Keefe, Bruyette & Woods Cuts AvidXchange (NASDAQ:AVDX) Price Target to $11.00

AvidXchange (NASDAQ:AVDX) had its price target reduced by equities researchers at Keefe, Bruyette & Woods from $13.50 to $11.00 in a note issued to investors on Thursday, Benzinga reports. The firm presently has a “market perform” rating on the stock. Keefe, Bruyette & Woods’ price objective suggests a potential upside of 23.32% from the stock’s previous close.

A number of other equities research analysts have also weighed in on the company. UBS Group lowered AvidXchange from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $15.00 to $10.00 in a research note on Thursday. Susquehanna decreased their price target on AvidXchange from $16.00 to $14.00 and set a “positive” rating for the company in a report on Thursday. The Goldman Sachs Group reaffirmed a “sell” rating and set a $11.50 target price (down from $13.00) on shares of AvidXchange in a research note on Monday, April 15th. Barclays dropped their price target on AvidXchange from $16.00 to $14.00 and set an “overweight” rating for the company in a research report on Monday, May 13th. Finally, Wells Fargo & Company dropped their target price on AvidXchange from $13.00 to $10.00 and set an “equal weight” rating for the company in a report on Thursday. One analyst has rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $12.46.

AvidXchange Stock Performance

AvidXchange stock traded down $0.02 during midday trading on Thursday, hitting $8.92. The stock had a trading volume of 1,647,401 shares, compared to its average volume of 1,942,290. The firm’s fifty day moving average is $11.54 and its two-hundred day moving average is $11.81. The company has a market capitalization of $1.84 billion, a PE ratio of -59.46 and a beta of 1.04. AvidXchange has a 52-week low of $6.88 and a 52-week high of $13.56. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 0.20.

AvidXchange (NASDAQ:AVDX) last issued its quarterly earnings results on Wednesday, May 8th. The company reported $0.02 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.04. AvidXchange had a negative return on equity of 1.75% and a negative net margin of 8.10%. The company had revenue of $105.60 million during the quarter, compared to the consensus estimate of $101.33 million. On average, research analysts forecast that AvidXchange will post 0.01 EPS for the current year.

Insider Buying and Selling

In other AvidXchange news, CEO Michael Praeger sold 25,418 shares of the stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $11.24, for a total value of $285,698.32. Following the sale, the chief executive officer now owns 10,495,547 shares of the company’s stock, valued at approximately $117,969,948.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO Michael Praeger sold 25,418 shares of the stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $11.24, for a total value of $285,698.32. Following the transaction, the chief executive officer now owns 10,495,547 shares in the company, valued at approximately $117,969,948.28. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, President Daniel Drees sold 13,762 shares of the stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $11.24, for a total value of $154,684.88. Following the completion of the transaction, the president now owns 758,406 shares in the company, valued at approximately $8,524,483.44. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 152,897 shares of company stock valued at $1,695,238. Corporate insiders own 10.30% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of AVDX. Advisors Asset Management Inc. lifted its holdings in shares of AvidXchange by 96.3% in the 1st quarter. Advisors Asset Management Inc. now owns 4,309 shares of the company’s stock valued at $57,000 after buying an additional 2,114 shares during the period. National Bank of Canada FI acquired a new position in AvidXchange during the fourth quarter worth $54,000. nVerses Capital LLC acquired a new position in AvidXchange during the second quarter worth $66,000. MBL Wealth LLC acquired a new position in AvidXchange during the first quarter worth $163,000. Finally, Cornerstone Investment Partners LLC acquired a new position in AvidXchange during the fourth quarter worth $178,000. 80.58% of the stock is currently owned by hedge funds and other institutional investors.

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.