AvidXchange (NASDAQ:AVDX) Downgraded to Neutral at JPMorgan Chase & Co.

JPMorgan Chase & Co. cut shares of AvidXchange (NASDAQ:AVDX) from an overweight rating to a neutral rating in a report released on Tuesday morning, MarketBeat.com reports. They currently have $9.00 target price on the stock, down from their previous target price of $11.00.

AVDX has been the topic of several other research reports. Keefe, Bruyette & Woods reduced their target price on shares of AvidXchange from $13.50 to $11.00 and set a market perform rating on the stock in a report on Thursday, August 1st. Barclays reduced their price objective on shares of AvidXchange from $14.00 to $10.00 and set an overweight rating on the stock in a report on Monday, August 5th. KeyCorp lowered their target price on shares of AvidXchange from $15.00 to $12.00 and set an overweight rating for the company in a research note on Thursday, August 1st. Robert W. Baird cut their price target on AvidXchange from $16.00 to $14.00 and set an outperform rating on the stock in a research note on Thursday, August 1st. Finally, Wells Fargo & Company lowered their price objective on AvidXchange from $13.00 to $10.00 and set an equal weight rating for the company in a research report on Thursday, August 1st. One research analyst has rated the stock with a sell rating, six have issued a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, AvidXchange has an average rating of Hold and a consensus target price of $11.25.

AvidXchange Stock Performance

Shares of AVDX stock opened at $7.89 on Tuesday. The firm has a 50 day moving average of $10.59 and a two-hundred day moving average of $11.43. The stock has a market capitalization of $1.63 billion, a PE ratio of -52.60 and a beta of 1.03. The company has a quick ratio of 1.34, a current 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.

AvidXchange (NASDAQ:AVDX) last released its earnings results on Wednesday, July 31st. The company reported $0.05 EPS for the quarter, topping the consensus estimate of $0.04 by $0.01. The firm had revenue of $105.30 million during the quarter, compared to analysts’ expectations of $107.13 million. AvidXchange had a negative return on equity of 0.23% and a negative net margin of 3.18%. AvidXchange’s revenue for the quarter was up 15.6% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.05) EPS. On average, research analysts predict that AvidXchange will post 0.01 EPS for the current fiscal year.

Insider Transactions at AvidXchange

In related news, CEO Michael Praeger sold 29,192 shares of the company’s stock in a transaction on Tuesday, June 11th. The shares were sold at an average price of $10.85, for a total value of $316,733.20. Following the completion of the sale, the chief executive officer now owns 10,440,510 shares in the company, valued at approximately $113,279,533.50. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 10.30% of the company’s stock.

Hedge Funds Weigh In On AvidXchange

Institutional investors have recently added to or reduced their stakes in the stock. Handelsbanken Fonder AB increased its holdings in shares of AvidXchange by 114.4% in the fourth quarter. Handelsbanken Fonder AB now owns 23,800 shares of the company’s stock valued at $295,000 after purchasing an additional 12,700 shares during the period. New York State Common Retirement Fund raised its position in AvidXchange by 90.3% during the 4th quarter. New York State Common Retirement Fund now owns 116,473 shares of the company’s stock worth $1,443,000 after buying an additional 55,254 shares during the last quarter. Bailard Inc. acquired a new stake in shares of AvidXchange in the 4th quarter worth $732,000. Russell Investments Group Ltd. boosted its holdings in shares of AvidXchange by 3,611.1% in the fourth quarter. Russell Investments Group Ltd. now owns 234,061 shares of the company’s stock valued at $2,900,000 after acquiring an additional 227,754 shares in the last quarter. Finally, Victory Capital Management Inc. increased its stake in shares of AvidXchange by 25.5% during the fourth quarter. Victory Capital Management Inc. now owns 20,628 shares of the company’s stock worth $256,000 after acquiring an additional 4,189 shares during the period. Institutional investors and hedge funds 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.