AvidXchange (NASDAQ:AVDX) Rating Increased to Buy at Compass Point

AvidXchange (NASDAQ:AVDX) was upgraded by investment analysts at Compass Point from a “neutral” rating to a “buy” rating in a research note issued on Thursday, Marketbeat Ratings reports. The brokerage currently has a $15.00 price objective on the stock, up from their prior price objective of $8.00. Compass Point’s target price would indicate a potential upside of 54.96% from the stock’s current price.

AVDX has been the topic of a number of other research 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. KeyCorp dropped their target price on shares of AvidXchange from $15.00 to $12.00 and set an “overweight” rating on the stock in a report on Thursday, August 1st. The Goldman Sachs Group dropped their target price on shares of AvidXchange from $9.00 to $7.00 and set a “sell” rating on the stock in a report on Monday, October 14th. Barclays dropped their target price on shares of AvidXchange from $14.00 to $10.00 and set an “overweight” rating on the stock in a report on Monday, August 5th. Finally, Bank of America dropped their target price on shares of AvidXchange from $12.00 to $8.00 and set an “underperform” rating on the stock in a report on Tuesday, October 15th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $11.07.

AvidXchange Price Performance

Shares of NASDAQ AVDX opened at $9.68 on Thursday. AvidXchange has a fifty-two week low of $7.38 and a fifty-two week high of $13.56. The company has a 50 day simple moving average of $8.10 and a two-hundred day simple moving average of $9.84. The company has a market capitalization of $2.01 billion, a price-to-earnings ratio of -161.33 and a beta of 1.00. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.36 and a current ratio of 1.36.

AvidXchange (NASDAQ:AVDX) last announced its earnings results on Wednesday, November 6th. The company reported $0.01 earnings per share for the quarter, missing analysts’ consensus estimates of $0.02 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 $112.77 million for the quarter, compared to the consensus estimate of $110.89 million. Analysts expect that AvidXchange will post 0.03 EPS for the current fiscal year.

Insider Buying and Selling at AvidXchange

In other AvidXchange news, President Daniel Drees sold 20,069 shares of AvidXchange stock in a transaction 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 sale, the president now directly owns 753,644 shares in the company, valued at approximately $6,014,079.12. The trade was 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 other AvidXchange news, insider Ryan Stahl sold 7,427 shares of AvidXchange stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $8.58, for a total value of $63,723.66. Following the sale, the insider now directly owns 369,603 shares in the company, valued at approximately $3,171,193.74. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, President Daniel Drees sold 20,069 shares of the business’s stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $7.98, for a total transaction of $160,150.62. Following the completion of the sale, the president now owns 753,644 shares in the company, valued at approximately $6,014,079.12. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 166,386 shares of company stock worth $1,343,044. Insiders own 10.40% of the company’s stock.

Institutional Trading of AvidXchange

Large investors have recently made changes to their positions in the business. American Century Companies Inc. grew its holdings in AvidXchange by 54.2% during the 2nd quarter. American Century Companies Inc. now owns 4,515,719 shares of the company’s stock valued at $54,460,000 after purchasing an additional 1,586,510 shares during the last quarter. Kodai Capital Management LP grew its holdings in AvidXchange by 872.9% during the 1st quarter. Kodai Capital Management LP now owns 1,581,667 shares of the company’s stock valued at $20,799,000 after purchasing an additional 1,419,099 shares during the last quarter. Lazard Asset Management LLC bought a new position in AvidXchange during the 1st quarter valued at about $7,621,000. Healthcare of Ontario Pension Plan Trust Fund grew its holdings in AvidXchange by 142.2% during the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 581,300 shares of the company’s stock valued at $7,010,000 after purchasing an additional 341,300 shares during the last quarter. Finally, Tremblant Capital Group grew its holdings in AvidXchange by 14.7% during the 1st quarter. Tremblant Capital Group now owns 2,164,143 shares of the company’s stock valued at $28,458,000 after purchasing an additional 277,109 shares during the last quarter. 80.58% of the stock is currently owned by institutional investors.

About AvidXchange

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.