BMO Capital Markets Has Lowered Expectations for AvidXchange (NASDAQ:AVDX) Stock Price

AvidXchange (NASDAQ:AVDX) had its price objective decreased by investment analysts at BMO Capital Markets from $11.00 to $7.50 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has a “market perform” rating on the stock. BMO Capital Markets’ price target would indicate a potential downside of 1.32% from the stock’s current price.

Several other analysts have also issued reports on AVDX. Keefe, Bruyette & Woods reduced their price objective on shares of AvidXchange from $11.00 to $8.00 and set a “market perform” rating on the stock in a report on Thursday. UBS Group lifted their price target on shares of AvidXchange from $10.00 to $10.50 and gave the company a “neutral” rating in a research report on Thursday, November 7th. The Goldman Sachs Group upped their price objective on shares of AvidXchange from $9.00 to $10.00 and gave the stock a “sell” rating in a report on Monday, December 2nd. BTIG Research started coverage on shares of AvidXchange in a report on Wednesday, December 11th. They issued a “buy” rating and a $14.00 target price for the company. Finally, JPMorgan Chase & Co. cut their target price on AvidXchange from $10.00 to $9.00 and set a “neutral” 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 issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $10.33.

AvidXchange Stock Performance

NASDAQ:AVDX opened at $7.60 on Thursday. The company’s 50-day moving average is $10.03 and its two-hundred day moving average is $9.40. The firm has a market capitalization of $1.56 billion, a price-to-earnings ratio of 461.00 and a beta of 1.22. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.32 and a quick ratio of 1.32. AvidXchange has a 1-year low of $6.89 and a 1-year high of $13.56.

AvidXchange (NASDAQ:AVDX) last issued 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 positive return on equity of 0.74% and a negative net margin of 0.23%. The business had revenue of $115.44 million during the quarter, compared to analysts’ expectations of $114.98 million. Analysts forecast that AvidXchange will post 0.02 EPS for the current year.

Insiders Place Their Bets

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

Institutional Investors Weigh In On AvidXchange

Institutional investors have recently modified their holdings of the company. Vanguard Group Inc. increased its holdings in AvidXchange by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 18,110,051 shares of the company’s stock valued at $187,258,000 after buying an additional 116,410 shares during the last quarter. FMR LLC increased its holdings in shares of AvidXchange by 8.4% in the 4th quarter. FMR LLC now owns 14,889,282 shares of the company’s stock valued at $153,955,000 after acquiring an additional 1,155,513 shares during the last quarter. North Reef Capital Management LP raised its position in shares of AvidXchange by 2.5% during the 4th quarter. North Reef Capital Management LP now owns 7,994,000 shares of the company’s stock worth $82,658,000 after acquiring an additional 194,000 shares in the last quarter. Azora Capital LP purchased a new stake in AvidXchange during the fourth quarter worth approximately $45,067,000. Finally, Geode Capital Management LLC boosted its holdings in AvidXchange by 5.0% in the third quarter. Geode Capital Management LLC now owns 4,266,265 shares of the company’s stock valued at $34,607,000 after purchasing an additional 201,847 shares in the last quarter. 80.58% of the stock is owned by hedge funds and other institutional investors.

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.