AvidXchange Holdings, Inc. (NASDAQ:AVDX) Given Average Rating of “Reduce” by Analysts

Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) have been given an average recommendation of “Reduce” by the seventeen ratings firms that are covering the firm, MarketBeat Ratings reports. Two research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and one has issued a buy rating on the company. The average 12-month price objective among analysts that have issued a report on the stock in the last year is $10.30.

A number of equities research analysts have recently commented on the stock. Morgan Stanley upped their price objective on shares of AvidXchange from $8.00 to $10.00 and gave the company an “equal weight” rating in a research note on Thursday. Baird R W lowered AvidXchange from a “strong-buy” rating to a “hold” rating in a research report on Thursday. Susquehanna lowered AvidXchange from a “strong-buy” rating to a “hold” rating in a research report on Thursday. UBS Group boosted their price target on AvidXchange from $8.00 to $10.00 and gave the company a “neutral” rating in a research note on Thursday. Finally, Wolfe Research cut AvidXchange from a “strong-buy” rating to a “hold” rating in a report on Thursday, February 27th.

Insiders Place Their Bets

In related news, insider Joel Wilhite sold 32,203 shares of the business’s stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $7.59, for a total transaction of $244,420.77. Following the sale, the insider now owns 843 shares of the company’s stock, valued at $6,398.37. The trade was a 97.45 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, President Daniel Drees sold 34,782 shares of the company’s stock in a transaction that occurred on Friday, February 28th. The stock was sold at an average price of $7.59, for a total value of $263,995.38. Following the completion of the sale, the president now owns 1,176,833 shares in the company, valued at $8,932,162.47. The trade was a 2.87 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 125,866 shares of company stock worth $955,323 over the last three months. Company insiders own 10.40% of the company’s stock.

Institutional Investors Weigh In On AvidXchange

A number of large investors have recently added to or reduced their stakes in AVDX. US Bancorp DE boosted its holdings in shares of AvidXchange by 11.6% in the fourth quarter. US Bancorp DE now owns 58,350 shares of the company’s stock worth $603,000 after buying an additional 6,079 shares during the last quarter. Azora Capital LP bought a new stake in shares of AvidXchange during the 4th quarter valued at $45,067,000. Barclays PLC increased its stake in shares of AvidXchange by 239.8% in the 3rd quarter. Barclays PLC now owns 285,768 shares of the company’s stock worth $2,318,000 after purchasing an additional 201,679 shares in the last quarter. Wells Fargo & Company MN raised its holdings in AvidXchange by 17.4% in the 4th quarter. Wells Fargo & Company MN now owns 102,923 shares of the company’s stock worth $1,064,000 after purchasing an additional 15,243 shares during the period. Finally, KLP Kapitalforvaltning AS purchased a new position in AvidXchange during the fourth quarter valued at $372,000. Institutional investors own 80.58% of the company’s stock.

AvidXchange Stock Performance

Shares of NASDAQ:AVDX opened at $9.73 on Tuesday. AvidXchange has a 12-month low of $6.61 and a 12-month high of $12.93. The company’s 50 day moving average price is $8.02 and its two-hundred day moving average price is $9.40. The firm has a market cap of $2.01 billion, a PE ratio of 243.25 and a beta of 1.14. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.11.

AvidXchange (NASDAQ:AVDX) last posted its quarterly earnings results on Wednesday, February 26th. The company reported $0.03 EPS for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.03). AvidXchange had a positive return on equity of 0.74% and a negative net margin of 0.23%. The business had revenue of $115.44 million for the quarter, compared to analyst estimates of $114.98 million. Equities research analysts predict that AvidXchange will post 0.02 earnings per share for the current year.

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.