AvidXchange (NASDAQ:AVDX) Price Target Cut to $7.00 by Analysts at The Goldman Sachs Group

AvidXchange (NASDAQ:AVDX) had its price objective reduced by The Goldman Sachs Group from $9.50 to $7.00 in a research report sent to investors on Thursday,Benzinga reports. They currently have a sell rating on the stock.

AVDX has been the subject of several other reports. Piper Sandler boosted their price target on AvidXchange from $9.00 to $10.00 and gave the stock a “neutral” rating in a research report on Thursday, November 7th. Wells Fargo & Company boosted their price target on AvidXchange from $9.00 to $10.00 and gave the stock an “equal weight” rating in a research report on Thursday, November 7th. Morgan Stanley reduced their price target on AvidXchange from $11.00 to $8.00 and set an “equal weight” rating for the company in a research report on Thursday. Keefe, Bruyette & Woods reduced their price target on AvidXchange from $11.00 to $8.00 and set a “market perform” rating for the company in a research report on Thursday. Finally, Barclays boosted their price target on AvidXchange from $11.00 to $13.00 and gave the stock an “overweight” rating in a research report on Monday, November 18th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $10.47.

AvidXchange Trading Up 1.4 %

Shares of NASDAQ AVDX opened at $7.36 on Thursday. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.11. The business has a fifty day simple moving average of $10.09 and a two-hundred day simple moving average of $9.41. The firm has a market cap of $1.51 billion, a PE ratio of 461.00 and a beta of 1.22. AvidXchange has a twelve month low of $6.89 and a twelve month high of $13.56.

AvidXchange (NASDAQ:AVDX) last issued 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). The firm had revenue of $115.44 million for the quarter, compared to the consensus estimate of $114.98 million. AvidXchange had a negative net margin of 0.23% and a positive return on equity of 0.74%. Analysts expect that AvidXchange will post 0.02 earnings per share for the current fiscal year.

Insider Transactions at AvidXchange

In other news, Director James E. Hausman sold 25,000 shares of the company’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 sale, the director now owns 2,112,232 shares in the company, valued at $23,762,610. This represents a 1.17 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Michael Praeger sold 42,377 shares of the company’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $11.40, for a total value of $483,097.80. Following the completion of the transaction, the chief executive officer now directly owns 10,381,033 shares of the company’s stock, valued at $118,343,776.20. The trade was a 0.41 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 80,693 shares of company stock worth $916,683 over the last quarter. 10.40% of the stock is currently owned by insiders.

Hedge Funds Weigh In On AvidXchange

A number of large investors have recently bought and sold shares of AVDX. Allspring Global Investments Holdings LLC acquired a new position in AvidXchange in the 3rd quarter worth about $38,000. Wealth Enhancement Advisory Services LLC raised its holdings in AvidXchange by 29.6% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 13,211 shares of the company’s stock worth $107,000 after purchasing an additional 3,019 shares during the period. US Bancorp DE raised its holdings in AvidXchange by 111,114.9% in the 3rd quarter. US Bancorp DE now owns 52,271 shares of the company’s stock worth $424,000 after purchasing an additional 52,224 shares during the period. ARK Investment Management LLC raised its holdings in AvidXchange by 17.4% in the 3rd quarter. ARK Investment Management LLC now owns 1,161,998 shares of the company’s stock worth $9,424,000 after purchasing an additional 171,908 shares during the period. Finally, State of New Jersey Common Pension Fund D raised its holdings in AvidXchange by 39.3% in the 3rd quarter. State of New Jersey Common Pension Fund D now owns 247,947 shares of the company’s stock worth $2,011,000 after purchasing an additional 69,971 shares during the period. Institutional investors and hedge funds 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.