AvidXchange (NASDAQ:AVDX) Price Target Raised to $10.00

AvidXchange (NASDAQ:AVDX) had its price objective boosted by UBS Group from $8.00 to $10.00 in a research note released on Thursday,Benzinga reports. UBS Group currently has a neutral rating on the stock.

Several other research analysts have also issued reports on the company. Morgan Stanley increased their target price on AvidXchange from $8.00 to $10.00 and gave the stock an “equal weight” rating in a research report on Thursday. KeyCorp lowered AvidXchange from an “overweight” rating to a “sector weight” rating in a research report on Thursday, February 27th. Barclays downgraded shares of AvidXchange from an “overweight” rating to an “equal weight” rating and reduced their target price for the stock from $13.00 to $8.00 in a research report on Tuesday, March 4th. BMO Capital Markets lowered their price target on shares of AvidXchange from $11.00 to $7.50 and set a “market perform” rating for the company in a research report on Thursday, February 27th. Finally, Keefe, Bruyette & Woods raised their target price on shares of AvidXchange from $8.00 to $9.00 and gave the company a “market perform” rating in a research note on Monday, March 31st. Two research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $10.30.

AvidXchange Stock Performance

Shares of NASDAQ:AVDX opened at $9.73 on Thursday. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.11. The company has a market cap of $2.01 billion, a price-to-earnings ratio of 243.25 and a beta of 1.14. AvidXchange has a 12 month low of $6.61 and a 12 month high of $12.93. The company has a 50-day moving average price of $8.02 and a 200-day moving average price of $9.40.

AvidXchange (NASDAQ:AVDX) last issued its quarterly earnings data on Wednesday, February 26th. The company reported $0.03 earnings per share 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 during the quarter, compared to the consensus estimate of $114.98 million. As a group, equities analysts anticipate that AvidXchange will post 0.02 EPS for the current year.

Insider Buying and Selling at AvidXchange

In other AvidXchange news, President Daniel Drees sold 34,782 shares of the business’s stock in a transaction on Friday, February 28th. The shares were sold at an average price of $7.59, for a total transaction of $263,995.38. Following the completion of the sale, the president now directly owns 1,176,833 shares in the company, valued at approximately $8,932,162.47. The trade was a 2.87 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Michael Praeger sold 58,881 shares of the firm’s stock in a transaction on Friday, February 28th. The stock was sold at an average price of $7.59, for a total value of $446,906.79. Following the completion of the transaction, the chief executive officer now owns 11,164,737 shares in the company, valued at approximately $84,740,353.83. This trade represents a 0.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 125,866 shares of company stock worth $955,323. Company insiders own 10.40% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. Xponance Inc. increased its position in shares of AvidXchange by 9.2% during the 4th quarter. Xponance Inc. now owns 12,459 shares of the company’s stock valued at $129,000 after purchasing an additional 1,045 shares during the last quarter. Captrust Financial Advisors increased its holdings in AvidXchange by 6.2% during the fourth quarter. Captrust Financial Advisors now owns 18,434 shares of the company’s stock valued at $191,000 after buying an additional 1,084 shares during the last quarter. Summit Investment Advisors Inc. raised its position in AvidXchange by 6.8% in the fourth quarter. Summit Investment Advisors Inc. now owns 18,182 shares of the company’s stock worth $188,000 after acquiring an additional 1,155 shares during the period. Blue Trust Inc. boosted its stake in shares of AvidXchange by 90.1% during the 4th quarter. Blue Trust Inc. now owns 2,697 shares of the company’s stock worth $28,000 after acquiring an additional 1,278 shares during the last quarter. Finally, Arizona State Retirement System grew its position in shares of AvidXchange by 3.9% during the 1st quarter. Arizona State Retirement System now owns 50,126 shares of the company’s stock valued at $425,000 after acquiring an additional 1,869 shares during the period. 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.