AvidXchange Holdings, Inc. (NASDAQ:AVDX) Receives Average Recommendation of “Hold” from Brokerages

AvidXchange Holdings, Inc. (NASDAQ:AVDX) has been assigned an average rating of “Hold” from the sixteen ratings firms that are covering the stock, Marketbeat Ratings reports. Two investment analysts have rated the stock with a sell recommendation, ten have issued a hold recommendation and four have issued a buy recommendation on the company. The average 12-month price target among brokerages that have covered the stock in the last year is $10.00.

A number of brokerages have recently commented on AVDX. Wolfe Research cut shares of AvidXchange from a “strong-buy” rating to a “hold” rating in a report on Thursday, February 27th. Keefe, Bruyette & Woods cut their price target on shares of AvidXchange from $11.00 to $8.00 and set a “market perform” rating for the company in a report on Thursday, February 27th. BTIG Research assumed coverage on shares of AvidXchange in a research report on Wednesday, December 11th. They set a “buy” rating and a $14.00 target price on the stock. Piper Sandler lowered their price target on shares of AvidXchange from $10.00 to $8.00 and set a “neutral” rating on the stock in a research report on Friday, February 28th. Finally, The Goldman Sachs Group lowered their price target on shares of AvidXchange from $9.50 to $7.00 and set a “sell” rating on the stock in a research report on Thursday, February 27th.

Insider Activity

In other AvidXchange news, CEO Michael Praeger sold 58,881 shares of the business’s stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $7.59, for a total transaction of $446,906.79. Following the sale, the chief executive officer now directly owns 11,164,737 shares in the company, valued at approximately $84,740,353.83. The trade was a 0.52 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Joel Wilhite sold 32,203 shares of the business’s stock in a transaction dated Friday, February 28th. The stock was sold at an average price of $7.59, for a total transaction of $244,420.77. Following the sale, the insider now owns 843 shares in the company, valued at $6,398.37. This trade represents a 97.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 125,866 shares of company stock valued at $955,323. Company insiders own 10.40% of the company’s stock.

Institutional Trading of AvidXchange

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. raised its holdings in shares of AvidXchange by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 18,110,051 shares of the company’s stock worth $187,258,000 after purchasing an additional 116,410 shares in the last quarter. FMR LLC raised 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 worth $153,955,000 after purchasing an additional 1,155,513 shares in the last quarter. North Reef Capital Management LP raised its holdings in shares of AvidXchange by 2.5% in the 4th quarter. North Reef Capital Management LP now owns 7,994,000 shares of the company’s stock worth $82,658,000 after purchasing an additional 194,000 shares in the last quarter. Azora Capital LP bought a new stake in shares of AvidXchange in the 4th quarter worth approximately $45,067,000. Finally, Geode Capital Management LLC raised its holdings in shares of AvidXchange by 5.0% in the 3rd quarter. Geode Capital Management LLC now owns 4,266,265 shares of the company’s stock worth $34,607,000 after purchasing an additional 201,847 shares in the last quarter. 80.58% of the stock is currently owned by institutional investors.

AvidXchange Stock Performance

NASDAQ:AVDX opened at $8.48 on Monday. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.11. The company has a fifty day simple moving average of $9.25 and a two-hundred day simple moving average of $9.39. The company has a market cap of $1.73 billion, a price-to-earnings ratio of 212.00 and a beta of 1.28. AvidXchange has a 52 week low of $6.61 and a 52 week high of $13.50.

AvidXchange (NASDAQ:AVDX) last announced its quarterly earnings results on Wednesday, February 26th. The company reported $0.03 earnings per share for the quarter, missing analysts’ consensus estimates 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 analysts’ expectations of $114.98 million. As a group, equities analysts anticipate that AvidXchange will post 0.02 earnings per share for the current fiscal year.

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.