AvidXchange (NASDAQ:AVDX) Price Target Lowered to $7.50 at BMO Capital Markets

AvidXchange (NASDAQ:AVDX) had its target price reduced by research analysts at BMO Capital Markets from $11.00 to $7.50 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm currently has a “market perform” rating on the stock. BMO Capital Markets’ price target indicates a potential upside of 2.50% from the stock’s current price.

Several other brokerages have also recently weighed in on AVDX. Piper Sandler boosted their price target on shares of AvidXchange from $9.00 to $10.00 and gave the stock a “neutral” rating in a research report on Thursday, November 7th. BTIG Research began coverage on shares of AvidXchange in a research report on Wednesday, December 11th. They issued a “buy” rating and a $14.00 price target on the stock. Barclays boosted their target price on AvidXchange from $11.00 to $13.00 and gave the company an “overweight” rating in a research report on Monday, November 18th. Compass Point raised AvidXchange from a “neutral” rating to a “buy” rating and boosted their target price for the company from $8.00 to $15.00 in a research report on Thursday, November 7th. Finally, Keefe, Bruyette & Woods cut their target price on AvidXchange from $11.00 to $8.00 and set a “market perform” rating on the stock in a research report on Thursday. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $10.80.

AvidXchange Stock Up 0.8 %

Shares of NASDAQ AVDX traded up $0.06 during midday trading on Thursday, hitting $7.32. The stock had a trading volume of 843,540 shares, compared to its average volume of 1,527,427. The business’s 50 day moving average is $10.16 and its 200-day moving average is $9.42. The company has a market cap of $1.51 billion, a P/E ratio of 461.00 and a beta of 1.22. AvidXchange has a 52 week low of $6.89 and a 52 week high of $13.56. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.11.

AvidXchange (NASDAQ:AVDX) last posted 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 negative net margin of 0.23% and a positive return on equity of 0.74%. The firm had revenue of $115.44 million during the quarter, compared to the consensus estimate of $114.98 million. As a group, analysts predict that AvidXchange will post 0.02 EPS for the current year.

Insider Transactions at AvidXchange

In related news, CEO Michael Praeger sold 42,377 shares of the stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $11.40, for a total transaction of $483,097.80. Following the sale, the chief executive officer now directly owns 10,381,033 shares in the company, valued at $118,343,776.20. This represents a 0.41 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Teresa Mackintosh sold 13,316 shares of the stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $11.44, for a total value of $152,335.04. Following the sale, the director now owns 47,388 shares in the company, valued at approximately $542,118.72. This trade represents a 21.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 80,693 shares of company stock valued at $916,683 over the last three months. 10.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On AvidXchange

A number of large investors have recently bought and sold shares of the business. Blue Trust Inc. grew its stake in shares of AvidXchange by 90.1% during the fourth quarter. Blue Trust Inc. now owns 2,697 shares of the company’s stock valued at $28,000 after purchasing an additional 1,278 shares during the last quarter. R Squared Ltd bought a new stake in shares of AvidXchange during the fourth quarter valued at approximately $41,000. Point72 DIFC Ltd bought a new stake in shares of AvidXchange during the third quarter valued at approximately $37,000. Allspring Global Investments Holdings LLC bought a new stake in shares of AvidXchange during the third quarter valued at approximately $38,000. Finally, Quarry LP grew its stake in shares of AvidXchange by 126.6% during the fourth quarter. Quarry LP now owns 5,518 shares of the company’s stock valued at $57,000 after purchasing an additional 3,083 shares during the last quarter. 80.58% of the stock is currently owned by 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.