inc. purchased a new stake in AvidXchange in the 3rd quarter worth about $25,339,000. Entropy Technologies LP bought a new stake in shares of AvidXchange in the third quarter valued at approximately $447,000. State of New Jersey Common Pension Fund D lifted its position in shares of 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 in the last quarter. Finally, Barclays PLC lifted its holdings in AvidXchange by 239.8% during the 3rd quarter. Barclays PLC now owns 285,768 shares of the company’s stock worth $2,318,000 after purchasing an additional 201,679 shares in the last quarter. 80.58% of the stock is currently owned by hedge funds and other institutional investors.

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.