AvidXchange (NASDAQ:AVDX) Trading 9.6% Higher – Time to Buy?

AvidXchange Holdings, Inc. (NASDAQ:AVDX)’s stock price shot up 9.6% during mid-day trading on Thursday . The company traded as high as $7.59 and last traded at $7.55. 1,790,643 shares were traded during mid-day trading, an increase of 3% from the average session volume of 1,733,836 shares. The stock had previously closed at $6.89.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on AVDX. BTIG Research assumed 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. KeyCorp lowered shares of AvidXchange from an “overweight” rating to a “sector weight” rating in a research report on Thursday, February 27th. Morgan Stanley cut their target price on shares of AvidXchange from $11.00 to $8.00 and set an “equal weight” rating for the company in a research report on Thursday, February 27th. Wolfe Research lowered shares of AvidXchange from a “strong-buy” rating to a “hold” rating in a research report on Thursday, February 27th. Finally, Barclays lowered shares of AvidXchange from an “overweight” rating to an “equal weight” rating and cut their target price for the stock from $13.00 to $8.00 in a research report on Tuesday, March 4th. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $10.00.

AvidXchange Stock Performance

The firm has a market cap of $1.62 billion, a P/E ratio of 198.00 and a beta of 1.28. The stock’s 50 day moving average is $9.41 and its two-hundred day moving average is $9.35. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.32 and a quick ratio of 1.32.

AvidXchange (NASDAQ:AVDX) last posted its earnings results 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). The business had revenue of $115.44 million during the quarter, compared to the consensus estimate of $114.98 million. AvidXchange had a negative net margin of 0.23% and a positive return on equity of 0.74%. As a group, equities analysts predict that AvidXchange Holdings, Inc. will post 0.02 EPS for the current year.

Insiders Place Their Bets

In other AvidXchange news, CEO Michael Praeger sold 58,881 shares of the company’s stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $7.59, for a total transaction of $446,906.79. Following the sale, the chief executive officer now directly owns 11,164,737 shares of the company’s stock, valued at approximately $84,740,353.83. This represents a 0.52 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Joel Wilhite sold 32,203 shares of the 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 sale, the insider now directly owns 843 shares in the company, valued at $6,398.37. This trade represents a 97.45 % decrease in their ownership of the stock. 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. 10.40% of the stock is currently owned by insiders.

Institutional Trading of AvidXchange

Several hedge funds have recently modified their holdings of AVDX. State of New Jersey Common Pension Fund D grew its stake in shares of AvidXchange by 39.3% during the third quarter. State of New Jersey Common Pension Fund D now owns 247,947 shares of the company’s stock valued at $2,011,000 after purchasing an additional 69,971 shares during the last quarter. Versor Investments LP bought a new stake in shares of AvidXchange during the third quarter valued at approximately $216,000. Entropy Technologies LP bought a new stake in shares of AvidXchange during the third quarter valued at approximately $447,000. Sumitomo Mitsui Trust Group Inc. grew its stake in shares of AvidXchange by 9.1% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,862,225 shares of the company’s stock valued at $15,103,000 after purchasing an additional 155,008 shares during the last quarter. Finally, Quest Partners LLC grew its stake in shares of AvidXchange by 46.0% during the third quarter. Quest Partners LLC now owns 22,289 shares of the company’s stock valued at $181,000 after purchasing an additional 7,027 shares during the last quarter. 80.58% of the stock is owned by institutional investors.

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.