Susquehanna Trims AvidXchange (NASDAQ:AVDX) Target Price to $14.00

AvidXchange (NASDAQ:AVDX) had its price target decreased by Susquehanna from $16.00 to $14.00 in a report published on Thursday, Benzinga reports. Susquehanna currently has a positive rating on the stock.

Several other research analysts also recently commented on the stock. Keefe, Bruyette & Woods began coverage on shares of AvidXchange in a report on Tuesday, April 9th. They issued a market perform rating and a $13.50 price target for the company. Piper Sandler cut their price target on shares of AvidXchange from $14.00 to $12.00 and set a neutral rating for the company in a report on Friday, April 12th. The Goldman Sachs Group reissued a sell rating and issued a $11.50 price target (down from $13.00) on shares of AvidXchange in a report on Monday, April 15th. Barclays lowered their price objective on shares of AvidXchange from $16.00 to $14.00 and set an overweight rating on the stock in a research report on Monday, May 13th. Finally, UBS Group cut shares of AvidXchange from a buy rating to a neutral rating and lowered their price objective for the company from $15.00 to $10.00 in a research report on Thursday. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of Hold and an average price target of $12.08.

AvidXchange Stock Performance

Shares of AVDX stock traded down $0.37 during trading hours on Thursday, hitting $7.43. 200,493 shares of the company were exchanged, compared to its average volume of 2,051,430. The firm has a fifty day simple moving average of $11.42 and a 200 day simple moving average of $11.77. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 0.20. AvidXchange has a 52-week low of $6.88 and a 52-week high of $13.56. The stock has a market capitalization of $1.54 billion, a price-to-earnings ratio of -49.46 and a beta of 1.03.

AvidXchange (NASDAQ:AVDX) last issued its quarterly earnings results on Wednesday, July 31st. The company reported $0.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.04 by $0.01. The company had revenue of $105.30 million during the quarter, compared to analyst estimates of $107.13 million. AvidXchange had a negative net margin of 3.18% and a negative return on equity of 0.23%. AvidXchange’s quarterly revenue was up 15.6% compared to the same quarter last year. During the same quarter last year, the business posted ($0.05) EPS. Research analysts predict that AvidXchange will post 0.01 earnings per share for the current fiscal year.

Insider Activity at AvidXchange

In related news, CEO Michael Praeger sold 25,418 shares of the firm’s stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $11.24, for a total transaction of $285,698.32. Following the completion of the transaction, the chief executive officer now directly owns 10,495,547 shares of the company’s stock, valued at $117,969,948.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other AvidXchange news, insider Joel Wilhite sold 12,363 shares of AvidXchange stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $11.24, for a total value of $138,960.12. Following the completion of the transaction, the insider now directly owns 466,491 shares of the company’s stock, valued at approximately $5,243,358.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Michael Praeger sold 25,418 shares of the firm’s stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $11.24, for a total transaction of $285,698.32. Following the completion of the sale, the chief executive officer now owns 10,495,547 shares of the company’s stock, valued at approximately $117,969,948.28. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 152,897 shares of company stock valued at $1,695,238. Corporate insiders own 10.30% of the company’s stock.

Institutional Investors Weigh In On AvidXchange

Institutional investors have recently made changes to their positions in the company. Gillson Capital LP lifted its holdings in shares of AvidXchange by 871.2% in the 4th quarter. Gillson Capital LP now owns 619,893 shares of the company’s stock worth $7,680,000 after acquiring an additional 556,066 shares during the last quarter. TimesSquare Capital Management LLC lifted its holdings in shares of AvidXchange by 6.8% in the 1st quarter. TimesSquare Capital Management LLC now owns 1,970,837 shares of the company’s stock worth $25,917,000 after acquiring an additional 124,988 shares during the last quarter. Lisanti Capital Growth LLC lifted its holdings in shares of AvidXchange by 58.3% in the 1st quarter. Lisanti Capital Growth LLC now owns 167,715 shares of the company’s stock worth $2,205,000 after acquiring an additional 61,795 shares during the last quarter. SG Capital Management LLC bought a new stake in shares of AvidXchange in the 4th quarter worth about $1,975,000. Finally, Trexquant Investment LP lifted its holdings in shares of AvidXchange by 350.6% in the 4th quarter. Trexquant Investment LP now owns 269,669 shares of the company’s stock worth $3,341,000 after acquiring an additional 209,828 shares during the last quarter. Institutional investors own 80.58% of the company’s stock.

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.