Piper Sandler Has Lowered Expectations for AvidXchange (NASDAQ:AVDX) Stock Price

AvidXchange (NASDAQ:AVDX) had its target price decreased by equities research analysts at Piper Sandler from $10.00 to $8.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm presently has a “neutral” rating on the stock. Piper Sandler’s price target suggests a potential upside of 8.70% from the company’s previous close.

A number of other equities research analysts have also recently issued reports on the stock. BMO Capital Markets reduced their target price on shares of AvidXchange from $11.00 to $7.50 and set a “market perform” rating for the company in a research report on Thursday. KeyCorp downgraded shares of AvidXchange from an “overweight” rating to a “sector weight” rating in a report on Thursday. BTIG Research assumed coverage on shares of AvidXchange in a research report on Wednesday, December 11th. They set a “buy” rating and a $14.00 target price on the stock. Barclays lifted their price target on shares of AvidXchange from $11.00 to $13.00 and gave the company an “overweight” rating in a research report on Monday, November 18th. Finally, UBS Group increased their price target on AvidXchange from $10.00 to $10.50 and gave the stock a “neutral” rating in a research report on Thursday, November 7th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $10.33.

AvidXchange Stock Up 1.4 %

AVDX opened at $7.36 on Friday. The stock’s fifty day simple moving average is $10.09 and its 200 day simple moving average is $9.41. AvidXchange has a 1-year low of $6.89 and a 1-year high of $13.56. The stock 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.

AvidXchange (NASDAQ:AVDX) last posted its 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). AvidXchange had a positive return on equity of 0.74% and a negative net margin of 0.23%. The company had revenue of $115.44 million for the quarter, compared to analyst estimates of $114.98 million. As a group, research analysts expect that AvidXchange will post 0.02 earnings per share for the current year.

Insider Activity at AvidXchange

In related news, CEO Michael Praeger sold 42,377 shares of the stock in a transaction that occurred on Monday, December 2nd. The shares were 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 owns 10,381,033 shares of the company’s stock, valued at $118,343,776.20. This represents a 0.41 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director James E. Hausman sold 25,000 shares of the firm’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 transaction of $281,250.00. Following the completion of the sale, the director now owns 2,112,232 shares in the company, valued at $23,762,610. This represents a 1.17 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 80,693 shares of company stock valued at $916,683 over the last ninety days. 10.40% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On AvidXchange

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Neo Ivy Capital Management acquired a new stake in shares of AvidXchange during the fourth quarter valued at about $2,393,000. PharVision Advisers LLC acquired a new position in shares of AvidXchange in the fourth quarter valued at approximately $230,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in AvidXchange by 10.2% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 465,690 shares of the company’s stock valued at $4,815,000 after buying an additional 42,993 shares during the last quarter. Vident Advisory LLC acquired a new stake in AvidXchange during the 4th quarter worth approximately $255,000. Finally, Tremblant Capital Group grew its holdings in AvidXchange by 2.3% during the 4th quarter. Tremblant Capital Group now owns 3,231,149 shares of the company’s stock worth $33,410,000 after acquiring an additional 73,802 shares during the last quarter. Institutional investors and hedge funds 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.