JPMorgan Chase & Co. Has Lowered Expectations for AvidXchange (NASDAQ:AVDX) Stock Price

AvidXchange (NASDAQ:AVDX) had its price objective cut by JPMorgan Chase & Co. from $10.00 to $9.00 in a note issued to investors on Thursday,Benzinga reports. The firm currently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s price objective indicates a potential upside of 23.97% from the company’s current price.

Several other research firms have also recently weighed in on AVDX. Keefe, Bruyette & Woods reduced their price target on shares of AvidXchange from $11.00 to $8.00 and set a “market perform” rating for the company in a report on Thursday. BMO Capital Markets boosted their price objective on shares of AvidXchange from $10.00 to $11.00 and gave the company a “market perform” rating in a research report on Friday, November 8th. Barclays increased their target price on AvidXchange from $11.00 to $13.00 and gave the stock an “overweight” rating in a report on Monday, November 18th. The Goldman Sachs Group boosted their price target on AvidXchange from $9.00 to $10.00 and gave the company a “sell” rating in a report on Monday, December 2nd. Finally, UBS Group lifted their target price on AvidXchange from $10.00 to $10.50 and gave the company a “neutral” rating in a research report on Thursday, November 7th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $11.39.

AvidXchange Stock Performance

Shares of AvidXchange stock opened at $7.26 on Thursday. AvidXchange has a 12 month low of $6.95 and a 12 month high of $13.56. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.11. The company has a market capitalization of $1.49 billion, a PE ratio of 461.00 and a beta of 1.22. The stock’s fifty day simple moving average is $10.16 and its 200 day simple moving average is $9.42.

AvidXchange (NASDAQ:AVDX) last released its quarterly earnings results on Wednesday, February 26th. The company reported $0.03 EPS for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.03). AvidXchange had a positive return on equity of 0.74% and a negative net margin of 0.23%. On average, research analysts predict that AvidXchange will post 0.02 EPS for the current year.

Insider Activity

In other AvidXchange news, CEO Michael Praeger sold 42,377 shares of AvidXchange stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $11.40, for a total transaction of $483,097.80. Following the completion of the transaction, the chief executive officer now directly owns 10,381,033 shares of the company’s stock, valued at $118,343,776.20. The trade was a 0.41 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Teresa Mackintosh sold 13,316 shares of the stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $11.44, for a total transaction of $152,335.04. Following the completion of the transaction, the director now directly 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 disclosure for this sale can be found here. Insiders sold a total of 80,693 shares of company stock valued at $916,683 over the last three months. Insiders own 10.40% of the company’s stock.

Institutional Investors Weigh In On AvidXchange

Hedge funds have recently bought and sold shares of the stock. Xponance Inc. increased its stake in shares of AvidXchange by 9.2% during the fourth quarter. Xponance Inc. now owns 12,459 shares of the company’s stock worth $129,000 after purchasing an additional 1,045 shares during the period. Captrust Financial Advisors grew its holdings in AvidXchange by 6.2% in the 4th quarter. Captrust Financial Advisors now owns 18,434 shares of the company’s stock valued at $191,000 after buying an additional 1,084 shares in the last quarter. Summit Investment Advisors Inc. grew its holdings in AvidXchange by 6.8% in the 4th quarter. Summit Investment Advisors Inc. now owns 18,182 shares of the company’s stock valued at $188,000 after buying an additional 1,155 shares in the last quarter. Blue Trust Inc. increased its position in AvidXchange by 90.1% during the 4th quarter. Blue Trust Inc. now owns 2,697 shares of the company’s stock worth $28,000 after buying an additional 1,278 shares during the period. Finally, Rhumbline Advisers lifted its holdings in shares of AvidXchange by 1.0% during the fourth quarter. Rhumbline Advisers now owns 234,738 shares of the company’s stock worth $2,427,000 after buying an additional 2,391 shares in the last quarter. 80.58% of the stock is currently owned by institutional investors and hedge funds.

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.