AvidXchange Holdings, Inc. (NASDAQ:AVDX) Receives Average Recommendation of “Hold” from Analysts

Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) have been assigned a consensus recommendation of “Hold” from the sixteen brokerages that are covering the company, MarketBeat.com reports. Two investment analysts have rated the stock with a sell recommendation, ten have given a hold recommendation and four have issued a buy recommendation on the company. The average 12-month target price among brokerages that have updated their coverage on the stock in the last year is $10.00.

Several brokerages have weighed in on AVDX. Wells Fargo & Company cut their target price on AvidXchange from $10.00 to $8.00 and set an “equal weight” rating on the stock in a research note on Thursday, February 27th. BTIG Research started coverage on shares of AvidXchange in a report on Wednesday, December 11th. They issued a “buy” rating and a $14.00 price objective for the company. BMO Capital Markets cut their target price on AvidXchange from $11.00 to $7.50 and set a “market perform” rating for the company in a research report on Thursday, February 27th. Piper Sandler lowered their price target on AvidXchange from $10.00 to $8.00 and set a “neutral” rating on the stock in a research report on Friday, February 28th. Finally, Morgan Stanley cut their price objective on AvidXchange from $11.00 to $8.00 and set an “equal weight” rating for the company in a report on Thursday, February 27th.

Insider Activity at AvidXchange

In related news, CEO Michael Praeger sold 58,881 shares of the firm’s stock in a transaction that occurred on Friday, February 28th. The shares were sold at an average price of $7.59, for a total transaction of $446,906.79. Following the completion of the sale, the chief executive officer now directly owns 11,164,737 shares in the company, valued at approximately $84,740,353.83. This trade represents a 0.52 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Joel Wilhite sold 32,203 shares of the company’s stock in a transaction that occurred on Friday, February 28th. The shares were sold at an average price of $7.59, for a total transaction of $244,420.77. Following the completion of the transaction, the insider now owns 843 shares in the company, valued at approximately $6,398.37. This represents a 97.45 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 125,866 shares of company stock valued at $955,323. Company insiders own 10.40% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. State of New Jersey Common Pension Fund D increased its holdings in AvidXchange by 39.3% in the third quarter. State of New Jersey Common Pension Fund D now owns 247,947 shares of the company’s stock worth $2,011,000 after buying an additional 69,971 shares during the last quarter. Versor Investments LP bought a new position in shares of AvidXchange during the 3rd quarter valued at $216,000. Sumitomo Mitsui Trust Group Inc. boosted its holdings in AvidXchange by 9.1% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,862,225 shares of the company’s stock worth $15,103,000 after purchasing an additional 155,008 shares in the last quarter. Quest Partners LLC increased its position in AvidXchange by 46.0% during the third quarter. Quest Partners LLC now owns 22,289 shares of the company’s stock worth $181,000 after buying an additional 7,027 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. increased its position in AvidXchange by 52.1% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 801,087 shares of the company’s stock worth $6,497,000 after buying an additional 274,375 shares during the last quarter. 80.58% of the stock is owned by institutional investors and hedge funds.

AvidXchange Price Performance

Shares of AVDX opened at $7.92 on Monday. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.32 and a quick ratio of 1.32. The company has a market cap of $1.62 billion, a P/E ratio of 198.00 and a beta of 1.28. AvidXchange has a 12 month low of $6.61 and a 12 month high of $13.49. The stock has a fifty day moving average price of $9.41 and a 200 day moving average price of $9.37.

AvidXchange (NASDAQ:AVDX) last released its quarterly earnings data on Wednesday, February 26th. The company reported $0.03 earnings per share for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.03). AvidXchange had a positive return on equity of 0.74% and a negative net margin of 0.23%. The firm had revenue of $115.44 million during the quarter, compared to analyst estimates of $114.98 million. On average, research analysts forecast that AvidXchange will post 0.02 earnings per share for the current year.

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.