AvidXchange Holdings, Inc. (NASDAQ:AVDX) Given Consensus Recommendation of “Hold” by Brokerages

AvidXchange Holdings, Inc. (NASDAQ:AVDX) has been given a consensus rating of “Hold” by the fourteen brokerages that are covering the stock, MarketBeat reports. Two research analysts have rated the stock with a sell recommendation, seven have issued a hold recommendation and five have issued a buy recommendation on the company. The average 1-year price target among brokers that have covered the stock in the last year is $10.64.

AVDX has been the topic of a number of research reports. Barclays dropped their target price on shares of AvidXchange from $14.00 to $10.00 and set an “overweight” rating on the stock in a report on Monday, August 5th. The Goldman Sachs Group dropped their price target on AvidXchange from $9.00 to $7.00 and set a “sell” rating on the stock in a report on Monday. Bank of America reduced their price objective on AvidXchange from $12.00 to $8.00 and set an “underperform” rating for the company in a research note on Tuesday. Susquehanna cut their target price on AvidXchange from $16.00 to $14.00 and set a “positive” rating on the stock in a research report on Thursday, August 1st. Finally, Robert W. Baird decreased their price target on AvidXchange from $16.00 to $14.00 and set an “outperform” rating for the company in a research report on Thursday, August 1st.

Insider Buying and Selling at AvidXchange

In other AvidXchange news, President Daniel Drees sold 20,069 shares of AvidXchange 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 completion of the sale, the president now owns 753,644 shares of the company’s stock, valued at $6,014,079.12. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, President Daniel Drees sold 20,069 shares of the firm’s stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $7.98, for a total transaction of $160,150.62. Following the completion of the sale, the president now directly owns 753,644 shares of the company’s stock, valued at $6,014,079.12. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Michael Praeger sold 37,225 shares of the business’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 $297,055.50. Following the completion of the sale, the chief executive officer now directly owns 10,453,786 shares of the company’s stock, valued at approximately $83,421,212.28. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 158,959 shares of company stock worth $1,279,321. 10.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On AvidXchange

Several institutional investors and hedge funds have recently modified their holdings of the business. Jennison Associates LLC bought a new position in AvidXchange during the first quarter valued at about $23,800,000. American Century Companies Inc. lifted its holdings in AvidXchange by 54.2% in the 2nd quarter. American Century Companies Inc. now owns 4,515,719 shares of the company’s stock worth $54,460,000 after purchasing an additional 1,586,510 shares during the last quarter. Kodai Capital Management LP boosted its position in AvidXchange by 872.9% during the first quarter. Kodai Capital Management LP now owns 1,581,667 shares of the company’s stock worth $20,799,000 after purchasing an additional 1,419,099 shares during the period. Lazard Asset Management LLC acquired a new position in AvidXchange during the first quarter valued at approximately $7,621,000. Finally, Healthcare of Ontario Pension Plan Trust Fund raised its position in shares of AvidXchange by 142.2% in the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 581,300 shares of the company’s stock valued at $7,010,000 after purchasing an additional 341,300 shares during the period. Institutional investors and hedge funds own 80.58% of the company’s stock.

AvidXchange Stock Performance

Shares of NASDAQ AVDX opened at $8.45 on Friday. AvidXchange has a 1 year low of $6.88 and a 1 year high of $13.56. The firm has a market cap of $1.75 billion, a P/E ratio of -56.33 and a beta of 1.01. The stock has a fifty day moving average price of $7.96 and a two-hundred day moving average price of $10.19. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.36 and a current ratio of 1.36.

AvidXchange (NASDAQ:AVDX) last announced its earnings results 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 analysts’ expectations 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 quarterly revenue was up 15.6% on a year-over-year basis. During the same quarter last year, the business posted ($0.05) earnings per share. Research analysts forecast that AvidXchange will post 0.03 EPS for the current fiscal 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.