AvidXchange (NASDAQ:AVDX) Given New $7.50 Price Target at BMO Capital Markets

AvidXchange (NASDAQ:AVDX) had its target price cut by investment analysts at BMO Capital Markets from $11.00 to $7.50 in a research report issued on Thursday,Benzinga reports. The brokerage presently has a “market perform” rating on the stock. BMO Capital Markets’ price target points to a potential upside of 2.50% from the company’s previous close.

Several other research firms have also weighed in on AVDX. The Goldman Sachs Group lifted their target price on shares of AvidXchange from $9.00 to $10.00 and gave the company a “sell” rating in a report on Monday, December 2nd. Wells Fargo & Company boosted their target price on shares of AvidXchange from $9.00 to $10.00 and gave the stock an “equal weight” rating in a research note on Thursday, November 7th. KeyCorp downgraded shares of AvidXchange from an “overweight” rating to a “sector weight” rating in a research note on Thursday. UBS Group boosted their target price on shares of AvidXchange from $10.00 to $10.50 and gave the stock a “neutral” rating in a research note on Thursday, November 7th. Finally, Compass Point upgraded shares of AvidXchange from a “neutral” rating to a “buy” rating and upped their target price for the company from $8.00 to $15.00 in a report on Thursday, November 7th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $10.80.

AvidXchange Price Performance

NASDAQ:AVDX traded up $0.06 on Thursday, reaching $7.32. 843,540 shares of the company’s stock traded hands, compared to its average volume of 1,527,427. The stock has a 50-day simple moving average of $10.16 and a 200-day simple moving average of $9.42. AvidXchange has a 12 month low of $6.89 and a 12 month high of $13.56. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.11. The firm has a market cap of $1.51 billion, a PE ratio of 461.00 and a beta of 1.22.

AvidXchange (NASDAQ:AVDX) last issued its quarterly earnings data on Wednesday, February 26th. The company reported $0.03 EPS for the quarter, missing the consensus estimate of $0.06 by ($0.03). The business had revenue of $115.44 million for the quarter, compared to analysts’ expectations of $114.98 million. AvidXchange had a negative net margin of 0.23% and a positive return on equity of 0.74%. Equities research analysts forecast that AvidXchange will post 0.02 earnings per share for the current year.

Insider Buying and Selling at AvidXchange

In other news, Director James E. Hausman sold 25,000 shares of the stock in a transaction that occurred on Monday, December 9th. The shares were 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Michael Praeger sold 42,377 shares of the business’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $11.40, for a total value of $483,097.80. Following the completion of the sale, the chief executive officer now owns 10,381,033 shares in the company, valued at approximately $118,343,776.20. This trade represents a 0.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 80,693 shares of company stock valued at $916,683 in the last 90 days. 10.40% of the stock is currently owned by company insiders.

Institutional Trading of AvidXchange

Several institutional investors and hedge funds have recently made changes to their positions in the company. Blue Trust Inc. lifted its holdings in AvidXchange by 90.1% during the fourth quarter. Blue Trust Inc. now owns 2,697 shares of the company’s stock worth $28,000 after acquiring an additional 1,278 shares during the period. Point72 DIFC Ltd bought a new stake in shares of AvidXchange in the 3rd quarter worth approximately $37,000. Allspring Global Investments Holdings LLC bought a new stake in shares of AvidXchange in the 3rd quarter worth approximately $38,000. R Squared Ltd bought a new stake in shares of AvidXchange in the 4th quarter worth approximately $41,000. Finally, Quarry LP raised its holdings in shares of AvidXchange by 126.6% in the 4th quarter. Quarry LP now owns 5,518 shares of the company’s stock worth $57,000 after purchasing an additional 3,083 shares during the period. Hedge funds and other 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.