AvidXchange (NASDAQ:AVDX) PT Lowered to $8.00 at Bank of America

AvidXchange (NASDAQ:AVDX) had its price target trimmed by Bank of America from $12.00 to $8.00 in a report published on Tuesday morning, Benzinga reports. The firm currently has an underperform rating on the stock.

Several other research analysts have also recently commented on AVDX. BMO Capital Markets reduced their target price on shares of AvidXchange from $13.00 to $10.00 and set a “market perform” rating for the company in a report on Thursday, August 1st. Compass Point began coverage on AvidXchange in a report on Wednesday, September 4th. They issued a “neutral” rating and a $8.00 price objective for the company. Susquehanna dropped their target price on AvidXchange from $16.00 to $14.00 and set a “positive” rating on the stock in a report on Thursday, August 1st. Wells Fargo & Company lowered their price target on AvidXchange from $13.00 to $10.00 and set an “equal weight” rating on the stock in a research report on Thursday, August 1st. Finally, The Goldman Sachs Group cut their price objective on AvidXchange from $9.00 to $7.00 and set a “sell” rating for the company in a report on Monday. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $10.64.

AvidXchange Price Performance

Shares of NASDAQ AVDX opened at $8.45 on Tuesday. The company has a fifty day moving average price of $7.96 and a 200 day moving average price of $10.19. AvidXchange has a 1-year low of $6.88 and a 1-year high of $13.56. The firm has a market cap of $1.75 billion, a PE ratio of -56.33 and a beta of 1.01. The company has a current ratio of 1.36, a quick ratio of 1.36 and a debt-to-equity ratio of 0.19.

AvidXchange (NASDAQ:AVDX) last announced its earnings results on Wednesday, July 31st. The company reported $0.05 earnings per share (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 for the quarter, compared to analyst estimates of $107.13 million. During the same quarter last year, the firm earned ($0.05) EPS. AvidXchange’s revenue for the quarter was up 15.6% compared to the same quarter last year. Research analysts predict that AvidXchange will post 0.03 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Joel Wilhite sold 18,028 shares of AvidXchange stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $7.98, for a total value of $143,863.44. Following the transaction, the insider now owns 419,636 shares in the company, valued at approximately $3,348,695.28. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CEO Michael Praeger sold 6,701 shares of the firm’s stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $8.17, for a total value of $54,747.17. Following the completion of the sale, the chief executive officer now directly owns 10,410,983 shares of the company’s stock, valued at approximately $85,057,731.11. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Joel Wilhite sold 18,028 shares of AvidXchange stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $7.98, for a total transaction of $143,863.44. Following the sale, the insider now directly owns 419,636 shares in the company, valued at $3,348,695.28. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 158,959 shares of company stock worth $1,279,321 in the last 90 days. 10.30% of the stock is owned by company insiders.

Institutional Trading of AvidXchange

Several institutional investors and hedge funds have recently bought and sold shares of the stock. CWM LLC boosted its position in shares of AvidXchange by 7,259.8% during the third quarter. CWM LLC now owns 6,771 shares of the company’s stock valued at $55,000 after purchasing an additional 6,679 shares in the last quarter. Advisors Asset Management Inc. boosted its stake in AvidXchange by 96.3% during the first quarter. Advisors Asset Management Inc. now owns 4,309 shares of the company’s stock worth $57,000 after acquiring an additional 2,114 shares in the last quarter. nVerses Capital LLC purchased a new stake in shares of AvidXchange in the 2nd quarter worth approximately $66,000. Xponance Inc. bought a new position in AvidXchange during the 2nd quarter valued at approximately $133,000. Finally, Cardinal Capital Management purchased a new position in AvidXchange during the first quarter valued at $190,000. 80.58% of the stock is currently owned by hedge funds and other institutional investors.

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.