AvidXchange (NASDAQ:AVDX) Given New $8.00 Price Target at Morgan Stanley

AvidXchange (NASDAQ:AVDX) had its target price cut by Morgan Stanley from $11.00 to $8.00 in a report published on Thursday morning,Benzinga reports. They currently have an equal weight rating on the stock.

A number of other equities analysts have also issued reports on the stock. Keefe, Bruyette & Woods reduced their target price on shares of AvidXchange from $11.00 to $8.00 and set a “market perform” rating on the stock in a research report on Thursday. Barclays upped their target price on shares of AvidXchange from $11.00 to $13.00 and gave the stock an “overweight” rating in a research report on Monday, November 18th. Piper Sandler increased their price objective on shares of AvidXchange from $9.00 to $10.00 and gave the company a “neutral” rating in a report on Thursday, November 7th. Compass Point upgraded shares of AvidXchange from a “neutral” rating to a “buy” rating and increased their price objective for the company from $8.00 to $15.00 in a report on Thursday, November 7th. Finally, Wells Fargo & Company increased their price objective on shares of AvidXchange from $9.00 to $10.00 and gave the company an “equal weight” rating in a report on Thursday, November 7th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, AvidXchange has an average rating of “Hold” and a consensus price target of $10.47.

AvidXchange Price Performance

Shares of AVDX stock opened at $7.36 on Thursday. AvidXchange has a 1 year low of $6.89 and a 1 year high of $13.56. The firm’s 50 day moving average is $10.09 and its 200-day moving average is $9.41. The firm has a market capitalization of $1.51 billion, a price-to-earnings ratio of 461.00 and a beta of 1.22. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.11.

AvidXchange (NASDAQ:AVDX) last announced its earnings results on Wednesday, February 26th. The company reported $0.03 earnings per share (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%. The company had revenue of $115.44 million for the quarter, compared to analyst estimates of $114.98 million. Sell-side analysts forecast that AvidXchange will post 0.02 EPS for the current fiscal year.

Insider Buying and Selling at AvidXchange

In other news, CEO Michael Praeger sold 42,377 shares of the 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 sale, the chief executive officer now owns 10,381,033 shares of the company’s stock, valued at $118,343,776.20. This represents a 0.41 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director James E. Hausman sold 25,000 shares of the stock in a transaction on Monday, December 9th. The stock was sold at an average price of $11.25, for a total transaction of $281,250.00. Following the sale, the director now directly owns 2,112,232 shares of the company’s stock, valued at $23,762,610. This represents a 1.17 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 80,693 shares of company stock valued at $916,683. Corporate insiders own 10.40% of the company’s stock.

Institutional Investors Weigh In On AvidXchange

Large investors have recently made changes to their positions in the stock. US Bancorp DE increased its position in shares of AvidXchange by 111,114.9% during the third quarter. US Bancorp DE now owns 52,271 shares of the company’s stock worth $424,000 after acquiring an additional 52,224 shares in the last quarter. Jacobs Levy Equity Management Inc. acquired a new position in AvidXchange during the third quarter worth $25,339,000. Entropy Technologies LP acquired a new position in AvidXchange during the third quarter worth $447,000. State of New Jersey Common Pension Fund D boosted its holdings in AvidXchange by 39.3% during the third quarter. State of New Jersey Common Pension Fund D now owns 247,947 shares of the company’s stock worth $2,011,000 after purchasing an additional 69,971 shares during the last quarter. Finally, Barclays PLC boosted its holdings in AvidXchange by 239.8% during the third quarter. Barclays PLC now owns 285,768 shares of the company’s stock worth $2,318,000 after purchasing an additional 201,679 shares during the last quarter. Institutional investors 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.