AvidXchange Holdings, Inc. (NASDAQ:AVDX) Given Consensus Rating of “Hold” by Analysts

Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) have been assigned an average recommendation of “Hold” from the thirteen ratings firms that are presently covering the company, MarketBeat reports. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and five have issued a buy rating on the company. The average 1 year price objective among brokers that have updated their coverage on the stock in the last year is $11.00.

Several analysts have commented on the company. Robert W. Baird dropped their price objective on AvidXchange from $16.00 to $14.00 and set an “outperform” rating on the stock in a report on Thursday, August 1st. Barclays dropped their price target on shares of AvidXchange from $14.00 to $10.00 and set an “overweight” rating on the stock in a research note on Monday, August 5th. BMO Capital Markets reduced their price objective on shares of AvidXchange from $13.00 to $10.00 and set a “market perform” rating for the company in a research report on Thursday, August 1st. Susquehanna dropped their target price on shares of AvidXchange from $16.00 to $14.00 and set a “positive” rating on the stock in a research report on Thursday, August 1st. Finally, Compass Point initiated coverage on shares of AvidXchange in a research report on Wednesday, September 4th. They set a “neutral” rating and a $8.00 price target for the company.

Insider Activity

In other AvidXchange news, insider Ryan Stahl sold 7,621 shares of the firm’s stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $8.13, for a total value of $61,958.73. Following the completion of the sale, the insider now directly owns 377,030 shares of the company’s stock, valued at approximately $3,065,253.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CEO Michael Praeger sold 37,225 shares of the stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $7.98, for a total value of $297,055.50. Following the completion of the transaction, the chief executive officer now directly owns 10,453,786 shares in the company, valued at $83,421,212.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Ryan Stahl sold 7,621 shares of AvidXchange stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $8.13, for a total value of $61,958.73. Following the completion of the sale, the insider now owns 377,030 shares in the company, valued at approximately $3,065,253.90. The disclosure for this sale can be found here. Insiders sold 158,959 shares of company stock worth $1,279,321 over the last ninety days. Corporate insiders own 10.30% of the company’s stock.

Institutional Trading of AvidXchange

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Healthcare of Ontario Pension Plan Trust Fund boosted its stake in AvidXchange by 142.2% during the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 581,300 shares of the company’s stock worth $7,010,000 after buying an additional 341,300 shares during the period. Sanctuary Advisors LLC acquired a new position in shares of AvidXchange in the 2nd quarter worth approximately $575,000. Creative Planning boosted its position in shares of AvidXchange by 272.1% during the 2nd quarter. Creative Planning now owns 38,635 shares of the company’s stock worth $466,000 after purchasing an additional 28,253 shares during the period. The Manufacturers Life Insurance Company raised its position in AvidXchange by 14.8% in the second quarter. The Manufacturers Life Insurance Company now owns 102,804 shares of the company’s stock valued at $1,240,000 after purchasing an additional 13,229 shares during the period. Finally, Millennium Management LLC raised its position in AvidXchange by 9.8% in the second quarter. Millennium Management LLC now owns 2,770,662 shares of the company’s stock valued at $33,414,000 after purchasing an additional 246,462 shares during the period. 80.58% of the stock is owned by institutional investors and hedge funds.

AvidXchange Price Performance

NASDAQ:AVDX opened at $8.14 on Monday. The company has a 50 day moving average price of $8.69 and a 200-day moving average price of $10.70. AvidXchange has a 1-year low of $6.88 and a 1-year high of $13.56. The firm has a market cap of $1.68 billion, a price-to-earnings ratio of -54.87 and a beta of 1.01. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.36 and a quick ratio of 1.36.

AvidXchange (NASDAQ:AVDX) last issued its quarterly earnings data on Wednesday, July 31st. The company reported $0.05 earnings per share for the quarter, topping analysts’ consensus estimates of $0.04 by $0.01. AvidXchange had a negative net margin of 3.18% and a negative return on equity of 0.23%. The business had revenue of $105.30 million during the quarter, compared to the consensus estimate of $107.13 million. During the same quarter in the prior year, the firm posted ($0.05) earnings per share. The company’s revenue was up 15.6% compared to the same quarter last year. Equities research analysts forecast that AvidXchange will post 0.03 EPS 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.