AvidXchange Holdings, Inc. (NASDAQ:AVDX) Receives $12.08 Consensus Price Target from Analysts

Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) have earned a consensus recommendation of “Hold” from the twelve research firms that are presently covering the firm, Marketbeat reports. One analyst has rated the stock with a sell recommendation, five have issued a hold recommendation and six have given a buy recommendation to the company. The average 12-month price target among brokerages that have covered the stock in the last year is $11.75.

AVDX has been the topic of a number of research reports. BMO Capital Markets dropped their price target on AvidXchange from $13.00 to $10.00 and set a “market perform” rating on the stock in a research note on Thursday, August 1st. KeyCorp dropped their price target on AvidXchange from $15.00 to $12.00 and set an “overweight” rating on the stock in a research note on Thursday, August 1st. UBS Group downgraded AvidXchange from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $15.00 to $10.00 in a research note on Thursday, August 1st. Wells Fargo & Company lowered their target price on AvidXchange from $13.00 to $10.00 and set an “equal weight” rating on the stock in a research report on Thursday, August 1st. Finally, Barclays lowered their target price on AvidXchange from $14.00 to $10.00 and set an “overweight” rating on the stock in a research report on Monday.

Insider Buying and Selling at AvidXchange

In other AvidXchange news, insider Todd Alan Cunningham sold 28,424 shares of the firm’s stock in a transaction dated Thursday, May 23rd. The stock was sold at an average price of $11.02, for a total transaction of $313,232.48. Following the sale, the insider now directly owns 336,017 shares of the company’s stock, valued at $3,702,907.34. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, CEO Michael Praeger sold 25,418 shares of AvidXchange stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $11.24, for a total value of $285,698.32. Following the sale, the chief executive officer now directly owns 10,495,547 shares of the company’s stock, valued at $117,969,948.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Todd Alan Cunningham sold 28,424 shares of AvidXchange stock in a transaction dated Thursday, May 23rd. The stock was sold at an average price of $11.02, for a total value of $313,232.48. Following the completion of the sale, the insider now directly owns 336,017 shares in the company, valued at $3,702,907.34. The disclosure for this sale can be found here. Insiders have sold a total of 152,897 shares of company stock valued at $1,695,238 over the last ninety days. 10.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On AvidXchange

Several large investors have recently made changes to their positions in the company. SG Americas Securities LLC increased its holdings in shares of AvidXchange by 2.9% in the second quarter. SG Americas Securities LLC now owns 29,813 shares of the company’s stock worth $360,000 after purchasing an additional 835 shares during the last quarter. California State Teachers Retirement System increased its stake in AvidXchange by 1.0% during the first quarter. California State Teachers Retirement System now owns 161,292 shares of the company’s stock worth $2,121,000 after acquiring an additional 1,656 shares during the last quarter. Advisors Asset Management Inc. increased its stake in AvidXchange by 96.3% during the first quarter. Advisors Asset Management Inc. now owns 4,309 shares of the company’s stock worth $57,000 after acquiring an additional 2,114 shares during the last quarter. ProShare Advisors LLC increased its stake in AvidXchange by 9.7% during the first quarter. ProShare Advisors LLC now owns 27,135 shares of the company’s stock worth $357,000 after acquiring an additional 2,396 shares during the last quarter. Finally, Principal Financial Group Inc. increased its stake in AvidXchange by 14.6% during the first quarter. Principal Financial Group Inc. now owns 20,058 shares of the company’s stock worth $264,000 after acquiring an additional 2,556 shares during the last quarter. 80.58% of the stock is owned by institutional investors.

AvidXchange Stock Up 3.8 %

AvidXchange stock opened at $7.86 on Friday. The firm has a market cap of $1.62 billion, a price-to-earnings ratio of -52.00 and a beta of 1.03. AvidXchange has a 12 month low of $6.88 and a 12 month high of $13.56. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 0.20. The stock has a fifty day simple moving average of $11.24 and a two-hundred day simple moving average of $11.70.

AvidXchange (NASDAQ:AVDX) last released its quarterly earnings results on Wednesday, July 31st. The company reported $0.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.04 by $0.01. The firm had revenue of $105.30 million for the quarter, compared to the consensus estimate of $107.13 million. AvidXchange had a negative return on equity of 0.23% and a negative net margin of 3.18%. The company’s revenue for the quarter was up 15.6% on a year-over-year basis. During the same period last year, the business posted ($0.05) EPS. Equities analysts predict that AvidXchange will post 0.01 EPS for the current fiscal year.

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.