Analysts Set AvidXchange Holdings, Inc. (NASDAQ:AVDX) PT at $11.25

Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) have earned an average rating of “Hold” from the thirteen research firms that are covering the stock, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation, seven have given a hold recommendation and five have assigned a buy recommendation to the company. The average 12 month target price among brokers that have updated their coverage on the stock in the last year is $11.00.

Several research analysts recently issued reports on AVDX shares. KeyCorp dropped their price objective on AvidXchange from $15.00 to $12.00 and set an “overweight” rating on the stock in a research note on Thursday, August 1st. BMO Capital Markets dropped their price objective on AvidXchange from $13.00 to $10.00 and set a “market perform” rating on the stock in a research note on Thursday, August 1st. Wells Fargo & Company dropped their price objective on AvidXchange from $13.00 to $10.00 and set an “equal weight” rating on the stock in a research note on Thursday, August 1st. JPMorgan Chase & Co. lowered AvidXchange from an “overweight” rating to a “neutral” rating and lowered their target price for the stock from $11.00 to $9.00 in a report on Tuesday, August 20th. Finally, UBS Group lowered AvidXchange from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $15.00 to $10.00 in a report on Thursday, August 1st.

AvidXchange Stock Performance

Shares of NASDAQ:AVDX opened at $8.03 on Thursday. The firm’s 50 day simple moving average is $10.09 and its 200-day simple moving average is $11.21. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.36 and a current ratio of 1.36. AvidXchange has a one year low of $6.88 and a one year high of $13.56. The firm has a market cap of $1.66 billion, a PE ratio of -53.53 and a beta of 1.03.

AvidXchange (NASDAQ:AVDX) last announced its quarterly earnings data on Wednesday, July 31st. The company reported $0.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.04 by $0.01. AvidXchange had a negative return on equity of 0.23% and a negative net margin of 3.18%. The company had revenue of $105.30 million for the quarter, compared to analysts’ expectations of $107.13 million. During the same quarter in the prior year, the firm earned ($0.05) earnings per share. AvidXchange’s revenue was up 15.6% compared to the same quarter last year. As a group, equities analysts predict that AvidXchange will post 0.01 EPS for the current year.

Insider Activity

In other news, CEO Michael Praeger sold 6,701 shares of the stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $8.17, for a total transaction of $54,747.17. Following the completion of the sale, the chief executive officer now owns 10,410,983 shares in the company, valued at approximately $85,057,731.11. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, CEO Michael Praeger sold 6,701 shares of the company’s stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $8.17, for a total value of $54,747.17. Following the transaction, the chief executive officer now directly owns 10,410,983 shares of the company’s stock, valued at approximately $85,057,731.11. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Joel Wilhite sold 47,308 shares of the company’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $8.10, for a total value of $383,194.80. Following the completion of the transaction, the insider now directly owns 413,687 shares in the company, valued at $3,350,864.70. The disclosure for this sale can be found here. In the last quarter, insiders sold 177,881 shares of company stock worth $1,513,512. Insiders own 10.30% of the company’s stock.

Institutional Investors Weigh In On AvidXchange

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. American Century Companies Inc. grew its position in AvidXchange by 54.2% during the 2nd quarter. American Century Companies Inc. now owns 4,515,719 shares of the company’s stock worth $54,460,000 after purchasing an additional 1,586,510 shares during the period. Dimensional Fund Advisors LP grew its position in AvidXchange by 5.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 4,317,134 shares of the company’s stock worth $52,062,000 after purchasing an additional 230,777 shares during the period. Intrinsic Edge Capital Management LLC grew its position in AvidXchange by 79.9% during the 4th 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 period. Millennium Management LLC grew its position in AvidXchange by 9.8% during 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 during the period. Finally, Par Capital Management Inc. grew its position in AvidXchange by 10.0% during the 4th quarter. Par Capital Management Inc. now owns 2,750,000 shares of the company’s stock worth $34,072,000 after purchasing an additional 250,000 shares during the period. 80.58% of the stock is owned by institutional investors and hedge funds.

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.