AvidXchange Holdings, Inc. (NASDAQ:AVDX) Receives $11.61 Consensus PT from Brokerages

Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) have earned a consensus rating of “Hold” from the fourteen research firms that are covering the firm, MarketBeat.com reports. Two research analysts have rated the stock with a sell recommendation, six have given a hold recommendation and six have issued a buy recommendation on the company. The average 12-month target price among brokers that have covered the stock in the last year is $11.61.

AVDX has been the topic of a number of analyst reports. Compass Point raised AvidXchange from a “neutral” rating to a “buy” rating and increased their price objective for the company from $8.00 to $15.00 in a report on Thursday, November 7th. The Goldman Sachs Group increased their price objective on AvidXchange from $9.00 to $10.00 and gave the company a “sell” rating in a report on Monday, December 2nd. KeyCorp increased their price objective on AvidXchange from $12.00 to $13.00 and gave the company an “overweight” rating in a report on Thursday, December 5th. BMO Capital Markets increased their target price on AvidXchange from $10.00 to $11.00 and gave the company a “market perform” rating in a research note on Friday, November 8th. Finally, BTIG Research initiated coverage on AvidXchange in a research note on Wednesday, December 11th. They set a “buy” rating and a $14.00 target price for the company.

AvidXchange Stock Performance

Shares of NASDAQ AVDX opened at $7.26 on Thursday. 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 firm has a market cap of $1.49 billion, a price-to-earnings ratio of 461.00 and a beta of 1.22. The business’s 50-day simple moving average is $10.16 and its 200-day simple moving average is $9.42. AvidXchange has a 52 week low of $6.95 and a 52 week high of $13.56.

AvidXchange (NASDAQ:AVDX) last issued its quarterly earnings data on Wednesday, February 26th. The company reported $0.03 EPS for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.03). AvidXchange had a negative net margin of 0.23% and a positive return on equity of 0.74%. As a group, equities research analysts expect that AvidXchange will post 0.02 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Teresa Mackintosh sold 13,316 shares of the business’s stock in a transaction on Friday, December 6th. The stock was sold at an average price of $11.44, for a total value of $152,335.04. Following the sale, the director now owns 47,388 shares of the company’s stock, valued at $542,118.72. The trade was a 21.94 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director James E. Hausman sold 25,000 shares of the business’s stock in a transaction on Monday, December 9th. The shares were sold at an average price of $11.25, for a total value of $281,250.00. Following the completion of the sale, the director now directly owns 2,112,232 shares in the company, valued at approximately $23,762,610. This represents a 1.17 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 80,693 shares of company stock worth $916,683. 10.40% of the stock is currently owned by company insiders.

Institutional Trading of AvidXchange

Several institutional investors have recently bought and sold shares of AVDX. CWM LLC boosted its stake in AvidXchange by 7,259.8% in the 3rd quarter. CWM LLC now owns 6,771 shares of the company’s stock valued at $55,000 after buying an additional 6,679 shares in the last quarter. Allspring Global Investments Holdings LLC acquired a new position in AvidXchange in the third quarter worth $38,000. Wealth Enhancement Advisory Services LLC boosted its stake in AvidXchange by 29.6% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 13,211 shares of the company’s stock worth $107,000 after purchasing an additional 3,019 shares in the last quarter. Arbor Investment Advisors LLC acquired a new position in AvidXchange in the third quarter worth $98,000. Finally, Horrell Capital Management Inc. acquired a new position in AvidXchange in the third quarter worth $2,230,000. Institutional investors and hedge funds 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.