AvidXchange (NASDAQ:AVDX) Price Target Cut to $12.00

AvidXchange (NASDAQ:AVDX) had its price objective lowered by KeyCorp from $15.00 to $12.00 in a research report sent to investors on Thursday morning, Benzinga reports. The brokerage currently has an overweight rating on the stock.

Other research analysts have also issued research reports about the company. Piper Sandler decreased their price objective on AvidXchange from $14.00 to $12.00 and set a neutral rating on the stock in a report on Friday, April 12th. Robert W. Baird cut their price objective on shares of AvidXchange from $16.00 to $14.00 and set an outperform rating for the company in a research report on Thursday. Susquehanna lowered their price target on AvidXchange from $16.00 to $14.00 and set a positive rating for the company in a report on Thursday. The Goldman Sachs Group reaffirmed a sell rating and issued a $11.50 target price (down previously from $13.00) on shares of AvidXchange in a research report on Monday, April 15th. Finally, Wells Fargo & Company reduced their price target 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. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of Hold and an average target price of $12.08.

AvidXchange Price Performance

Shares of AvidXchange stock traded down $0.37 on Thursday, hitting $7.43. The company’s stock had a trading volume of 200,493 shares, compared to its average volume of 2,051,430. The company has a market capitalization of $1.54 billion, a price-to-earnings ratio of -49.46 and a beta of 1.03. The firm has a fifty day moving average price of $11.42 and a 200-day moving average price of $11.77. 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 has a 1 year low of $6.88 and a 1 year high of $13.56.

AvidXchange (NASDAQ:AVDX) last posted its quarterly earnings data on Wednesday, July 31st. The company reported $0.05 EPS for the quarter, beating analysts’ consensus estimates of $0.04 by $0.01. AvidXchange had a negative return on equity of 0.23% and a negative net margin of 3.18%. The business had revenue of $105.30 million during the quarter, compared to analysts’ expectations of $107.13 million. During the same period in the previous year, the business earned ($0.05) earnings per share. The business’s revenue was up 15.6% compared to the same quarter last year. As a group, sell-side analysts anticipate that AvidXchange will post 0.01 earnings per share for the current fiscal year.

Insider Buying and Selling at AvidXchange

In related news, insider Todd Alan Cunningham sold 28,424 shares of the company’s 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 $3,702,907.34. 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 29,192 shares of the firm’s stock in a transaction on Tuesday, June 11th. The shares were sold at an average price of $10.85, for a total value of $316,733.20. Following the sale, the chief executive officer now directly owns 10,440,510 shares in the company, valued at approximately $113,279,533.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Todd Alan Cunningham sold 28,424 shares of the business’s stock in a transaction on Thursday, May 23rd. The stock was sold at an average price of $11.02, for a total transaction of $313,232.48. Following the transaction, 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. Insiders have sold 152,897 shares of company stock valued at $1,695,238 in the last quarter. 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 the business. Sumitomo Mitsui Trust Holdings Inc. raised its position in shares of AvidXchange by 24.7% during the 4th quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,877,536 shares of the company’s stock worth $23,263,000 after acquiring an additional 372,291 shares in the last quarter. Calamos Advisors LLC purchased a new position in shares of AvidXchange in the 4th quarter valued at approximately $1,875,000. Cornerstone Investment Partners LLC acquired a new position in shares of AvidXchange in the fourth quarter valued at approximately $178,000. Handelsbanken Fonder AB raised its stake in shares of AvidXchange by 114.4% during the fourth quarter. Handelsbanken Fonder AB now owns 23,800 shares of the company’s stock worth $295,000 after purchasing an additional 12,700 shares during the last quarter. Finally, New York State Common Retirement Fund lifted its holdings in shares of AvidXchange by 90.3% during the fourth quarter. New York State Common Retirement Fund now owns 116,473 shares of the company’s stock worth $1,443,000 after purchasing an additional 55,254 shares during the period. 80.58% of the stock is currently 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.