UBS Group Downgrades AvidXchange (NASDAQ:AVDX) to Neutral

UBS Group downgraded shares of AvidXchange (NASDAQ:AVDX) from a buy rating to a neutral rating in a research note published on Thursday morning, Marketbeat reports. The brokerage currently has $10.00 price target on the stock, down from their prior price target of $15.00.

AVDX has been the topic of a number of other reports. Barclays reduced their price objective on shares of AvidXchange from $16.00 to $14.00 and set an overweight rating on the stock in a research note on Monday, May 13th. Piper Sandler reduced their price objective on shares of AvidXchange from $14.00 to $12.00 and set a neutral rating on the stock in a research note on Friday, April 12th. Keefe, Bruyette & Woods started coverage on shares of AvidXchange in a research note on Tuesday, April 9th. They set a market perform rating and a $13.50 price objective on the stock. Finally, The Goldman Sachs Group reiterated a sell rating and set a $11.50 price objective (down from $13.00) on shares of AvidXchange in a research note on Monday, April 15th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of Hold and a consensus price target of $12.00.

AvidXchange Stock Performance

NASDAQ:AVDX traded down $0.45 during mid-day trading on Thursday, reaching $7.80. 1,803,399 shares of the company’s stock were exchanged, compared to its average volume of 2,022,632. AvidXchange has a one year low of $6.88 and a one year high of $13.56. The firm has a market capitalization of $1.61 billion, a PE ratio of -55.00 and a beta of 1.03. The business’s fifty day simple moving average is $11.48 and its two-hundred day simple moving average is $11.78. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.34 and a current ratio of 1.34.

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

Insider Activity

In related news, insider Todd Alan Cunningham sold 28,424 shares of AvidXchange stock in a transaction that occurred 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 directly owns 336,017 shares in the company, valued at approximately $3,702,907.34. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other AvidXchange news, CEO Michael Praeger sold 43,738 shares of the firm’s stock in a transaction that occurred on Monday, May 20th. The shares were sold at an average price of $11.11, for a total transaction of $485,929.18. Following the completion of the transaction, the chief executive officer now owns 10,440,510 shares in the company, valued at approximately $115,994,066.10. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Todd Alan Cunningham sold 28,424 shares of AvidXchange 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 completion of the sale, the insider now owns 336,017 shares of the company’s stock, valued at approximately $3,702,907.34. The disclosure for this sale can be found here. In the last three months, insiders have sold 152,897 shares of company stock worth $1,695,238. Corporate insiders own 10.30% of the company’s stock.

Institutional Trading of AvidXchange

A number of hedge funds and other institutional investors have recently bought and sold shares of AVDX. National Bank of Canada FI purchased a new position in shares of AvidXchange in the 4th quarter worth about $54,000. Advisors Asset Management Inc. boosted its holdings in shares of AvidXchange by 96.3% in the 1st quarter. Advisors Asset Management Inc. now owns 4,309 shares of the company’s stock worth $57,000 after buying an additional 2,114 shares during the last quarter. nVerses Capital LLC purchased a new position in shares of AvidXchange in the 2nd quarter worth about $66,000. MBL Wealth LLC purchased a new position in shares of AvidXchange in the 1st quarter worth about $163,000. Finally, Cornerstone Investment Partners LLC purchased a new position in shares of AvidXchange in the 4th quarter worth about $178,000. 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.