Wells Fargo & Company Lowers AvidXchange (NASDAQ:AVDX) Price Target to $8.00

AvidXchange (NASDAQ:AVDX) had its target price dropped by analysts at Wells Fargo & Company from $10.00 to $8.00 in a research report issued on Thursday,Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s target price indicates a potential upside of 9.07% from the stock’s current price.

Other research analysts have also issued reports about the stock. UBS Group lifted their price objective on AvidXchange from $10.00 to $10.50 and gave the stock a “neutral” rating in a report on Thursday, November 7th. Keefe, Bruyette & Woods reduced their target price on AvidXchange from $11.00 to $8.00 and set a “market perform” rating for the company in a report on Thursday. The Goldman Sachs Group lowered their price target on AvidXchange from $9.50 to $7.00 and set a “sell” rating on the stock in a research note on Thursday. BTIG Research started coverage on AvidXchange in a research note on Wednesday, December 11th. They issued a “buy” rating and a $14.00 price objective for the company. Finally, BMO Capital Markets lowered their target price on shares of AvidXchange from $11.00 to $7.50 and set a “market perform” rating on the stock in a research note on Thursday. Two investment 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. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $10.47.

AvidXchange Price Performance

NASDAQ AVDX traded up $0.08 during trading hours on Thursday, reaching $7.34. The company’s stock had a trading volume of 1,036,431 shares, compared to its average volume of 1,532,885. The firm has a market capitalization of $1.51 billion, a price-to-earnings ratio of 461.00 and a beta of 1.22. The company’s 50-day moving average is $10.16 and its two-hundred day moving average is $9.42. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.32 and a quick ratio of 1.32. AvidXchange has a 1-year low of $6.89 and a 1-year high of $13.56.

AvidXchange (NASDAQ:AVDX) last announced its earnings results on Wednesday, February 26th. The company reported $0.03 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.03). The business had revenue of $115.44 million for the quarter, compared to analysts’ expectations of $114.98 million. AvidXchange had a negative net margin of 0.23% and a positive return on equity of 0.74%. On average, equities analysts predict that AvidXchange will post 0.02 EPS for the current year.

Insider Activity at AvidXchange

In other AvidXchange news, Director Teresa Mackintosh sold 13,316 shares of AvidXchange stock in a transaction 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 $542,118.72. The trade was a 21.94 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Michael Praeger sold 42,377 shares of the stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $11.40, for a total value of $483,097.80. Following the transaction, the chief executive officer now owns 10,381,033 shares of the company’s stock, valued at approximately $118,343,776.20. This represents a 0.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 80,693 shares of company stock worth $916,683. Insiders own 10.40% of the company’s stock.

Hedge Funds Weigh In On AvidXchange

Several large investors have recently made changes to their positions in the stock. FMR LLC increased its holdings in AvidXchange by 272.5% in the 3rd quarter. FMR LLC now owns 13,733,769 shares of the company’s stock valued at $111,381,000 after purchasing an additional 10,046,893 shares during the last quarter. Azora Capital LP purchased a new position in shares of AvidXchange during the fourth quarter worth $45,067,000. Jacobs Levy Equity Management Inc. acquired a new stake in shares of AvidXchange in the third quarter valued at $25,339,000. Arrowstreet Capital Limited Partnership purchased a new stake in shares of AvidXchange in the 4th quarter valued at $10,292,000. Finally, Point72 Asset Management L.P. acquired a new position in AvidXchange during the 3rd quarter worth about $7,920,000. 80.58% of the stock is currently 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.