Wells Fargo & Company Cuts AvidXchange (NASDAQ:AVDX) Price Target to $8.00

AvidXchange (NASDAQ:AVDX) had its price objective dropped by investment analysts at Wells Fargo & Company from $10.00 to $8.00 in a report released on Thursday,Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price target suggests a potential upside of 9.07% from the company’s previous close.

AVDX has been the subject of a number of other research reports. UBS Group upped their target price on AvidXchange from $10.00 to $10.50 and gave the stock a “neutral” rating in a report on Thursday, November 7th. Morgan Stanley dropped their price objective on AvidXchange from $11.00 to $8.00 and set an “equal weight” rating on the stock in a research report on Thursday. BMO Capital Markets reduced their target price on shares of AvidXchange from $11.00 to $7.50 and set a “market perform” rating for the company in a report on Thursday. Keefe, Bruyette & Woods decreased their price target on shares of AvidXchange from $11.00 to $8.00 and set a “market perform” rating for the company in a research report on Thursday. Finally, Piper Sandler boosted their price objective on shares of AvidXchange from $9.00 to $10.00 and gave the stock a “neutral” rating in a research note on Thursday, November 7th. Two equities 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 stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $10.47.

AvidXchange Stock Up 1.0 %

NASDAQ AVDX traded up $0.08 on Thursday, reaching $7.34. 1,036,431 shares of the stock traded hands, compared to its average volume of 1,532,885. AvidXchange has a 12 month low of $6.89 and a 12 month high of $13.56. 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 company has a fifty day moving average price of $10.16 and a 200-day moving average price of $9.42. The company has a market cap of $1.51 billion, a price-to-earnings ratio of 461.00 and a beta of 1.22.

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 business had revenue of $115.44 million during the quarter, compared to analysts’ expectations of $114.98 million. As a group, research analysts forecast that AvidXchange will post 0.02 EPS for the current fiscal year.

Insider Buying and Selling

In other AvidXchange news, Director Teresa Mackintosh sold 13,316 shares of AvidXchange stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $11.44, for a total transaction of $152,335.04. Following the completion of the sale, the director now directly owns 47,388 shares in the company, valued at approximately $542,118.72. The trade was a 21.94 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director James E. Hausman sold 25,000 shares of the stock in a transaction on Monday, December 9th. The stock was sold at an average price of $11.25, for a total transaction of $281,250.00. Following the completion of the sale, the director now owns 2,112,232 shares in the company, valued at $23,762,610. The trade was a 1.17 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 80,693 shares of company stock worth $916,683 in the last 90 days. Insiders own 10.40% of the company’s stock.

Institutional Investors Weigh In On AvidXchange

Several hedge funds have recently added to or reduced their stakes in the business. Blue Trust Inc. raised its stake in shares of AvidXchange by 90.1% during the 4th quarter. Blue Trust Inc. now owns 2,697 shares of the company’s stock valued at $28,000 after buying an additional 1,278 shares during the last quarter. Point72 DIFC Ltd acquired a new position in AvidXchange in the third quarter valued at approximately $37,000. Allspring Global Investments Holdings LLC purchased a new stake in AvidXchange in the 3rd quarter worth approximately $38,000. R Squared Ltd purchased a new stake in AvidXchange in the 4th quarter worth approximately $41,000. Finally, Quarry LP increased its holdings in shares of AvidXchange by 126.6% during the 4th quarter. Quarry LP now owns 5,518 shares of the company’s stock valued at $57,000 after purchasing an additional 3,083 shares in the last quarter. 80.58% of the stock is owned by hedge funds and other institutional investors.

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.