AvidXchange (NASDAQ:AVDX) Given New $12.00 Price Target at Robert W. Baird

AvidXchange (NASDAQ:AVDX) had its price objective cut by Robert W. Baird from $14.00 to $12.00 in a report issued on Thursday morning,Benzinga reports. They currently have an outperform rating on the stock.

AVDX has been the topic of a number of other reports. Piper Sandler upped their price objective on AvidXchange from $9.00 to $10.00 and gave the company a “neutral” rating in a research report on Thursday, November 7th. Wells Fargo & Company upped their price objective on AvidXchange from $9.00 to $10.00 and gave the company an “equal weight” rating in a research report on Thursday, November 7th. BTIG Research started coverage on AvidXchange in a research note on Wednesday, December 11th. They set a “buy” rating and a $14.00 target price on the stock. Keefe, Bruyette & Woods cut their target price on AvidXchange from $11.00 to $8.00 and set a “market perform” rating on the stock in a research note on Thursday. Finally, UBS Group upped their target price on AvidXchange from $10.00 to $10.50 and gave the company a “neutral” rating in a research note on Thursday, November 7th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $10.47.

AvidXchange Stock Up 1.4 %

AVDX stock opened at $7.36 on Thursday. The business’s 50-day moving average price is $10.09 and its 200-day moving average price is $9.41. The stock has a market cap of $1.51 billion, a P/E ratio of 461.00 and a beta of 1.22. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.11. AvidXchange has a twelve month low of $6.89 and a twelve 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 for the quarter, missing the consensus estimate of $0.06 by ($0.03). AvidXchange had a negative net margin of 0.23% and a positive return on equity of 0.74%. The firm had revenue of $115.44 million for the quarter, compared to analysts’ expectations of $114.98 million. On average, equities research analysts forecast that AvidXchange will post 0.02 EPS for the current year.

Insider Activity at AvidXchange

In other AvidXchange news, CEO Michael Praeger sold 42,377 shares of the firm’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $11.40, for a total transaction of $483,097.80. Following the transaction, the chief executive officer now owns 10,381,033 shares of the company’s stock, valued at approximately $118,343,776.20. This trade represents a 0.41 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Teresa Mackintosh sold 13,316 shares of the business’s stock in a transaction dated 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 owns 47,388 shares of the company’s stock, valued at approximately $542,118.72. This represents a 21.94 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 80,693 shares of company stock worth $916,683 over the last three months. 10.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On AvidXchange

Several large investors have recently modified their holdings of AVDX. FMR LLC raised its holdings in shares of AvidXchange by 272.5% in the 3rd quarter. FMR LLC now owns 13,733,769 shares of the company’s stock valued at $111,381,000 after purchasing an additional 10,046,893 shares in the last quarter. Azora Capital LP bought a new stake in shares of AvidXchange in the 4th quarter valued at about $45,067,000. Jacobs Levy Equity Management Inc. bought a new stake in shares of AvidXchange in the 3rd quarter valued at about $25,339,000. Arrowstreet Capital Limited Partnership bought a new stake in shares of AvidXchange in the 4th quarter valued at about $10,292,000. Finally, Point72 Asset Management L.P. bought a new stake in shares of AvidXchange in the 3rd quarter valued at about $7,920,000. Institutional investors 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.