Keefe, Bruyette & Woods Issues Pessimistic Forecast for AvidXchange (NASDAQ:AVDX) Stock Price

AvidXchange (NASDAQ:AVDX) had its target price lowered by research analysts at Keefe, Bruyette & Woods from $11.00 to $8.00 in a research note issued on Thursday,Benzinga reports. The firm currently has a “market perform” rating on the stock. Keefe, Bruyette & Woods’ target price indicates a potential upside of 5.26% from the stock’s previous close.

A number of other brokerages have also weighed in on AVDX. KeyCorp lowered shares of AvidXchange from an “overweight” rating to a “sector weight” rating in a research note on Thursday. BTIG Research initiated coverage on AvidXchange in a research note on Wednesday, December 11th. They issued a “buy” rating and a $14.00 price target on the stock. Wells Fargo & Company increased their price objective on AvidXchange from $9.00 to $10.00 and gave the company an “equal weight” rating in a research note on Thursday, November 7th. Barclays lifted their target price on shares of AvidXchange from $11.00 to $13.00 and gave the stock an “overweight” rating in a research note on Monday, November 18th. Finally, UBS Group increased their target price on shares of AvidXchange from $10.00 to $10.50 and gave the company a “neutral” rating in a research report on Thursday, November 7th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, AvidXchange presently has an average rating of “Hold” and an average price target of $10.33.

AvidXchange Stock Up 3.3 %

Shares of AVDX opened at $7.60 on Thursday. 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 firm has a market cap of $1.56 billion, a P/E ratio of 461.00 and a beta of 1.22. The stock’s 50 day moving average is $10.03 and its two-hundred day moving average is $9.40. AvidXchange has a 12 month low of $6.89 and a 12 month high of $13.56.

AvidXchange (NASDAQ:AVDX) last issued its quarterly earnings results on Wednesday, February 26th. The company reported $0.03 EPS for the quarter, missing the consensus estimate of $0.06 by ($0.03). The company had revenue of $115.44 million during the quarter, compared to analysts’ expectations of $114.98 million. AvidXchange had a positive return on equity of 0.74% and a negative net margin of 0.23%. Analysts predict that AvidXchange will post 0.02 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Michael Praeger sold 42,377 shares of the firm’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $11.40, for a total transaction of $483,097.80. Following the completion of the sale, the chief executive officer now directly owns 10,381,033 shares of the company’s stock, valued at approximately $118,343,776.20. This trade represents a 0.41 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Teresa Mackintosh sold 13,316 shares of the company’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 transaction, the director now directly owns 47,388 shares in the company, valued at $542,118.72. The trade was a 21.94 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 80,693 shares of company stock valued at $916,683. 10.40% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On AvidXchange

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Xponance Inc. increased its holdings in AvidXchange by 9.2% in the 4th quarter. Xponance Inc. now owns 12,459 shares of the company’s stock valued at $129,000 after purchasing an additional 1,045 shares during the last quarter. Captrust Financial Advisors boosted its position in shares of AvidXchange by 6.2% during the fourth quarter. Captrust Financial Advisors now owns 18,434 shares of the company’s stock worth $191,000 after buying an additional 1,084 shares during the period. Summit Investment Advisors Inc. grew its stake in shares of AvidXchange by 6.8% in the fourth quarter. Summit Investment Advisors Inc. now owns 18,182 shares of the company’s stock valued at $188,000 after buying an additional 1,155 shares in the last quarter. Blue Trust Inc. raised its holdings in shares of AvidXchange by 90.1% in the 4th quarter. Blue Trust Inc. now owns 2,697 shares of the company’s stock valued at $28,000 after buying an additional 1,278 shares during the period. Finally, Rhumbline Advisers lifted its stake in AvidXchange by 1.0% during the 4th quarter. Rhumbline Advisers now owns 234,738 shares of the company’s stock worth $2,427,000 after acquiring an additional 2,391 shares in the last quarter. 80.58% of the stock is 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.