AvidXchange (NASDAQ:AVDX) Price Target Lowered to $8.00 at Bank of America

AvidXchange (NASDAQ:AVDX) had its price target reduced by Bank of America from $12.00 to $8.00 in a research note published on Tuesday, Benzinga reports. Bank of America currently has an underperform rating on the stock.

AVDX has been the topic of a number of other reports. KeyCorp decreased their price target on AvidXchange from $15.00 to $12.00 and set an “overweight” rating on the stock in a report on Thursday, August 1st. JPMorgan Chase & Co. cut AvidXchange from an “overweight” rating to a “neutral” rating and lowered their price target for the stock from $11.00 to $9.00 in a report on Tuesday, August 20th. BMO Capital Markets dropped their price target on AvidXchange from $13.00 to $10.00 and set a “market perform” rating for the company in a research note on Thursday, August 1st. Barclays reduced their price objective on shares of AvidXchange from $14.00 to $10.00 and set an “overweight” rating on the stock in a research report on Monday, August 5th. Finally, Susquehanna dropped their target price on shares of AvidXchange from $16.00 to $14.00 and set a “positive” rating for the company in a research report on Thursday, August 1st. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $10.64.

AvidXchange Stock Performance

Shares of NASDAQ AVDX opened at $8.45 on Tuesday. The firm’s 50-day moving average price is $7.96 and its 200-day moving average price is $10.19. AvidXchange has a 52-week low of $6.88 and a 52-week high of $13.56. The company has a market cap of $1.75 billion, a PE ratio of -56.33 and a beta of 1.01. The company has a quick ratio of 1.36, a current ratio of 1.36 and a debt-to-equity ratio of 0.19.

AvidXchange (NASDAQ:AVDX) last posted its quarterly earnings data on Wednesday, July 31st. The company reported $0.05 EPS for the quarter, topping the consensus estimate of $0.04 by $0.01. The firm had revenue of $105.30 million during the quarter, compared to analyst estimates of $107.13 million. AvidXchange had a negative return on equity of 0.23% and a negative net margin of 3.18%. AvidXchange’s revenue was up 15.6% on a year-over-year basis. During the same period in the prior year, the business posted ($0.05) EPS. As a group, analysts anticipate that AvidXchange will post 0.03 EPS for the current year.

Insider Activity at AvidXchange

In other AvidXchange news, insider Joel Wilhite sold 47,308 shares of the business’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $8.10, for a total transaction of $383,194.80. Following the sale, the insider now directly owns 413,687 shares of the company’s stock, valued at $3,350,864.70. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other news, insider Ryan Stahl sold 7,621 shares of the stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $8.13, for a total value of $61,958.73. Following the sale, the insider now owns 377,030 shares of the company’s stock, valued at approximately $3,065,253.90. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Joel Wilhite sold 47,308 shares of AvidXchange stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $8.10, for a total transaction of $383,194.80. Following the transaction, the insider now directly owns 413,687 shares of the company’s stock, valued at approximately $3,350,864.70. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 158,959 shares of company stock valued at $1,279,321. Insiders own 10.30% of the company’s stock.

Institutional Trading of AvidXchange

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. TimesSquare Capital Management LLC grew its stake in shares of AvidXchange by 6.8% during the first quarter. TimesSquare Capital Management LLC now owns 1,970,837 shares of the company’s stock valued at $25,917,000 after buying an additional 124,988 shares during the last quarter. Lisanti Capital Growth LLC grew its position in AvidXchange by 58.3% in the 1st quarter. Lisanti Capital Growth LLC now owns 167,715 shares of the company’s stock valued at $2,205,000 after acquiring an additional 61,795 shares during the last quarter. Lazard Asset Management LLC purchased a new stake in AvidXchange in the first quarter worth $7,621,000. California State Teachers Retirement System lifted its position in shares of AvidXchange by 1.0% during the first quarter. California State Teachers Retirement System now owns 161,292 shares of the company’s stock worth $2,121,000 after purchasing an additional 1,656 shares during the last quarter. Finally, American Century Companies Inc. boosted its stake in shares of AvidXchange by 54.2% during the second quarter. American Century Companies Inc. now owns 4,515,719 shares of the company’s stock valued at $54,460,000 after purchasing an additional 1,586,510 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.