AvidXchange (NASDAQ:AVDX) Given New $7.00 Price Target at The Goldman Sachs Group

AvidXchange (NASDAQ:AVDX) had its target price reduced by stock analysts at The Goldman Sachs Group from $9.50 to $7.00 in a research report issued on Thursday,Benzinga reports. The firm presently has a “sell” rating on the stock. The Goldman Sachs Group’s target price would indicate a potential downside of 7.89% from the stock’s previous close.

AVDX has been the subject of a number of other research reports. JPMorgan Chase & Co. reduced their price target on AvidXchange from $10.00 to $9.00 and set a “neutral” rating for the company in a research report on Thursday. Barclays increased their target price on shares of AvidXchange from $11.00 to $13.00 and gave the stock an “overweight” rating in a report on Monday, November 18th. Wells Fargo & Company raised 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. Piper Sandler upped their price target on shares of AvidXchange from $9.00 to $10.00 and gave the stock a “neutral” rating in a research report on Thursday, November 7th. Finally, Keefe, Bruyette & Woods decreased their price objective 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. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and five have assigned a buy rating to the company. According to MarketBeat, AvidXchange has an average rating of “Hold” and an average price target of $10.33.

AvidXchange Price Performance

Shares of NASDAQ AVDX opened at $7.60 on Thursday. The firm has a market cap of $1.56 billion, a P/E ratio of 461.00 and a beta of 1.22. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.11. AvidXchange has a twelve month low of $6.89 and a twelve month high of $13.56. The company has a 50 day moving average of $10.03 and a 200 day moving average of $9.40.

AvidXchange (NASDAQ:AVDX) last released its quarterly 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 negative net margin of 0.23% and a positive return on equity of 0.74%. The firm had revenue of $115.44 million for the quarter, compared to the consensus estimate of $114.98 million. As a group, research analysts expect that AvidXchange will post 0.02 EPS for the current fiscal year.

Insider Buying and Selling at AvidXchange

In other AvidXchange news, CEO Michael Praeger sold 42,377 shares of AvidXchange stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $11.40, for a total value of $483,097.80. Following the sale, the chief executive officer now 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 position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Teresa Mackintosh sold 13,316 shares of the stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $11.44, for a total value of $152,335.04. Following the transaction, the director now owns 47,388 shares of the company’s stock, valued at $542,118.72. This represents a 21.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 80,693 shares of company stock valued at $916,683 in the last 90 days. Insiders own 10.40% of the company’s stock.

Institutional Investors Weigh In On AvidXchange

A number of hedge funds have recently bought and sold shares of the business. Neo Ivy Capital Management bought a new stake in shares of AvidXchange in the 4th quarter worth about $2,393,000. PharVision Advisers LLC purchased a new position in AvidXchange in the fourth quarter worth about $230,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in AvidXchange by 10.2% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 465,690 shares of the company’s stock worth $4,815,000 after acquiring an additional 42,993 shares during the last quarter. Vident Advisory LLC purchased a new stake in AvidXchange during the fourth quarter valued at approximately $255,000. Finally, Tremblant Capital Group lifted its stake in shares of AvidXchange by 2.3% in the 4th quarter. Tremblant Capital Group now owns 3,231,149 shares of the company’s stock valued at $33,410,000 after purchasing an additional 73,802 shares during the last quarter. Hedge funds and other institutional investors own 80.58% of the company’s stock.

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.