AvidXchange (NASDAQ:AVDX) Given New $8.00 Price Target at Wells Fargo & Company

AvidXchange (NASDAQ:AVDX) had its price target dropped by equities researchers at Wells Fargo & Company from $10.00 to $8.00 in a research note issued to investors on Thursday,Benzinga reports. The firm presently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price objective would indicate a potential upside of 5.26% from the stock’s current price.

Several other equities research analysts have also recently weighed in on AVDX. JPMorgan Chase & Co. dropped their price target on shares of AvidXchange from $10.00 to $9.00 and set a “neutral” rating for the company in a research report on Thursday. Robert W. Baird dropped their target price on shares of AvidXchange from $14.00 to $12.00 and set an “outperform” rating for the company in a report on Thursday. Compass Point upgraded AvidXchange from a “neutral” rating to a “buy” rating and boosted their price target for the company from $8.00 to $15.00 in a report on Thursday, November 7th. Piper Sandler increased their price objective on AvidXchange from $9.00 to $10.00 and gave the stock a “neutral” rating in a report on Thursday, November 7th. Finally, The Goldman Sachs Group cut their price objective on AvidXchange from $9.50 to $7.00 and set a “sell” rating on the stock in a research report on Thursday. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $10.33.

AvidXchange Trading Up 3.3 %

NASDAQ AVDX opened at $7.60 on Thursday. The firm has a market cap of $1.56 billion, a PE ratio of 461.00 and a beta of 1.22. AvidXchange has a 1-year low of $6.89 and a 1-year high of $13.56. The stock has a 50-day moving average of $10.03 and a 200-day moving average of $9.40. 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 for the quarter, missing the consensus estimate of $0.06 by ($0.03). AvidXchange had a negative net margin of 0.23% and a positive return on equity of 0.74%. The company had revenue of $115.44 million during the quarter, compared to the consensus estimate of $114.98 million. As a group, sell-side analysts forecast that AvidXchange will post 0.02 EPS for the current year.

Insider Activity

In related news, CEO Michael Praeger sold 42,377 shares of AvidXchange stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $11.40, for a total transaction of $483,097.80. Following the completion of the transaction, the chief executive officer now directly owns 10,381,033 shares of the company’s stock, valued at $118,343,776.20. This trade represents a 0.41 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director James E. Hausman sold 25,000 shares of the company’s stock in a transaction dated 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 sale, the director now owns 2,112,232 shares in the company, valued at approximately $23,762,610. This trade represents a 1.17 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 80,693 shares of company stock worth $916,683. Corporate insiders own 10.40% of the company’s stock.

Institutional Investors Weigh In On AvidXchange

Hedge funds have recently added to or reduced their stakes in the stock. FMR LLC increased its holdings in shares of AvidXchange by 272.5% during the third quarter. FMR LLC now owns 13,733,769 shares of the company’s stock valued at $111,381,000 after acquiring an additional 10,046,893 shares in the last quarter. Azora Capital LP bought a new stake in AvidXchange during the 4th quarter valued at about $45,067,000. Jacobs Levy Equity Management Inc. bought a new stake in AvidXchange during the 3rd quarter valued at about $25,339,000. Arrowstreet Capital Limited Partnership purchased a new position in AvidXchange in the fourth quarter worth about $10,292,000. Finally, Point72 Asset Management L.P. bought a new position in shares of AvidXchange in the third quarter worth approximately $7,920,000. 80.58% of the stock is owned by institutional investors.

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.