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

AvidXchange (NASDAQ:AVDX) had its target price lowered by analysts at Morgan Stanley from $11.00 to $8.00 in a note issued to investors on Thursday,Benzinga reports. The firm presently has an “equal weight” rating on the stock. Morgan Stanley’s price objective points to a potential upside of 10.19% from the company’s current price.

AVDX has been the topic of a number of other reports. UBS Group raised their price target on AvidXchange from $10.00 to $10.50 and gave the company a “neutral” rating in a report on Thursday, November 7th. KeyCorp downgraded AvidXchange from an “overweight” rating to a “sector weight” rating in a research note on Thursday. The Goldman Sachs Group upped their price target on AvidXchange from $9.00 to $10.00 and gave the stock a “sell” rating in a research note on Monday, December 2nd. BMO Capital Markets boosted their target price on shares of AvidXchange from $10.00 to $11.00 and gave the stock a “market perform” rating in a report on Friday, November 8th. Finally, Piper Sandler raised their target price on shares of AvidXchange from $9.00 to $10.00 and gave the company a “neutral” rating in a research note on Thursday, November 7th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, AvidXchange has a consensus rating of “Hold” and an average target price of $11.17.

AvidXchange Trading Down 20.7 %

AvidXchange stock opened at $7.26 on Thursday. AvidXchange has a 12-month low of $6.95 and a 12-month high of $13.56. The firm has a market capitalization of $1.49 billion, a price-to-earnings ratio of 461.00 and a beta of 1.22. The firm has a 50 day moving average of $10.16 and a 200 day moving average of $9.42. 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 quarterly earnings data 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%. As a group, research analysts predict that AvidXchange will post 0.02 earnings per share for the current year.

Insiders Place Their Bets

In related news, CEO Michael Praeger sold 42,377 shares of the firm’s stock in a transaction 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 completion of the sale, the chief executive officer now directly owns 10,381,033 shares in the company, valued at $118,343,776.20. This trade represents a 0.41 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Teresa Mackintosh sold 13,316 shares of the business’s stock in a transaction on Friday, December 6th. The shares were sold at an average price of $11.44, for a total transaction of $152,335.04. Following the transaction, the director now owns 47,388 shares in the company, valued at $542,118.72. This trade represents a 21.94 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 80,693 shares of company stock valued at $916,683 over the last ninety days. 10.40% of the stock is owned by insiders.

Institutional Investors Weigh In On AvidXchange

Institutional investors have recently made changes to their positions in the company. Blue Trust Inc. grew its holdings in 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 purchasing an additional 1,278 shares during the last quarter. Point72 DIFC Ltd purchased a new position in shares of AvidXchange during the third quarter valued at approximately $37,000. Allspring Global Investments Holdings LLC bought a new position in shares of AvidXchange during the third quarter valued at approximately $38,000. R Squared Ltd purchased a new stake in shares of AvidXchange in the fourth quarter worth approximately $41,000. Finally, Quarry LP lifted its stake in shares of AvidXchange by 126.6% during the 4th quarter. Quarry LP now owns 5,518 shares of the company’s stock worth $57,000 after acquiring an additional 3,083 shares during the last quarter. 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.