AvidXchange Holdings, Inc. (NASDAQ:AVDX) Receives $10.07 Average PT from Brokerages

AvidXchange Holdings, Inc. (NASDAQ:AVDX) has been given a consensus rating of “Hold” by the sixteen research firms that are currently covering the firm, MarketBeat.com reports. Two analysts have rated the stock with a sell recommendation, ten have given a hold recommendation and four have issued a buy recommendation on the company. The average 1 year price objective among analysts that have issued ratings on the stock in the last year is $10.07.

AVDX has been the topic of several research analyst reports. JPMorgan Chase & Co. decreased their target price on shares of AvidXchange from $10.00 to $9.00 and set a “neutral” rating on the stock in a research report on Thursday, February 27th. Keefe, Bruyette & Woods upped their target price on shares of AvidXchange from $8.00 to $9.00 and gave the stock a “market perform” rating in a research report on Monday, March 31st. Robert W. Baird dropped their target price on shares of AvidXchange from $14.00 to $12.00 and set an “outperform” rating for the company in a report on Thursday, February 27th. Piper Sandler decreased their price target on AvidXchange from $10.00 to $8.00 and set a “neutral” rating on the stock in a research note on Friday, February 28th. Finally, KeyCorp downgraded AvidXchange from an “overweight” rating to a “sector weight” rating in a research note on Thursday, February 27th.

AvidXchange Price Performance

Shares of AVDX opened at $7.91 on Friday. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.32 and a quick ratio of 1.32. AvidXchange has a 1-year low of $6.61 and a 1-year high of $12.93. The stock has a market cap of $1.62 billion, a PE ratio of 197.75 and a beta of 1.14. The firm has a fifty day moving average price of $8.34 and a 200 day moving average price of $9.38.

AvidXchange (NASDAQ:AVDX) last posted its 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). The firm had revenue of $115.44 million during the quarter, compared to analysts’ expectations 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, sell-side analysts anticipate that AvidXchange will post 0.02 EPS for the current year.

Insiders Place Their Bets

In related news, insider Joel Wilhite sold 32,203 shares of the firm’s stock in a transaction on Friday, February 28th. The shares were sold at an average price of $7.59, for a total value of $244,420.77. Following the transaction, the insider now directly owns 843 shares in the company, valued at approximately $6,398.37. This trade represents a 97.45 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, President Daniel Drees sold 34,782 shares of the business’s stock in a transaction on Friday, February 28th. The stock was sold at an average price of $7.59, for a total transaction of $263,995.38. Following the transaction, the president now directly owns 1,176,833 shares of the company’s stock, valued at approximately $8,932,162.47. This represents a 2.87 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 125,866 shares of company stock valued at $955,323 over the last 90 days. 10.40% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of AVDX. Xponance Inc. raised its stake in AvidXchange by 9.2% during the 4th quarter. Xponance Inc. now owns 12,459 shares of the company’s stock valued at $129,000 after purchasing an additional 1,045 shares during the last quarter. Captrust Financial Advisors raised its position in shares of AvidXchange by 6.2% during the fourth quarter. Captrust Financial Advisors now owns 18,434 shares of the company’s stock valued at $191,000 after buying an additional 1,084 shares during the last quarter. Summit Investment Advisors Inc. lifted its stake in shares of AvidXchange by 6.8% in the fourth quarter. Summit Investment Advisors Inc. now owns 18,182 shares of the company’s stock valued at $188,000 after buying an additional 1,155 shares during the period. Blue Trust Inc. grew its position in AvidXchange by 90.1% during the fourth quarter. Blue Trust Inc. now owns 2,697 shares of the company’s stock worth $28,000 after buying an additional 1,278 shares in the last quarter. Finally, Rhumbline Advisers increased its stake in AvidXchange by 1.0% during the fourth quarter. Rhumbline Advisers now owns 234,738 shares of the company’s stock valued at $2,427,000 after acquiring an additional 2,391 shares during the period. 80.58% of the stock is currently owned by institutional investors and hedge funds.

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.