AvidXchange (NASDAQ:AVDX) Trading 9.6% Higher – Time to Buy?

AvidXchange Holdings, Inc. (NASDAQ:AVDX)’s stock price traded up 9.6% on Thursday . The company traded as high as $7.59 and last traded at $7.55. 1,790,643 shares were traded during mid-day trading, an increase of 3% from the average session volume of 1,733,836 shares. The stock had previously closed at $6.89.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. JPMorgan Chase & Co. decreased their price objective on shares of AvidXchange from $10.00 to $9.00 and set a “neutral” rating for the company in a research report on Thursday, February 27th. Wolfe Research downgraded AvidXchange from a “strong-buy” rating to a “hold” rating in a research note on Thursday, February 27th. Keefe, Bruyette & Woods decreased their price target on AvidXchange from $11.00 to $8.00 and set a “market perform” rating for the company in a research note on Thursday, February 27th. Robert W. Baird decreased their price target on AvidXchange from $14.00 to $12.00 and set an “outperform” rating for the company in a research note on Thursday, February 27th. Finally, Barclays downgraded AvidXchange from an “overweight” rating to an “equal weight” rating and decreased their target price for the company from $13.00 to $8.00 in a research note on Tuesday, March 4th. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have issued a buy rating to the stock. According to MarketBeat, AvidXchange presently has an average rating of “Hold” and an average target price of $10.00.

AvidXchange Stock Performance

The stock has a market cap of $1.62 billion, a P/E ratio of 198.00 and a beta of 1.28. The company has a fifty day moving average of $9.41 and a 200 day moving average of $9.35. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.32 and a quick ratio of 1.32.

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

Insider Buying and Selling at AvidXchange

In other AvidXchange news, President Daniel Drees sold 34,782 shares of AvidXchange stock in a transaction that occurred on Friday, February 28th. The shares were sold at an average price of $7.59, for a total transaction of $263,995.38. Following the transaction, the president now directly owns 1,176,833 shares in the company, valued at approximately $8,932,162.47. The trade was a 2.87 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Michael Praeger sold 58,881 shares of AvidXchange stock in a transaction that occurred on Friday, February 28th. The stock was sold at an average price of $7.59, for a total transaction of $446,906.79. Following the transaction, the chief executive officer now owns 11,164,737 shares in the company, valued at approximately $84,740,353.83. The trade was a 0.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 125,866 shares of company stock valued at $955,323. Corporate insiders own 10.40% of the company’s stock.

Hedge Funds Weigh In On AvidXchange

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Blue Trust Inc. grew its holdings in shares of AvidXchange by 90.1% during the 4th quarter. Blue Trust Inc. now owns 2,697 shares of the company’s stock valued at $28,000 after acquiring an additional 1,278 shares in the last quarter. Point72 DIFC Ltd purchased a new position in shares of AvidXchange during the 3rd quarter valued at $37,000. R Squared Ltd purchased a new position in shares of AvidXchange during the 4th quarter valued at $41,000. Quarry LP grew its holdings in shares of AvidXchange by 126.6% during the 4th quarter. Quarry LP now owns 5,518 shares of the company’s stock valued at $57,000 after acquiring an additional 3,083 shares in the last quarter. Finally, Y Intercept Hong Kong Ltd purchased a new position in shares of AvidXchange during the 3rd quarter valued at $86,000. 80.58% of the stock is currently owned by hedge funds and other institutional investors.

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.