AvidXchange (NASDAQ:AVDX) Receives New Coverage from Analysts at Compass Point

Compass Point assumed coverage on shares of AvidXchange (NASDAQ:AVDX) in a report issued on Wednesday, MarketBeat Ratings reports. The brokerage issued a neutral rating and a $8.00 target price on the stock.

A number of other research analysts also recently issued reports on AVDX. JPMorgan Chase & Co. downgraded AvidXchange from an overweight rating to a neutral rating and lowered their price target for the company from $11.00 to $9.00 in a report on Tuesday, August 20th. Wells Fargo & Company lowered their target price on shares of AvidXchange from $13.00 to $10.00 and set an equal weight rating on the stock in a research note on Thursday, August 1st. KeyCorp reduced their price target on shares of AvidXchange from $15.00 to $12.00 and set an overweight rating for the company in a research note on Thursday, August 1st. Robert W. Baird lowered their price objective on shares of AvidXchange from $16.00 to $14.00 and set an outperform rating on the stock in a research report on Thursday, August 1st. Finally, BMO Capital Markets cut their target price on shares of AvidXchange from $13.00 to $10.00 and set a market perform rating for the company in a research report on Thursday, August 1st. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of Hold and an average target price of $11.00.

AvidXchange Stock Up 0.2 %

NASDAQ:AVDX opened at $8.03 on Wednesday. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.36 and a current ratio of 1.36. The firm has a market cap of $1.66 billion, a P/E ratio of -53.40 and a beta of 1.03. AvidXchange has a fifty-two week low of $6.88 and a fifty-two week high of $13.56. The firm has a 50-day simple moving average of $10.16 and a two-hundred day simple moving average of $11.23.

AvidXchange (NASDAQ:AVDX) last announced its quarterly earnings results 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 company had revenue of $105.30 million during the quarter, compared to the consensus estimate of $107.13 million. AvidXchange had a negative net margin of 3.18% and a negative return on equity of 0.23%. The firm’s quarterly revenue was up 15.6% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.05) earnings per share. Analysts predict that AvidXchange will post 0.01 earnings per share for the current fiscal year.

Insider Transactions at AvidXchange

In other news, CEO Michael Praeger sold 29,192 shares of the company’s stock in a transaction on Tuesday, June 11th. The stock was sold at an average price of $10.85, for a total value of $316,733.20. Following the completion of the sale, the chief executive officer now directly owns 10,440,510 shares in the company, valued at approximately $113,279,533.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other AvidXchange news, CEO Michael Praeger sold 29,192 shares of the business’s stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $10.85, for a total transaction of $316,733.20. Following the completion of the sale, the chief executive officer now owns 10,440,510 shares of the company’s stock, valued at $113,279,533.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Joel Wilhite sold 18,028 shares of the company’s stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $7.98, for a total value of $143,863.44. Following the completion of the sale, the insider now owns 419,636 shares of the company’s stock, valued at approximately $3,348,695.28. The disclosure for this sale can be found here. Insiders have sold 177,881 shares of company stock worth $1,513,512 in the last 90 days. 10.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On AvidXchange

Large investors have recently added to or reduced their stakes in the company. American Century Companies Inc. raised its position in shares of 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 period. Dimensional Fund Advisors LP lifted its position in shares of AvidXchange by 5.6% in the second quarter. Dimensional Fund Advisors LP now owns 4,317,134 shares of the company’s stock valued at $52,062,000 after acquiring an additional 230,777 shares in the last quarter. Intrinsic Edge Capital Management LLC lifted its position in shares of AvidXchange by 79.9% in the fourth quarter. Intrinsic Edge Capital Management LLC now owns 2,785,445 shares of the company’s stock valued at $34,512,000 after acquiring an additional 1,237,508 shares in the last quarter. Millennium Management LLC boosted its stake in shares of AvidXchange by 9.8% in the second quarter. Millennium Management LLC now owns 2,770,662 shares of the company’s stock worth $33,414,000 after acquiring an additional 246,462 shares during the period. Finally, Par Capital Management Inc. grew its position in shares of AvidXchange by 10.0% during the fourth quarter. Par Capital Management Inc. now owns 2,750,000 shares of the company’s stock worth $34,072,000 after purchasing an additional 250,000 shares in the last quarter. Hedge funds and other institutional investors own 80.58% of the company’s stock.

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.