AvidXchange (NASDAQ:AVDX) Price Target Cut to $9.00

by · The Markets Daily

AvidXchange (NASDAQ:AVDX – Get Free Report) had its price target reduced by analysts at Wells Fargo & Company from $10.00 to $9.00 in a note issued to investors on Monday, Benzinga reports. The firm presently has an “equal weight” rating on the stock. Wells Fargo & Company‘s target price suggests a potential upside of 5.14% from the company’s previous close.

A number of other brokerages have also recently issued reports on AVDX. KeyCorp reduced their price objective on AvidXchange from $15.00 to $12.00 and set an “overweight” rating on the stock in a research note on Thursday, August 1st. Bank of America lowered their price target on AvidXchange from $12.00 to $8.00 and set an “underperform” rating on the stock in a report on Tuesday, October 15th. Barclays reduced their price objective on AvidXchange from $14.00 to $10.00 and set an “overweight” rating for the company in a research report on Monday, August 5th. UBS Group cut AvidXchange from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $15.00 to $10.00 in a report on Thursday, August 1st. Finally, JPMorgan Chase & Co. lowered shares of AvidXchange from an “overweight” rating to a “neutral” rating and dropped their price target for the stock from $11.00 to $9.00 in a research report on Tuesday, August 20th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $10.57.

Read Our Latest Research Report on AVDX

AvidXchange Stock Down 0.2 %

Shares of AVDX traded down $0.02 during trading hours on Monday, reaching $8.56. 305,671 shares of the stock traded hands, compared to its average volume of 2,043,189. The company has a market cap of $1.77 billion, a price-to-earnings ratio of -57.07 and a beta of 1.01. 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 fifty day simple moving average of $7.98 and a 200 day simple moving average of $10.13. AvidXchange has a 52 week low of $6.88 and a 52 week high of $13.56.

AvidXchange (NASDAQ:AVDX – Get Free Report) last released its quarterly earnings data on Wednesday, July 31st. The company reported $0.05 earnings per share for the quarter, beating analysts’ consensus estimates 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 business had revenue of $105.30 million during the quarter, compared to analyst estimates of $107.13 million. During the same period in the previous year, the business earned ($0.05) EPS. AvidXchange’s revenue was up 15.6% compared to the same quarter last year. On average, equities analysts forecast that AvidXchange will post 0.03 EPS for the current year.

Insider Buying and Selling

In other news, insider Joel Wilhite sold 47,308 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $8.10, for a total value of $383,194.80. Following the completion of the sale, the insider now directly owns 413,687 shares of the company’s stock, valued at approximately $3,350,864.70. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, insider Joel Wilhite sold 47,308 shares of the business’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $8.10, for a total value of $383,194.80. Following the completion of the sale, the insider now owns 413,687 shares of the company’s stock, valued at approximately $3,350,864.70. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Michael Praeger sold 37,225 shares of the 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 $297,055.50. Following the completion of the sale, the chief executive officer now directly owns 10,453,786 shares of the company’s stock, valued at $83,421,212.28. This 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 166,386 shares of company stock worth $1,343,044 over the last quarter. 10.30% of the stock is owned by company insiders.

Hedge Funds Weigh In On AvidXchange

A number of large investors have recently added to or reduced their stakes in the company. Advisors Asset Management Inc. boosted its holdings 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 buying an additional 2,114 shares during the period. Allspring Global Investments Holdings LLC bought a new stake in AvidXchange in the third quarter valued at approximately $38,000. nVerses Capital LLC bought a new stake in AvidXchange in the second quarter worth approximately $66,000. CWM LLC grew its holdings in AvidXchange by 7,259.8% in the third quarter. CWM LLC now owns 6,771 shares of the company’s stock worth $55,000 after purchasing an additional 6,679 shares during the period. Finally, Xponance Inc. bought a new stake in shares of AvidXchange during the second quarter valued at approximately $133,000. Institutional investors own 80.58% of the company’s stock.

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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