AvidXchange (NASDAQ:AVDX) Given New $10.00 Price Target at Wells Fargo & Company

AvidXchange (NASDAQ:AVDX) had its target price trimmed by Wells Fargo & Company from $13.00 to $10.00 in a research note published on Thursday morning, Benzinga reports. The firm currently has an equal weight rating on the stock.

Other research analysts have also issued research reports about the stock. Barclays dropped their price target on shares of AvidXchange from $16.00 to $14.00 and set an overweight rating on the stock in a research note on Monday, May 13th. UBS Group lowered shares of 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. Robert W. Baird dropped their price target on shares of AvidXchange from $16.00 to $14.00 and set an outperform rating on the stock in a research note on Thursday. Susquehanna dropped their price target on shares of AvidXchange from $16.00 to $14.00 and set a positive rating on the stock in a research note on Thursday. Finally, Keefe, Bruyette & Woods began coverage on shares of AvidXchange in a report on Tuesday, April 9th. They set a market perform rating and a $13.50 price objective for the company. One research analyst has rated the stock with a sell rating, five have issued a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of Hold and a consensus price target of $12.08.

AvidXchange Stock Down 4.7 %

AvidXchange stock traded down $0.37 during trading hours on Thursday, hitting $7.43. The company had a trading volume of 200,493 shares, compared to its average volume of 2,051,430. The firm has a market capitalization of $1.54 billion, a P/E ratio of -49.46 and a beta of 1.03. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.34 and a quick ratio of 1.34. The firm’s fifty day moving average is $11.42 and its 200-day moving average is $11.77. AvidXchange has a fifty-two week low of $6.88 and a fifty-two week high of $13.56.

AvidXchange (NASDAQ:AVDX) last released its quarterly earnings data on Wednesday, July 31st. The company reported $0.05 earnings per share for the quarter, beating the consensus estimate of $0.04 by $0.01. The firm had revenue of $105.30 million for the quarter, compared to analyst estimates of $107.13 million. AvidXchange had a negative net margin of 3.18% and a negative return on equity of 0.23%. The company’s revenue for the quarter was up 15.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.05) EPS. On average, research analysts forecast that AvidXchange will post 0.01 earnings per share for the current year.

Insider Buying and Selling at AvidXchange

In other AvidXchange news, President Daniel Drees sold 13,762 shares of the stock in a transaction on 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 sale, the president now directly owns 758,406 shares of the company’s stock, valued at approximately $8,524,483.44. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, President Daniel Drees sold 13,762 shares of the firm’s stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $11.24, for a total transaction of $154,684.88. Following the completion of the transaction, the president now directly owns 758,406 shares of the company’s stock, valued at approximately $8,524,483.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Joel Wilhite sold 12,363 shares of the firm’s stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $11.24, for a total transaction of $138,960.12. Following the transaction, the insider now directly owns 466,491 shares of the company’s stock, valued at $5,243,358.84. The disclosure for this sale can be found here. Insiders sold a total of 152,897 shares of company stock valued at $1,695,238 in the last ninety days. Company insiders own 10.30% of the company’s stock.

Institutional Investors Weigh In On AvidXchange

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

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.