AvidXchange (NASDAQ:AVDX) Given New $10.00 Price Target at Barclays

AvidXchange (NASDAQ:AVDX) had its price objective trimmed by Barclays from $14.00 to $10.00 in a research report released on Monday, Benzinga reports. The brokerage currently has an overweight rating on the stock.

Other analysts also recently issued research reports about the stock. BMO Capital Markets decreased their price objective on shares of AvidXchange from $13.00 to $10.00 and set a market perform rating for the company in a report on Thursday, August 1st. Keefe, Bruyette & Woods decreased their price target on shares of AvidXchange from $13.50 to $11.00 and set a market perform rating for the company in a research note on Thursday, August 1st. Susquehanna lowered their price target on shares of AvidXchange from $16.00 to $14.00 and set a positive rating on the stock in a report on Thursday, August 1st. Piper Sandler reduced their price objective on AvidXchange from $14.00 to $12.00 and set a neutral rating for the company in a report on Friday, April 12th. Finally, The Goldman Sachs Group decreased their target price on AvidXchange from $11.50 to $9.00 and set a sell rating for the company in a research report on Thursday, August 1st. One analyst has rated the stock with a sell rating, five have issued a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of Hold and a consensus target price of $11.75.

AvidXchange Price Performance

AvidXchange stock opened at $7.86 on Monday. AvidXchange has a 52 week low of $6.88 and a 52 week high of $13.56. The company’s 50 day moving average price is $11.24 and its two-hundred day moving average price is $11.70. The stock has a market cap of $1.62 billion, a P/E ratio of -52.00 and a beta of 1.03. 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 (NASDAQ:AVDX) last posted its quarterly earnings data on Wednesday, July 31st. The company reported $0.05 earnings per share for the quarter, topping the consensus estimate of $0.04 by $0.01. AvidXchange had a negative return on equity of 0.23% and a negative net margin of 3.18%. The business had revenue of $105.30 million for the quarter, compared to analysts’ expectations of $107.13 million. During the same quarter in the previous year, the firm earned ($0.05) earnings per share. The business’s revenue was up 15.6% on a year-over-year basis. On average, equities analysts predict that AvidXchange will post 0.01 earnings per share for the current year.

Insider Buying and Selling at AvidXchange

In related news, CEO Michael Praeger sold 25,418 shares of AvidXchange stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $11.24, for a total transaction of $285,698.32. Following the completion of the sale, the chief executive officer now owns 10,495,547 shares of the company’s stock, valued at $117,969,948.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other AvidXchange news, CEO Michael Praeger sold 25,418 shares of the business’s stock in a transaction that occurred on Wednesday, May 15th. The shares were sold at an average price of $11.24, for a total value of $285,698.32. Following the completion of the transaction, 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 SEC, which is available through this link. Also, insider Todd Alan Cunningham sold 28,424 shares of the firm’s stock in a transaction on Thursday, May 23rd. The shares were sold at an average price of $11.02, for a total transaction of $313,232.48. Following the sale, the insider now owns 336,017 shares in the company, valued at approximately $3,702,907.34. 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 three months. Company insiders own 10.30% of the company’s stock.

Hedge Funds Weigh In On AvidXchange

A number of large investors have recently added to or reduced their stakes in the business. Sumitomo Mitsui Trust Holdings Inc. lifted its stake in shares of AvidXchange by 24.7% in the 4th quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,877,536 shares of the company’s stock valued at $23,263,000 after acquiring an additional 372,291 shares during the last quarter. Calamos Advisors LLC bought a new stake in AvidXchange in the fourth quarter valued at approximately $1,875,000. Cornerstone Investment Partners LLC purchased a new stake in shares of AvidXchange during the fourth quarter valued at approximately $178,000. Handelsbanken Fonder AB grew its holdings in shares of AvidXchange by 114.4% in the fourth quarter. Handelsbanken Fonder AB now owns 23,800 shares of the company’s stock worth $295,000 after purchasing an additional 12,700 shares during the last quarter. Finally, New York State Common Retirement Fund increased its stake in shares of AvidXchange by 90.3% in the fourth quarter. New York State Common Retirement Fund now owns 116,473 shares of the company’s stock worth $1,443,000 after buying an additional 55,254 shares during the period. Hedge funds and other institutional investors 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.