AvidXchange (NASDAQ:AVDX) Lowered to “Neutral” at JPMorgan Chase & Co.

AvidXchange (NASDAQ:AVDX) was downgraded by JPMorgan Chase & Co. from an “overweight” rating to a “neutral” rating in a note issued to investors on Tuesday, Marketbeat Ratings reports. They currently have a $9.00 price target on the stock, down from their previous price target of $11.00. JPMorgan Chase & Co.‘s price objective would indicate a potential upside of 13.64% from the stock’s current price.

Other equities research analysts have also issued research reports about the company. Robert W. Baird cut their target price on AvidXchange from $16.00 to $14.00 and set an “outperform” rating on the stock in a research report on Thursday, August 1st. Keefe, Bruyette & Woods decreased their price objective on AvidXchange from $13.50 to $11.00 and set a “market perform” rating for the company in a report on Thursday, August 1st. Susquehanna cut their price target on shares of AvidXchange from $16.00 to $14.00 and set a “positive” rating on the stock in a report on Thursday, August 1st. Wells Fargo & Company decreased their target price on AvidXchange from $13.00 to $10.00 and set an “equal weight” rating for the company in a research report on Thursday, August 1st. Finally, BMO Capital Markets decreased their price objective on shares of AvidXchange from $13.00 to $10.00 and set a “market perform” rating for the company in a report on Thursday, August 1st. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, AvidXchange has a consensus rating of “Hold” and a consensus price target of $11.25.

AvidXchange Stock Down 1.6 %

NASDAQ:AVDX opened at $7.92 on Tuesday. 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 one year low of $6.88 and a one year high of $13.56. The firm’s 50 day simple moving average is $10.71 and its 200 day simple moving average is $11.48. The company has a market cap of $1.64 billion, a PE ratio of -52.80 and a beta of 1.03.

AvidXchange (NASDAQ:AVDX) last issued its quarterly earnings results on Wednesday, July 31st. The company reported $0.05 EPS for the quarter, topping analysts’ consensus estimates of $0.04 by $0.01. The company had revenue of $105.30 million for the quarter, compared to analyst estimates of $107.13 million. AvidXchange had a negative net margin of 3.18% and a negative return on equity of 0.23%. AvidXchange’s revenue was up 15.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.05) earnings per share. On average, research analysts anticipate that AvidXchange will post 0.01 earnings per share for the current year.

Insider Activity

In other news, CEO Michael Praeger sold 29,192 shares of the firm’s stock in a transaction that occurred on Tuesday, June 11th. The shares were sold at an average price of $10.85, for a total value of $316,733.20. Following the completion of the transaction, the chief executive officer now directly owns 10,440,510 shares in the company, valued at $113,279,533.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 10.30% of the company’s stock.

Institutional Investors Weigh In On AvidXchange

Several hedge funds have recently bought and sold shares of the stock. American Century Companies Inc. raised its position in shares of AvidXchange by 54.2% during the 2nd quarter. American Century Companies Inc. now owns 4,515,719 shares of the company’s stock valued at $54,460,000 after buying an additional 1,586,510 shares in the last quarter. Dimensional Fund Advisors LP raised its position in AvidXchange by 5.6% during the second quarter. Dimensional Fund Advisors LP now owns 4,317,134 shares of the company’s stock valued at $52,062,000 after purchasing an additional 230,777 shares in the last quarter. Intrinsic Edge Capital Management LLC lifted its stake in AvidXchange by 79.9% during the fourth quarter. Intrinsic Edge Capital Management LLC now owns 2,785,445 shares of the company’s stock worth $34,512,000 after purchasing an additional 1,237,508 shares during the last quarter. Millennium Management LLC boosted its holdings in shares of AvidXchange by 9.8% in the 2nd quarter. Millennium Management LLC now owns 2,770,662 shares of the company’s stock worth $33,414,000 after purchasing an additional 246,462 shares in the last quarter. Finally, Par Capital Management Inc. increased its position in shares of AvidXchange by 10.0% during the 4th quarter. Par Capital Management Inc. now owns 2,750,000 shares of the company’s stock valued at $34,072,000 after purchasing an additional 250,000 shares during the last quarter. 80.58% of the stock is currently owned by 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.