Keefe, Bruyette & Woods Cuts AvidXchange (NASDAQ:AVDX) Price Target to $8.00

AvidXchange (NASDAQ:AVDX) had its price objective cut by stock analysts at Keefe, Bruyette & Woods from $11.00 to $8.00 in a research note issued to investors on Thursday,Benzinga reports. The firm presently has a “market perform” rating on the stock. Keefe, Bruyette & Woods’ price target would indicate a potential upside of 10.19% from the stock’s current price.

A number of other research firms have also recently weighed in on AVDX. UBS Group increased their price target on AvidXchange from $10.00 to $10.50 and gave the stock a “neutral” rating in a report on Thursday, November 7th. Wells Fargo & Company raised their target price on AvidXchange from $9.00 to $10.00 and gave the company an “equal weight” rating in a report on Thursday, November 7th. BTIG Research assumed coverage on AvidXchange in a report on Wednesday, December 11th. They set a “buy” rating and a $14.00 target price for the company. Compass Point upgraded AvidXchange from a “neutral” rating to a “buy” rating and raised their target price for the company from $8.00 to $15.00 in a report on Thursday, November 7th. Finally, KeyCorp cut AvidXchange from an “overweight” rating to a “sector weight” rating in a report on Thursday. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $11.39.

AvidXchange Stock Performance

NASDAQ AVDX opened at $7.26 on Thursday. The stock has a market cap of $1.49 billion, a PE 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 has a twelve month low of $6.95 and a twelve month high of $13.56. The stock has a fifty day simple moving average of $10.16 and a 200-day simple moving average of $9.42.

AvidXchange (NASDAQ:AVDX) last released its quarterly earnings results on Wednesday, February 26th. The company reported $0.03 earnings per share 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%. Equities analysts anticipate that AvidXchange will post 0.02 earnings per share for the current year.

Insider Buying and Selling at AvidXchange

In related news, Director Teresa Mackintosh sold 13,316 shares of AvidXchange stock in a transaction on Friday, December 6th. The stock was sold at an average price of $11.44, for a total transaction of $152,335.04. Following the completion of the transaction, the director now directly owns 47,388 shares of the company’s stock, valued at approximately $542,118.72. The trade was a 21.94 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director James E. Hausman sold 25,000 shares of AvidXchange stock in a transaction on Monday, December 9th. The stock was sold at an average price of $11.25, for a total value of $281,250.00. Following the transaction, the director now directly owns 2,112,232 shares of the company’s stock, valued at approximately $23,762,610. This represents a 1.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 80,693 shares of company stock worth $916,683. 10.40% of the stock is currently owned by insiders.

Hedge Funds Weigh In On AvidXchange

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Neo Ivy Capital Management acquired a new position in AvidXchange during the fourth quarter worth $2,393,000. PharVision Advisers LLC acquired a new position in AvidXchange during the fourth quarter worth $230,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings 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 purchasing an additional 42,993 shares during the last quarter. Vident Advisory LLC acquired a new position in shares of AvidXchange in the fourth quarter worth $255,000. Finally, Tremblant Capital Group raised its holdings in shares of AvidXchange by 2.3% in the fourth quarter. Tremblant Capital Group now owns 3,231,149 shares of the company’s stock worth $33,410,000 after acquiring an additional 73,802 shares during the last quarter. 80.58% of the stock is owned by institutional investors and hedge funds.

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.