AvidXchange (NASDAQ:AVDX) Lowered to “Equal Weight” Rating by Barclays

AvidXchange (NASDAQ:AVDX) was downgraded by investment analysts at Barclays from an “overweight” rating to an “equal weight” rating in a note issued to investors on Tuesday,Briefing.com Automated Import reports. They currently have a $8.00 price target on the stock, down from their prior price target of $13.00. Barclays‘s target price suggests a potential upside of 7.82% from the company’s previous close.

A number of other equities analysts also recently commented on AVDX. BTIG Research began coverage on shares of AvidXchange in a research note on Wednesday, December 11th. They issued a “buy” rating and a $14.00 price objective for the company. BMO Capital Markets decreased their price objective on AvidXchange from $11.00 to $7.50 and set a “market perform” rating for the company in a research note on Thursday, February 27th. JPMorgan Chase & Co. cut their target price on AvidXchange from $10.00 to $9.00 and set a “neutral” rating on the stock in a research note on Thursday, February 27th. Morgan Stanley reduced their target price on shares of AvidXchange from $11.00 to $8.00 and set an “equal weight” rating for the company in a report on Thursday, February 27th. Finally, Keefe, Bruyette & Woods lowered their price target on shares of AvidXchange from $11.00 to $8.00 and set a “market perform” rating on the stock in a report on Thursday, February 27th. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $10.00.

AvidXchange Price Performance

Shares of AVDX stock opened at $7.42 on Tuesday. The stock has a 50 day moving average price of $9.97 and a 200 day moving average price of $9.42. The firm has a market capitalization of $1.53 billion, a P/E ratio of 185.50 and a beta of 1.22. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.32 and a current ratio of 1.32. AvidXchange has a 52-week low of $6.89 and a 52-week high of $13.49.

AvidXchange (NASDAQ:AVDX) last posted its quarterly earnings results on Wednesday, February 26th. The company reported $0.03 earnings per share for the quarter, missing the consensus estimate of $0.06 by ($0.03). AvidXchange had a negative net margin of 0.23% and a positive return on equity of 0.74%. The company had revenue of $115.44 million for the quarter, compared to the consensus estimate of $114.98 million. As a group, sell-side analysts predict that AvidXchange will post 0.02 earnings per share for the current year.

Insider Buying and Selling

In other AvidXchange news, Director Teresa Mackintosh sold 13,316 shares of the firm’s stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $11.44, for a total value of $152,335.04. Following the sale, the director now directly owns 47,388 shares of the company’s stock, valued at approximately $542,118.72. This trade represents a 21.94 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director James E. Hausman sold 25,000 shares of the business’s stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $11.25, for a total value of $281,250.00. Following the completion of the sale, the director now owns 2,112,232 shares of the company’s stock, valued at $23,762,610. This trade represents a 1.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 10.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On AvidXchange

A number of institutional investors have recently added to or reduced their stakes in the stock. FMR LLC lifted its holdings in AvidXchange by 272.5% during the third quarter. FMR LLC now owns 13,733,769 shares of the company’s stock valued at $111,381,000 after purchasing an additional 10,046,893 shares in the last quarter. Azora Capital LP acquired a new stake in AvidXchange in the 4th quarter worth about $45,067,000. Jacobs Levy Equity Management Inc. purchased a new stake in AvidXchange during the 3rd quarter worth approximately $25,339,000. Arrowstreet Capital Limited Partnership purchased a new stake in AvidXchange during the 4th quarter worth approximately $10,292,000. Finally, Point72 Asset Management L.P. acquired a new position in shares of AvidXchange during the third quarter valued at approximately $7,920,000. Institutional investors and hedge funds own 80.58% of the company’s stock.

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.