AvidXchange Holdings, Inc. (NASDAQ:AVDX) Given Consensus Rating of “Hold” by Analysts

Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) have earned an average recommendation of “Hold” from the fourteen analysts that are currently covering the firm, Marketbeat.com reports. Two analysts have rated the stock with a sell rating, six have given a hold rating and six have given a buy rating to the company. The average 1-year price objective among brokers that have updated their coverage on the stock in the last year is $11.61.

A number of research firms have recently weighed in on AVDX. The Goldman Sachs Group boosted their target price on AvidXchange from $9.00 to $10.00 and gave the stock a “sell” rating in a research report on Monday, December 2nd. KeyCorp boosted their target price on AvidXchange from $12.00 to $13.00 and gave the stock an “overweight” rating in a research report on Thursday, December 5th. Keefe, Bruyette & Woods dropped their target price on AvidXchange from $12.00 to $11.00 and set a “market perform” rating for the company in a research report on Monday, January 6th. BMO Capital Markets boosted their target price on AvidXchange from $10.00 to $11.00 and gave the stock a “market perform” rating in a research report on Friday, November 8th. Finally, Compass Point upgraded AvidXchange from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $8.00 to $15.00 in a research report on Thursday, November 7th.

AvidXchange Price Performance

AvidXchange stock opened at $7.26 on Thursday. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.32 and a current ratio of 1.32. The firm has a market cap of $1.49 billion, a P/E ratio of 461.00 and a beta of 1.22. The business’s fifty day moving average is $10.16 and its two-hundred day moving average is $9.42. AvidXchange has a 52 week low of $6.95 and a 52 week high of $13.56.

AvidXchange (NASDAQ:AVDX) last released its earnings results 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%. Equities research analysts forecast that AvidXchange will post 0.02 earnings per share for the current fiscal year.

Insider Buying and Selling at AvidXchange

In other AvidXchange news, Director James E. Hausman sold 25,000 shares of the business’s stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $11.25, for a total value of $281,250.00. Following the completion of the transaction, the director now directly owns 2,112,232 shares of the company’s stock, valued at approximately $23,762,610. The trade was a 1.17 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Teresa Mackintosh sold 13,316 shares of the company’s stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $11.44, for a total value of $152,335.04. Following the transaction, the director now directly owns 47,388 shares of the company’s stock, valued at $542,118.72. This represents a 21.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 80,693 shares of company stock valued at $916,683. Company insiders own 10.40% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of AVDX. Blue Trust Inc. boosted its position in shares of AvidXchange by 90.1% during the fourth quarter. Blue Trust Inc. now owns 2,697 shares of the company’s stock worth $28,000 after buying an additional 1,278 shares during the period. Point72 DIFC Ltd acquired a new position in shares of AvidXchange during the third quarter worth about $37,000. Allspring Global Investments Holdings LLC acquired a new position in shares of AvidXchange during the third quarter worth about $38,000. R Squared Ltd acquired a new position in shares of AvidXchange during the fourth quarter worth about $41,000. Finally, 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 worth $55,000 after buying an additional 6,679 shares during the period. 80.58% of the stock is owned by institutional investors and hedge funds.

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.