AvidXchange (NASDAQ:AVDX) PT Lowered to $9.00 at Wells Fargo & Company

AvidXchange (NASDAQ:AVDX) had its price target decreased by equities research analysts at Wells Fargo & Company from $10.00 to $9.00 in a note issued to investors on Monday, Benzinga reports. The firm currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price objective would indicate a potential upside of 5.14% from the company’s previous close.

Other analysts have also issued research reports about the company. Susquehanna dropped their price target on AvidXchange from $16.00 to $14.00 and set a “positive” rating for the company in a research note on Thursday, August 1st. Robert W. Baird cut their target price on AvidXchange from $16.00 to $14.00 and set an “outperform” rating on the stock in a research note on Thursday, August 1st. UBS Group downgraded shares of AvidXchange from a “buy” rating to a “neutral” rating and reduced their price target for the company from $15.00 to $10.00 in a research report on Thursday, August 1st. Barclays decreased their target price on AvidXchange from $14.00 to $10.00 and set an “overweight” rating for the company in a research report on Monday, August 5th. Finally, JPMorgan Chase & Co. cut AvidXchange from an “overweight” rating to a “neutral” rating and lowered their price target 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 assigned a buy rating to the stock. According to data from MarketBeat, AvidXchange presently has an average rating of “Hold” and an average target price of $10.57.

AvidXchange Price Performance

NASDAQ:AVDX traded down $0.02 during trading hours on Monday, hitting $8.56. 305,671 shares of the company’s stock traded hands, compared to its average volume of 2,043,189. AvidXchange has a 52 week low of $6.88 and a 52 week high of $13.56. The company has a quick ratio of 1.36, a current ratio of 1.36 and a debt-to-equity ratio of 0.19. The firm has a market cap of $1.77 billion, a P/E ratio of -57.07 and a beta of 1.01. The business’s fifty day simple moving average is $7.98 and its two-hundred day simple moving average is $10.13.

AvidXchange (NASDAQ:AVDX) last issued its quarterly earnings results on Wednesday, July 31st. The company reported $0.05 EPS for the quarter, beating analysts’ consensus estimates of $0.04 by $0.01. The business had revenue of $105.30 million for the quarter, compared to analysts’ expectations of $107.13 million. AvidXchange had a negative net margin of 3.18% and a negative return on equity of 0.23%. The business’s quarterly revenue was up 15.6% on a year-over-year basis. During the same period last year, the business earned ($0.05) earnings per share. On average, research analysts anticipate that AvidXchange will post 0.03 earnings per share for the current fiscal year.

Insider Buying and Selling

In other AvidXchange news, President Daniel Drees sold 20,069 shares of the company’s stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $7.98, for a total value of $160,150.62. Following the completion of the sale, the president now directly owns 753,644 shares in the company, valued at $6,014,079.12. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider Joel Wilhite sold 47,308 shares of the firm’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $8.10, for a total value of $383,194.80. Following the completion of the transaction, the insider now owns 413,687 shares of the company’s stock, valued at approximately $3,350,864.70. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, President Daniel Drees sold 20,069 shares of the stock in a transaction dated 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 sale, the president now directly owns 753,644 shares in the company, valued at $6,014,079.12. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 166,386 shares of company stock worth $1,343,044. 10.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On AvidXchange

Several hedge funds have recently added to or reduced their stakes in the stock. Cardinal Capital Management purchased a new position in AvidXchange in the 1st quarter valued at $190,000. Principal Financial Group Inc. grew its stake in AvidXchange by 14.6% in the 1st quarter. Principal Financial Group Inc. now owns 20,058 shares of the company’s stock worth $264,000 after acquiring an additional 2,556 shares during the period. Jennison Associates LLC acquired a new position in AvidXchange in the first quarter valued at $23,800,000. GSA Capital Partners LLP lifted its holdings in shares of AvidXchange by 31.0% during the 1st quarter. GSA Capital Partners LLP now owns 78,672 shares of the company’s stock worth $1,035,000 after acquiring an additional 18,612 shares during the period. Finally, Coronation Fund Managers Ltd. raised its stake in AvidXchange by 7.0% during the first quarter. Coronation Fund Managers Ltd. now owns 748,459 shares of the company’s stock worth $9,842,000 after purchasing an additional 48,831 shares during the period. 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.