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

AvidXchange (NASDAQ:AVDX) had its target price lowered by The Goldman Sachs Group from $9.00 to $7.00 in a research note issued to investors on Monday morning, Benzinga reports. The Goldman Sachs Group currently has a sell rating on the stock.

A number of other research firms have also commented on AVDX. Susquehanna dropped their price objective on shares of AvidXchange from $16.00 to $14.00 and set a “positive” rating on the stock in a research note on Thursday, August 1st. BMO Capital Markets dropped their price target on AvidXchange from $13.00 to $10.00 and set a “market perform” rating on the stock in a research report on Thursday, August 1st. Compass Point started coverage on AvidXchange in a research note on Wednesday, September 4th. They set a “neutral” rating and a $8.00 price objective for the company. UBS Group cut AvidXchange from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $15.00 to $10.00 in a research report on Thursday, August 1st. Finally, JPMorgan Chase & Co. lowered AvidXchange from an “overweight” rating to a “neutral” rating and dropped their target price for the company from $11.00 to $9.00 in a report on Tuesday, August 20th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $10.64.

AvidXchange Stock Performance

Shares of AVDX stock opened at $8.45 on Monday. AvidXchange has a 1 year low of $6.88 and a 1 year high of $13.56. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.36 and a current ratio of 1.36. The firm has a market cap of $1.75 billion, a price-to-earnings ratio of -56.33 and a beta of 1.01. The stock’s 50-day moving average is $7.96 and its two-hundred day moving average is $10.19.

AvidXchange (NASDAQ:AVDX) last posted its quarterly earnings data on Wednesday, July 31st. The company reported $0.05 earnings per share for the quarter, beating the consensus estimate of $0.04 by $0.01. The business had revenue of $105.30 million during the quarter, compared to the consensus estimate of $107.13 million. AvidXchange had a negative return on equity of 0.23% and a negative net margin of 3.18%. The company’s revenue was up 15.6% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.05) earnings per share. Analysts predict that AvidXchange will post 0.03 earnings per share for the current year.

Insiders Place Their Bets

In other AvidXchange news, President Daniel Drees sold 20,069 shares of the business’s stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $7.98, for a total transaction of $160,150.62. Following the sale, the president now directly owns 753,644 shares in the company, valued at approximately $6,014,079.12. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, insider Joel Wilhite sold 47,308 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $8.10, for a total value of $383,194.80. Following the sale, the insider now owns 413,687 shares in the company, valued at $3,350,864.70. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, President Daniel Drees sold 20,069 shares of the firm’s stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $7.98, for a total value of $160,150.62. Following the completion of the transaction, the president now directly owns 753,644 shares of the company’s stock, valued at $6,014,079.12. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 158,959 shares of company stock worth $1,279,321. 10.30% of the stock is owned by corporate insiders.

Institutional Trading of AvidXchange

Institutional investors have recently bought and sold shares of the company. CWM LLC increased its position in shares of AvidXchange by 7,259.8% in the third quarter. CWM LLC now owns 6,771 shares of the company’s stock valued at $55,000 after buying an additional 6,679 shares in the last quarter. Handelsbanken Fonder AB grew its stake in AvidXchange by 66.7% in the 3rd quarter. Handelsbanken Fonder AB now owns 46,000 shares of the company’s stock valued at $373,000 after acquiring an additional 18,400 shares during the last quarter. SG Americas Securities LLC increased its holdings in AvidXchange by 208.2% during the 3rd quarter. SG Americas Securities LLC now owns 91,891 shares of the company’s stock valued at $745,000 after acquiring an additional 62,078 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund raised its position in AvidXchange by 142.2% during the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 581,300 shares of the company’s stock worth $7,010,000 after acquiring an additional 341,300 shares during the last quarter. Finally, Sanctuary Advisors LLC purchased a new stake in shares of AvidXchange in the second quarter valued at about $575,000. 80.58% of the stock is currently owned by hedge funds and other institutional investors.

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.