AvidXchange (NASDAQ:AVDX) Price Target Lowered to $12.00 at Robert W. Baird

AvidXchange (NASDAQ:AVDX) had its target price reduced by analysts at Robert W. Baird from $14.00 to $12.00 in a note issued to investors on Thursday,Benzinga reports. The firm presently has an “outperform” rating on the stock. Robert W. Baird’s target price would suggest a potential upside of 67.95% from the company’s current price.

AVDX has been the topic of several other research reports. Morgan Stanley decreased their price target on shares of AvidXchange from $11.00 to $8.00 and set an “equal weight” rating on the stock in a research report on Thursday. JPMorgan Chase & Co. decreased their price objective on shares of AvidXchange from $10.00 to $9.00 and set a “neutral” rating for the company in a research note on Thursday. BTIG Research assumed coverage on shares of AvidXchange in a research note on Wednesday, December 11th. They issued a “buy” rating and a $14.00 price objective for the company. Wells Fargo & Company raised their price objective on shares of AvidXchange from $9.00 to $10.00 and gave the stock an “equal weight” rating in a research note on Thursday, November 7th. Finally, Keefe, Bruyette & Woods decreased their price objective on shares of AvidXchange from $11.00 to $8.00 and set a “market perform” rating for the company in a research note on Thursday. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $11.03.

AvidXchange Trading Down 21.9 %

AvidXchange stock opened at $7.15 on Thursday. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.32 and a current ratio of 1.32. The firm has a market cap of $1.47 billion, a price-to-earnings ratio of 461.00 and a beta of 1.22. AvidXchange has a 1 year low of $6.95 and a 1 year high of $13.56. The firm’s 50 day moving average price is $10.16 and its two-hundred day moving average price is $9.42.

AvidXchange (NASDAQ:AVDX) last posted its quarterly earnings results 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). The business had revenue of $115.44 million during the quarter, compared to analyst estimates of $114.98 million. AvidXchange had a positive return on equity of 0.74% and a negative net margin of 0.23%. On average, research analysts predict that AvidXchange will post 0.02 EPS for the current fiscal year.

Insider Activity

In other news, Director James E. Hausman sold 25,000 shares of the firm’s stock in a transaction on Monday, December 9th. The shares were sold at an average price of $11.25, for a total transaction of $281,250.00. Following the transaction, the director now owns 2,112,232 shares in the company, valued at approximately $23,762,610. This trade represents a 1.17 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Michael Praeger sold 42,377 shares of the firm’s stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $11.40, for a total transaction of $483,097.80. Following the transaction, the chief executive officer now owns 10,381,033 shares in the company, valued at $118,343,776.20. This represents a 0.41 % 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 worth $916,683. 10.40% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. US Bancorp DE raised its holdings in AvidXchange by 111,114.9% in the 3rd quarter. US Bancorp DE now owns 52,271 shares of the company’s stock worth $424,000 after acquiring an additional 52,224 shares during the period. Jacobs Levy Equity Management Inc. bought a new position in AvidXchange in the 3rd quarter worth $25,339,000. Entropy Technologies LP bought a new position in AvidXchange in the 3rd quarter worth $447,000. State of New Jersey Common Pension Fund D raised its holdings in AvidXchange by 39.3% in the 3rd quarter. State of New Jersey Common Pension Fund D now owns 247,947 shares of the company’s stock worth $2,011,000 after acquiring an additional 69,971 shares during the period. Finally, Barclays PLC increased its holdings in shares of AvidXchange by 239.8% during the 3rd quarter. Barclays PLC now owns 285,768 shares of the company’s stock worth $2,318,000 after purchasing an additional 201,679 shares during the period. Institutional investors own 80.58% of the company’s stock.

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.