Keefe, Bruyette & Woods Forecasts Strong Price Appreciation for AvidXchange (NASDAQ:AVDX) Stock

AvidXchange (NASDAQ:AVDX) had its price target hoisted by Keefe, Bruyette & Woods from $8.00 to $9.00 in a research report issued on Monday,Benzinga reports. The brokerage presently has a “market perform” rating on the stock. Keefe, Bruyette & Woods’ price objective suggests a potential upside of 7.53% from the company’s current price.

A number of other research firms have also commented on AVDX. Piper Sandler lowered their price objective on shares of AvidXchange from $10.00 to $8.00 and set a “neutral” rating on the stock in a research note on Friday, February 28th. Wells Fargo & Company dropped their price objective on AvidXchange from $10.00 to $8.00 and set an “equal weight” rating on the stock in a research note on Thursday, February 27th. JPMorgan Chase & Co. cut their price objective on AvidXchange from $10.00 to $9.00 and set a “neutral” rating for the company in a report on Thursday, February 27th. The Goldman Sachs Group lowered their target price on AvidXchange from $9.50 to $7.00 and set a “sell” rating on the stock in a report on Thursday, February 27th. Finally, Robert W. Baird cut their price target on shares of AvidXchange from $14.00 to $12.00 and set an “outperform” rating for the company in a report on Thursday, February 27th. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $10.07.

AvidXchange Stock Down 2.1 %

Shares of AvidXchange stock opened at $8.37 on Monday. 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 $6.61 and a 1-year high of $13.27. The business’s fifty day moving average price is $9.10 and its two-hundred day moving average price is $9.41. The company has a market capitalization of $1.71 billion, a P/E ratio of 209.25 and a beta of 1.28.

AvidXchange (NASDAQ:AVDX) last posted 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). The company had revenue of $115.44 million during the quarter, compared to analyst estimates of $114.98 million. AvidXchange had a positive return on equity of 0.74% and a negative net margin of 0.23%. As a group, research analysts forecast that AvidXchange will post 0.02 EPS for the current year.

Insider Activity at AvidXchange

In other news, CEO Michael Praeger sold 58,881 shares of the company’s stock in a transaction dated Friday, February 28th. The stock was sold at an average price of $7.59, for a total value of $446,906.79. Following the transaction, the chief executive officer now owns 11,164,737 shares in the company, valued at $84,740,353.83. This represents a 0.52 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Joel Wilhite sold 32,203 shares of the firm’s stock in a transaction that occurred on 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 of the company’s stock, valued at approximately $6,398.37. This represents a 97.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 125,866 shares of company stock valued at $955,323. Company insiders own 10.40% of the company’s stock.

Hedge Funds Weigh In On AvidXchange

A number of hedge funds have recently modified their holdings of AVDX. 111 Capital acquired a new stake in AvidXchange during the fourth quarter valued at $111,000. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of AvidXchange by 25.9% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 16,629 shares of the company’s stock valued at $172,000 after buying an additional 3,418 shares during the last quarter. Neo Ivy Capital Management bought a new stake in shares of AvidXchange in the 4th quarter valued at approximately $2,393,000. PharVision Advisers LLC acquired a new position in AvidXchange in the fourth quarter worth approximately $230,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in AvidXchange by 10.2% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 465,690 shares of the company’s stock valued at $4,815,000 after acquiring an additional 42,993 shares in the last quarter. 80.58% of the stock is owned by institutional investors and hedge funds.

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.