AvidXchange (NASDAQ:AVDX) PT Lowered to $7.00 at The Goldman Sachs Group

by · The Markets Daily

AvidXchange (NASDAQ:AVDX – Free Report) had its target price trimmed by The Goldman Sachs Group from $9.00 to $7.00 in a research report report published on Monday morning, Benzinga reports. The firm currently has a sell rating on the stock.

Other equities analysts have also recently issued reports about the stock. Robert W. Baird decreased their price objective on shares of AvidXchange from $16.00 to $14.00 and set an “outperform” rating for the company in a research report on Thursday, August 1st. Wells Fargo & Company reduced their price target on AvidXchange from $13.00 to $10.00 and set an “equal weight” rating for the company in a report on Thursday, August 1st. Compass Point initiated coverage on AvidXchange in a report on Wednesday, September 4th. They set a “neutral” rating and a $8.00 price objective on the stock. Barclays cut their target price on AvidXchange from $14.00 to $10.00 and set an “overweight” rating on the stock in a research report on Monday, August 5th. Finally, Susquehanna decreased their price target on shares of AvidXchange from $16.00 to $14.00 and set a “positive” rating for the company in a research report on Thursday, August 1st. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $10.64.

Get Our Latest Analysis on AvidXchange

AvidXchange Stock Up 0.5 %

AVDX opened at $8.45 on Monday. The business has a 50-day moving average of $7.96 and a two-hundred day moving average of $10.19. AvidXchange has a 12 month low of $6.88 and a 12 month high of $13.56. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.36 and a quick ratio of 1.36. The stock has a market capitalization of $1.75 billion, a price-to-earnings ratio of -56.33 and a beta of 1.01.

AvidXchange (NASDAQ:AVDX – Get Free Report) last released 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 return on equity of 0.23% and a negative net margin of 3.18%. The firm had revenue of $105.30 million for the quarter, compared to analyst estimates of $107.13 million. During the same period in the previous year, the company posted ($0.05) EPS. AvidXchange’s revenue for the quarter was up 15.6% on a year-over-year basis. On average, research analysts expect that AvidXchange will post 0.03 earnings per share for the current year.

Insider Buying and Selling

In other AvidXchange news, CEO Michael Praeger sold 6,701 shares of the company’s stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $8.17, for a total value of $54,747.17. Following the transaction, the chief executive officer now owns 10,410,983 shares of the company’s stock, valued at approximately $85,057,731.11. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other AvidXchange news, CEO Michael Praeger sold 6,701 shares of the firm’s stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $8.17, for a total value of $54,747.17. Following the completion of the transaction, the chief executive officer now directly owns 10,410,983 shares in the company, valued at $85,057,731.11. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Ryan Stahl sold 7,621 shares of AvidXchange stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $8.13, for a total transaction of $61,958.73. Following the completion of the transaction, the insider now directly owns 377,030 shares in the company, valued at approximately $3,065,253.90. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 158,959 shares of company stock valued at $1,279,321 over the last three months. Company insiders own 10.30% of the company’s stock.

Institutional Investors Weigh In On AvidXchange

Institutional investors have recently bought and sold shares of the business. CWM LLC lifted its position in AvidXchange by 7,259.8% in the 3rd quarter. CWM LLC now owns 6,771 shares of the company’s stock worth $55,000 after buying an additional 6,679 shares in the last quarter. Advisors Asset Management Inc. increased its position in AvidXchange by 96.3% in 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 during the last quarter. nVerses Capital LLC purchased a new stake in shares of AvidXchange during the 2nd quarter worth about $66,000. Xponance Inc. acquired a new stake in shares of AvidXchange during the 2nd quarter valued at about $133,000. Finally, Cardinal Capital Management bought a new stake in shares of AvidXchange in the 1st quarter valued at approximately $190,000. 80.58% of the stock is currently owned by institutional investors and hedge funds.

AvidXchange Company Profile

(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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