Wells Fargo & Company Trims AvidXchange (NASDAQ:AVDX) Target Price to $9.00

by · The Cerbat Gem

AvidXchange (NASDAQ:AVDX – Free Report) had its target price cut by Wells Fargo & Company from $10.00 to $9.00 in a research note published on Monday, Benzinga reports. They currently have an equal weight rating on the stock.

AVDX has been the topic of several other reports. Keefe, Bruyette & Woods cut their price target on shares of AvidXchange from $13.50 to $11.00 and set a “market perform” rating on the stock in a report on Thursday, August 1st. JPMorgan Chase & Co. cut shares of AvidXchange from an “overweight” rating to a “neutral” rating and dropped their price objective for the stock from $11.00 to $9.00 in a report on Tuesday, August 20th. Barclays decreased their target price on shares of AvidXchange from $14.00 to $10.00 and set an “overweight” rating for the company in a research report on Monday, August 5th. Compass Point assumed coverage on shares of AvidXchange in a research report on Wednesday, September 4th. They set a “neutral” rating and a $8.00 price objective for the company. Finally, BMO Capital Markets reduced their price objective on shares of AvidXchange from $13.00 to $10.00 and set a “market perform” rating for the company in a research note on Thursday, August 1st. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $10.57.

Check Out Our Latest Stock Report on AVDX

AvidXchange Stock Performance

Shares of AVDX opened at $8.17 on Monday. The company has a current ratio of 1.36, a quick ratio of 1.36 and a debt-to-equity ratio of 0.19. The stock has a market cap of $1.69 billion, a P/E ratio of -54.47 and a beta of 1.01. The company has a 50-day moving average of $8.01 and a two-hundred day moving average of $10.06. AvidXchange has a 12-month low of $6.88 and a 12-month high of $13.56.

AvidXchange (NASDAQ:AVDX – Get Free Report) last issued its quarterly earnings results on Wednesday, July 31st. The company reported $0.05 EPS for the quarter, topping the consensus estimate of $0.04 by $0.01. AvidXchange had a negative net margin of 3.18% and a negative return on equity of 0.23%. The firm had revenue of $105.30 million during the quarter, compared to analyst estimates of $107.13 million. During the same quarter in the prior year, the business posted ($0.05) earnings per share. AvidXchange’s revenue for the quarter was up 15.6% compared to the same quarter last year. As a group, research analysts predict that AvidXchange will post 0.03 EPS for the current fiscal year.

Insider Activity at AvidXchange

In related news, CEO Michael Praeger sold 37,225 shares of the business’s stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $7.98, for a total value of $297,055.50. Following the completion of the transaction, the chief executive officer now directly owns 10,453,786 shares in the company, valued at approximately $83,421,212.28. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CEO Michael Praeger sold 37,225 shares of the business’s stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $7.98, for a total value of $297,055.50. Following the completion of the transaction, the chief executive officer now directly owns 10,453,786 shares in the company, valued at approximately $83,421,212.28. The trade was a 0.00 % 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, President Daniel Drees sold 20,069 shares of the business’s stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $7.98, for a total value of $160,150.62. Following the completion of the sale, the president now owns 753,644 shares in the company, valued at $6,014,079.12. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 166,386 shares of company stock worth $1,343,044. 10.30% of the stock is owned by company insiders.

Institutional Investors Weigh In On AvidXchange

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. SG Americas Securities LLC raised its stake in shares of AvidXchange by 2.9% during the 2nd quarter. SG Americas Securities LLC now owns 29,813 shares of the company’s stock worth $360,000 after purchasing an additional 835 shares in the last quarter. California State Teachers Retirement System raised its stake in shares of AvidXchange by 1.0% during the 1st quarter. California State Teachers Retirement System now owns 161,292 shares of the company’s stock worth $2,121,000 after purchasing an additional 1,656 shares in the last quarter. Advisors Asset Management Inc. raised its stake in shares of AvidXchange by 96.3% during the 1st quarter. Advisors Asset Management Inc. now owns 4,309 shares of the company’s stock worth $57,000 after purchasing an additional 2,114 shares in the last quarter. ProShare Advisors LLC raised its stake in shares of AvidXchange by 9.7% during the 1st quarter. ProShare Advisors LLC now owns 27,135 shares of the company’s stock worth $357,000 after purchasing an additional 2,396 shares in the last quarter. Finally, Principal Financial Group Inc. raised its stake in shares of AvidXchange by 14.6% during the 1st quarter. Principal Financial Group Inc. now owns 20,058 shares of the company’s stock worth $264,000 after purchasing an additional 2,556 shares in the last quarter. Institutional investors own 80.58% of the company’s stock.

About AvidXchange

(Get Free Report)

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.

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