AvidXchange (NASDAQ:AVDX) Given New $14.00 Price Target at Susquehanna

AvidXchange (NASDAQ:AVDX) had its price target reduced by Susquehanna from $16.00 to $14.00 in a report published on Thursday morning, Benzinga reports. They currently have a positive rating on the stock.

Several other analysts have also weighed in on the company. Robert W. Baird decreased their price objective on AvidXchange from $16.00 to $14.00 and set an outperform rating on the stock in a report on Thursday. Barclays decreased their price objective on AvidXchange from $16.00 to $14.00 and set an overweight rating on the stock in a report on Monday, May 13th. Piper Sandler decreased their price target on AvidXchange from $14.00 to $12.00 and set a neutral rating on the stock in a research note on Friday, April 12th. UBS Group lowered AvidXchange from a buy rating to a neutral rating and decreased their price target for the company from $15.00 to $10.00 in a research note on Thursday. Finally, Keefe, Bruyette & Woods assumed coverage on AvidXchange in a research report on Tuesday, April 9th. They set a market perform rating and a $13.50 target price for the company. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of Hold and an average target price of $12.00.

AvidXchange Stock Performance

NASDAQ AVDX traded down $0.27 during trading on Thursday, hitting $7.98. The company’s stock had a trading volume of 260,944 shares, compared to its average volume of 2,012,210. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.20. The firm has a 50 day moving average price of $11.48 and a 200 day moving average price of $11.78. The firm has a market cap of $1.65 billion, a P/E ratio of -55.00 and a beta of 1.03. AvidXchange has a 52 week low of $6.88 and a 52 week high of $13.56.

AvidXchange (NASDAQ:AVDX) last announced its quarterly earnings data on Wednesday, May 8th. The company reported $0.02 earnings per share for the quarter, topping the consensus estimate of ($0.02) by $0.04. AvidXchange had a negative return on equity of 0.23% and a negative net margin of 3.18%. The company had revenue of $105.60 million for the quarter, compared to analyst estimates of $101.33 million. Equities research analysts forecast that AvidXchange will post 0.01 earnings per share for the current fiscal year.

Insider Buying and Selling at AvidXchange

In other news, CEO Michael Praeger sold 25,418 shares of the company’s stock in a transaction dated 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 transaction, the chief executive officer now directly owns 10,495,547 shares of the company’s stock, valued at $117,969,948.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CEO Michael Praeger sold 25,418 shares of the company’s stock in a transaction dated 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 transaction, the chief executive officer now directly owns 10,495,547 shares of the company’s stock, valued at $117,969,948.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Todd Alan Cunningham sold 28,424 shares of the stock in a transaction that occurred on Thursday, May 23rd. The shares were sold at an average price of $11.02, for a total value of $313,232.48. Following the transaction, the insider now directly owns 336,017 shares of the company’s stock, valued at $3,702,907.34. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 152,897 shares of company stock valued at $1,695,238. Company insiders own 10.30% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Rhumbline Advisers raised its stake in AvidXchange by 15.2% in the second quarter. Rhumbline Advisers now owns 242,533 shares of the company’s stock valued at $2,925,000 after buying an additional 32,085 shares during the period. nVerses Capital LLC bought a new stake in AvidXchange in the second quarter valued at approximately $66,000. Principal Financial Group Inc. raised its stake in AvidXchange by 17.1% in the second quarter. Principal Financial Group Inc. now owns 23,479 shares of the company’s stock valued at $283,000 after buying an additional 3,421 shares during the period. Assenagon Asset Management S.A. bought a new stake in AvidXchange in the second quarter valued at approximately $557,000. Finally, SG Americas Securities LLC raised its stake in AvidXchange by 2.9% in the second quarter. SG Americas Securities LLC now owns 29,813 shares of the company’s stock valued at $360,000 after buying an additional 835 shares during the period. 80.58% of the stock is owned by institutional investors and hedge funds.

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.