AvidXchange Holdings, Inc. (NASDAQ:AVDX) Receives $12.08 Consensus Target Price from Analysts

Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) have earned a consensus recommendation of “Hold” from the twelve ratings firms that are covering the firm, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and six have given a buy rating to the company. The average 12-month price target among brokerages that have covered the stock in the last year is $11.75.

AVDX has been the subject of a number of research reports. Wells Fargo & Company lowered their target price on AvidXchange from $13.00 to $10.00 and set an “equal weight” rating for the company in a research note on Thursday, August 1st. Robert W. Baird dropped their price objective on shares of AvidXchange from $16.00 to $14.00 and set an “outperform” rating on the stock in a report on Thursday, August 1st. The Goldman Sachs Group reduced their target price on shares of AvidXchange from $11.50 to $9.00 and set a “sell” rating for the company 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 note on Thursday, August 1st. Finally, KeyCorp cut their price target on AvidXchange from $15.00 to $12.00 and set an “overweight” rating on the stock in a report on Thursday, August 1st.

Insider Transactions at AvidXchange

In related news, President Daniel Drees sold 13,762 shares of AvidXchange stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $11.24, for a total transaction of $154,684.88. Following the completion of the transaction, the president now owns 758,406 shares in the company, valued at $8,524,483.44. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other AvidXchange news, President Daniel Drees sold 13,762 shares of AvidXchange stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $11.24, for a total transaction of $154,684.88. Following the completion of the transaction, the president now directly owns 758,406 shares of the company’s stock, valued at $8,524,483.44. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Joel Wilhite sold 12,363 shares of the company’s stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $11.24, for a total transaction of $138,960.12. Following the completion of the transaction, the insider now owns 466,491 shares in the company, valued at $5,243,358.84. The disclosure for this sale can be found here. Insiders have sold 152,897 shares of company stock worth $1,695,238 in the last ninety days. Insiders own 10.30% of the company’s stock.

Hedge Funds Weigh In On AvidXchange

Institutional investors and hedge funds have recently made changes to their positions in the company. National Bank of Canada FI bought a new stake in AvidXchange in the 4th quarter valued at $54,000. Advisors Asset Management Inc. grew its stake in shares of AvidXchange by 96.3% in the first quarter. Advisors Asset Management Inc. now owns 4,309 shares of the company’s stock valued at $57,000 after acquiring an additional 2,114 shares in the last quarter. nVerses Capital LLC bought a new position in AvidXchange during the second quarter worth about $66,000. MBL Wealth LLC acquired a new stake in AvidXchange in the 1st quarter worth about $163,000. Finally, Cornerstone Investment Partners LLC bought a new stake in AvidXchange in the 4th quarter valued at about $178,000. Institutional investors and hedge funds own 80.58% of the company’s stock.

AvidXchange Trading Down 0.6 %

AVDX opened at $7.81 on Friday. AvidXchange has a twelve month low of $6.88 and a twelve month high of $13.56. The firm has a market cap of $1.61 billion, a PE ratio of -52.07 and a beta of 1.03. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.34 and a current ratio of 1.34. The firm’s fifty day moving average is $11.14 and its two-hundred day moving average is $11.65.

AvidXchange (NASDAQ:AVDX) last issued its quarterly earnings data on Wednesday, July 31st. The company reported $0.05 EPS for the quarter, topping the consensus estimate of $0.04 by $0.01. AvidXchange had a negative return on equity of 0.23% and a negative net margin of 3.18%. The business had revenue of $105.30 million for the quarter, compared to the consensus estimate of $107.13 million. During the same quarter last year, the business posted ($0.05) EPS. The firm’s revenue was up 15.6% compared to the same quarter last year. Equities research analysts anticipate that AvidXchange will post 0.01 EPS for the current year.

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.