The Goldman Sachs Group Issues Pessimistic Forecast for AvidXchange (NASDAQ:AVDX) Stock Price

AvidXchange (NASDAQ:AVDX) had its price objective lowered by The Goldman Sachs Group from $9.50 to $7.00 in a research report report published on Thursday morning,Benzinga reports. The brokerage currently has a sell rating on the stock.

A number of other equities research analysts have also issued reports on AVDX. UBS Group upped their price target on AvidXchange from $10.00 to $10.50 and gave the company a “neutral” rating in a research report on Thursday, November 7th. Piper Sandler upped their price target on AvidXchange from $9.00 to $10.00 and gave the company a “neutral” rating in a research report on Thursday, November 7th. Wells Fargo & Company increased their price objective on AvidXchange from $9.00 to $10.00 and gave the stock an “equal weight” rating in a research report on Thursday, November 7th. Robert W. Baird lowered their price objective on AvidXchange from $14.00 to $12.00 and set an “outperform” rating for the company in a research report on Thursday. Finally, Compass Point upgraded AvidXchange from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $8.00 to $15.00 in a research report on Thursday, November 7th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $10.47.

AvidXchange Price Performance

Shares of AvidXchange stock opened at $7.36 on Thursday. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.32 and a quick ratio of 1.32. The business has a 50 day simple moving average of $10.09 and a two-hundred day simple moving average of $9.41. The stock has a market capitalization of $1.51 billion, a P/E ratio of 461.00 and a beta of 1.22. AvidXchange has a 12 month low of $6.89 and a 12 month high of $13.56.

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 analysts’ consensus estimates of $0.06 by ($0.03). The company had revenue of $115.44 million during the quarter, compared to analysts’ expectations of $114.98 million. AvidXchange had a negative net margin of 0.23% and a positive return on equity of 0.74%. As a group, analysts predict that AvidXchange will post 0.02 EPS for the current fiscal year.

Insider Transactions at AvidXchange

In other news, Director James E. Hausman sold 25,000 shares of the firm’s stock in a transaction on Monday, December 9th. The stock was sold at an average price of $11.25, for a total transaction of $281,250.00. Following the completion of the transaction, the director now directly owns 2,112,232 shares in the company, valued at $23,762,610. This trade represents a 1.17 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, 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 transaction, the chief executive officer now owns 10,381,033 shares of the company’s stock, valued at approximately $118,343,776.20. This represents a 0.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 80,693 shares of company stock worth $916,683 over the last ninety days. Company insiders own 10.40% of the company’s stock.

Institutional Trading of AvidXchange

Hedge funds have recently modified their holdings of the stock. US Bancorp DE raised its stake in shares of AvidXchange by 111,114.9% in the third quarter. US Bancorp DE now owns 52,271 shares of the company’s stock valued at $424,000 after acquiring an additional 52,224 shares in the last quarter. Jacobs Levy Equity Management Inc. acquired a new stake in shares of AvidXchange in the third quarter valued at $25,339,000. Entropy Technologies LP acquired a new stake in AvidXchange in the third quarter valued at $447,000. State of New Jersey Common Pension Fund D raised its stake in AvidXchange by 39.3% in the third quarter. State of New Jersey Common Pension Fund D now owns 247,947 shares of the company’s stock valued at $2,011,000 after buying an additional 69,971 shares in the last quarter. Finally, Barclays PLC raised its stake in AvidXchange by 239.8% in the third quarter. Barclays PLC now owns 285,768 shares of the company’s stock valued at $2,318,000 after buying an additional 201,679 shares in the last quarter. 80.58% of the stock is currently 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.