AvidXchange (NASDAQ:AVDX) PT Lowered to $10.00 at BMO Capital Markets

AvidXchange (NASDAQ:AVDX) had its price target reduced by BMO Capital Markets from $13.00 to $10.00 in a research note published on Thursday, Benzinga reports. BMO Capital Markets currently has a market perform rating on the stock.

Several other equities research analysts also recently weighed in on the stock. Robert W. Baird lowered their target price on shares of AvidXchange from $16.00 to $14.00 and set an outperform rating for the company in a research note on Thursday. Wells Fargo & Company lowered their target price on shares of AvidXchange from $13.00 to $10.00 and set an equal weight rating for the company in a research note on Thursday. Susquehanna lowered their target price on shares of AvidXchange from $16.00 to $14.00 and set a positive rating for the company in a research note on Thursday. The Goldman Sachs Group lowered their target price on shares of AvidXchange from $11.50 to $9.00 and set a sell rating for the company in a research note on Thursday. Finally, KeyCorp lowered their target price on shares of AvidXchange from $15.00 to $12.00 and set an overweight rating for the company in a research note on Thursday. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of Hold and a consensus target price of $12.08.

AvidXchange Stock Performance

Shares of AVDX stock opened at $7.80 on Thursday. The firm has a market cap of $1.61 billion, a price-to-earnings ratio of -52.00 and a beta of 1.03. The company’s 50 day moving average is $11.42 and its 200 day moving average is $11.77. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.20. AvidXchange has a 52-week low of $6.88 and a 52-week high of $13.56.

AvidXchange (NASDAQ:AVDX) last issued its quarterly earnings data on Wednesday, July 31st. The company reported $0.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.04 by $0.01. The company 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%. AvidXchange’s revenue was up 15.6% compared to the same quarter last year. During the same period last year, the company posted ($0.05) earnings per share. On average, sell-side analysts anticipate that AvidXchange will post 0.01 EPS for the current fiscal year.

Insider Transactions at AvidXchange

In other news, CEO Michael Praeger sold 43,738 shares of AvidXchange stock in a transaction on Monday, May 20th. The shares were sold at an average price of $11.11, for a total transaction of $485,929.18. Following the completion of the sale, the chief executive officer now directly owns 10,440,510 shares in the company, valued at $115,994,066.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other AvidXchange news, insider Joel Wilhite sold 12,363 shares of the business’s stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $11.24, for a total value of $138,960.12. Following the completion of the transaction, the insider now directly owns 466,491 shares of the company’s stock, valued at $5,243,358.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Michael Praeger sold 43,738 shares of the company’s stock in a transaction that occurred on Monday, May 20th. The stock was sold at an average price of $11.11, for a total value of $485,929.18. Following the completion of the sale, the chief executive officer now owns 10,440,510 shares in the company, valued at approximately $115,994,066.10. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 152,897 shares of company stock worth $1,695,238. Company insiders own 10.30% of the company’s stock.

Hedge Funds Weigh In On AvidXchange

Large investors have recently made changes to their positions in the company. National Bank of Canada FI purchased a new stake in AvidXchange during the fourth quarter worth $54,000. Advisors Asset Management Inc. boosted its holdings in AvidXchange by 96.3% during the first 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 in the last quarter. nVerses Capital LLC purchased a new stake in AvidXchange during the second quarter worth $66,000. MBL Wealth LLC purchased a new stake in AvidXchange during the first quarter worth $163,000. Finally, Cornerstone Investment Partners LLC purchased a new stake in AvidXchange during the fourth quarter worth $178,000. 80.58% of the stock is currently owned by institutional investors and hedge funds.

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.