AvidXchange (NASDAQ:AVDX) Price Target Lowered to $7.50 at BMO Capital Markets

AvidXchange (NASDAQ:AVDX) had its target price reduced by BMO Capital Markets from $11.00 to $7.50 in a report published on Thursday morning,Benzinga reports. BMO Capital Markets currently has a market perform rating on the stock.

A number of other brokerages have also recently weighed in on AVDX. UBS Group raised their price objective on AvidXchange from $10.00 to $10.50 and gave the company a “neutral” rating in a report on Thursday, November 7th. Morgan Stanley decreased their price objective on AvidXchange from $11.00 to $8.00 and set an “equal weight” rating on the stock in a report on Thursday. The Goldman Sachs Group raised 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. BTIG Research started coverage on AvidXchange in a report on Wednesday, December 11th. They set a “buy” rating and a $14.00 price objective on the stock. Finally, Piper Sandler lifted their price target on AvidXchange from $9.00 to $10.00 and gave the stock a “neutral” rating in a research note on Thursday, November 7th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, AvidXchange currently has a consensus rating of “Hold” and a consensus target price of $10.47.

AvidXchange Stock Performance

Shares of AVDX opened at $7.36 on Thursday. The company has a market cap of $1.51 billion, a PE ratio of 461.00 and a beta of 1.22. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.11. The stock has a 50-day moving average price of $10.09 and a 200-day moving average price of $9.41. AvidXchange has a 12-month low of $6.89 and a 12-month high of $13.56.

AvidXchange (NASDAQ:AVDX) last issued its quarterly earnings results on Wednesday, February 26th. The company reported $0.03 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.03). The business had revenue of $115.44 million for 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 forecast that AvidXchange will post 0.02 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Teresa Mackintosh sold 13,316 shares of the business’s stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $11.44, for a total transaction of $152,335.04. Following the transaction, the director now directly owns 47,388 shares of the company’s stock, valued at approximately $542,118.72. The trade was a 21.94 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director James E. Hausman sold 25,000 shares of the business’s stock in a transaction that occurred 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 transaction, the director now directly owns 2,112,232 shares in the company, valued at $23,762,610. This trade represents a 1.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 80,693 shares of company stock valued at $916,683. Company insiders own 10.40% of the company’s stock.

Hedge Funds Weigh In On AvidXchange

Several hedge funds have recently made changes to their positions in the business. US Bancorp DE boosted its position in shares of AvidXchange by 111,114.9% during the third quarter. US Bancorp DE now owns 52,271 shares of the company’s stock valued at $424,000 after purchasing an additional 52,224 shares in the last quarter. Jacobs Levy Equity Management Inc. bought a new stake in shares of AvidXchange during the third quarter valued at approximately $25,339,000. Entropy Technologies LP bought a new stake in shares of AvidXchange during the third quarter valued at approximately $447,000. State of New Jersey Common Pension Fund D boosted its position 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 in the last quarter. Finally, Barclays PLC boosted its position in shares of AvidXchange by 239.8% during the third quarter. Barclays PLC now owns 285,768 shares of the company’s stock valued at $2,318,000 after purchasing an additional 201,679 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.