The Goldman Sachs Group Cuts AvidXchange (NASDAQ:AVDX) Price Target to $7.00

AvidXchange (NASDAQ:AVDX) had its target price reduced by analysts at The Goldman Sachs Group from $9.50 to $7.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage currently has a “sell” rating on the stock. The Goldman Sachs Group’s target price would indicate a potential downside of 3.91% from the stock’s current price.

Other analysts have also issued research reports about the company. Wells Fargo & Company raised their target price on AvidXchange from $9.00 to $10.00 and gave the company an “equal weight” rating in a report on Thursday, November 7th. Robert W. Baird dropped their target price on shares of AvidXchange from $14.00 to $12.00 and set an “outperform” rating on the stock in a research report on Thursday. Compass Point raised shares of AvidXchange from a “neutral” rating to a “buy” rating and increased their price target for the company from $8.00 to $15.00 in a report on Thursday, November 7th. Barclays boosted their price objective on shares of AvidXchange from $11.00 to $13.00 and gave the stock an “overweight” rating in a report on Monday, November 18th. Finally, KeyCorp cut shares of AvidXchange from an “overweight” rating to a “sector weight” rating in a research note on Thursday. 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, AvidXchange presently has an average rating of “Hold” and an average price target of $10.60.

AvidXchange Stock Performance

Shares of NASDAQ AVDX traded up $0.03 during trading hours on Thursday, hitting $7.29. 948,709 shares of the stock were exchanged, compared to its average volume of 1,529,186. AvidXchange has a one year low of $6.89 and a one year high of $13.56. The company’s 50 day moving average is $10.16 and its 200 day moving average is $9.42. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.32 and a quick ratio of 1.32. The firm has a market capitalization of $1.50 billion, a P/E ratio of 461.00 and a beta of 1.22.

AvidXchange (NASDAQ:AVDX) last released 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 firm 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%. On average, research analysts expect that AvidXchange will post 0.02 EPS for the current year.

Insider Buying and Selling

In related news, CEO Michael Praeger sold 42,377 shares of the business’s stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $11.40, for a total value of $483,097.80. Following the completion of the transaction, the chief executive officer now directly owns 10,381,033 shares in the company, valued at approximately $118,343,776.20. The trade was a 0.41 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Teresa Mackintosh sold 13,316 shares of the firm’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 sale, the director now owns 47,388 shares in the company, valued at $542,118.72. This trade represents a 21.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 80,693 shares of company stock valued at $916,683 in the last 90 days. 10.40% of the stock is owned by insiders.

Institutional Investors Weigh In On AvidXchange

Several large investors have recently made changes to their positions in AVDX. Vanguard Group Inc. boosted its stake in AvidXchange by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 18,110,051 shares of the company’s stock worth $187,258,000 after purchasing an additional 116,410 shares during the period. FMR LLC boosted its position in shares of AvidXchange by 8.4% during the fourth quarter. FMR LLC now owns 14,889,282 shares of the company’s stock worth $153,955,000 after buying an additional 1,155,513 shares during the period. North Reef Capital Management LP grew its holdings in shares of AvidXchange by 2.5% during the fourth quarter. North Reef Capital Management LP now owns 7,994,000 shares of the company’s stock worth $82,658,000 after buying an additional 194,000 shares in the last quarter. Azora Capital LP acquired a new stake in AvidXchange in the 4th quarter valued at approximately $45,067,000. Finally, Geode Capital Management LLC lifted its stake in AvidXchange by 5.0% in the 3rd quarter. Geode Capital Management LLC now owns 4,266,265 shares of the company’s stock valued at $34,607,000 after acquiring an additional 201,847 shares in the last quarter. Institutional investors own 80.58% of the company’s stock.

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.