Wells Fargo & Company Has Lowered Expectations for AvidXchange (NASDAQ:AVDX) Stock Price

AvidXchange (NASDAQ:AVDX) had its target price cut by Wells Fargo & Company from $10.00 to $8.00 in a research note issued to investors on Thursday morning,Benzinga reports. They currently have an equal weight rating on the stock.

AVDX has been the subject of several other research reports. Robert W. Baird lowered their price objective on AvidXchange from $14.00 to $12.00 and set an “outperform” rating for the company in a research note on Thursday. The Goldman Sachs Group lowered their price objective on AvidXchange from $9.50 to $7.00 and set a “sell” rating for the company in a research note on Thursday. BMO Capital Markets reduced their target price on AvidXchange from $11.00 to $7.50 and set a “market perform” rating on the stock in a report on Thursday. Keefe, Bruyette & Woods reduced their target price on AvidXchange from $11.00 to $8.00 and set a “market perform” rating on the stock in a report on Thursday. Finally, KeyCorp cut AvidXchange from an “overweight” rating to a “sector weight” rating in a report on Thursday. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $10.47.

AvidXchange Stock Up 1.4 %

Shares of NASDAQ AVDX opened at $7.36 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 company has a market cap of $1.51 billion, a price-to-earnings ratio of 461.00 and a beta of 1.22. AvidXchange has a 12 month low of $6.89 and a 12 month high of $13.56. The stock has a 50-day moving average price of $10.09 and a two-hundred day moving average price of $9.41.

AvidXchange (NASDAQ:AVDX) last released its quarterly earnings data on Wednesday, February 26th. The company reported $0.03 earnings per share (EPS) for the quarter, missing the consensus estimate 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 firm had revenue of $115.44 million during the quarter, compared to analyst estimates of $114.98 million. As a group, analysts forecast that AvidXchange will post 0.02 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director James E. Hausman sold 25,000 shares of the stock in a transaction on Monday, December 9th. The stock was sold at an average price of $11.25, for a total value of $281,250.00. Following the transaction, the director now directly owns 2,112,232 shares in the company, valued at $23,762,610. This trade represents a 1.17 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Teresa Mackintosh sold 13,316 shares of the stock in a transaction on Friday, December 6th. The stock was sold at an average price of $11.44, for a total value of $152,335.04. Following the completion of the transaction, the director now owns 47,388 shares in the company, valued at approximately $542,118.72. This represents a 21.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 80,693 shares of company stock worth $916,683. Corporate insiders own 10.40% of the company’s stock.

Hedge Funds Weigh In On AvidXchange

A number of large investors have recently modified their holdings of AVDX. FMR LLC lifted its holdings in shares of AvidXchange by 272.5% in the 3rd quarter. FMR LLC now owns 13,733,769 shares of the company’s stock worth $111,381,000 after purchasing an additional 10,046,893 shares in the last quarter. Azora Capital LP bought a new position in shares of AvidXchange in the 4th quarter worth $45,067,000. Jacobs Levy Equity Management Inc. purchased a new stake in AvidXchange in the 3rd quarter valued at $25,339,000. Arrowstreet Capital Limited Partnership purchased a new stake in AvidXchange in the 4th quarter valued at $10,292,000. Finally, Point72 Asset Management L.P. purchased a new stake in AvidXchange in the 3rd quarter valued at $7,920,000. 80.58% of the stock is currently owned by 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.