Keefe, Bruyette & Woods Boosts AvidXchange (NASDAQ:AVDX) Price Target to $9.00

AvidXchange (NASDAQ:AVDX) had its price objective hoisted by Keefe, Bruyette & Woods from $8.00 to $9.00 in a research note published on Monday,Benzinga reports. The brokerage currently has a market perform rating on the stock.

A number of other brokerages have also issued reports on AVDX. JPMorgan Chase & Co. dropped their target price on shares of AvidXchange from $10.00 to $9.00 and set a “neutral” rating on the stock in a research report on Thursday, February 27th. Wolfe Research downgraded shares of AvidXchange from a “strong-buy” rating to a “hold” rating in a report on Thursday, February 27th. Robert W. Baird reduced their target price on shares of AvidXchange from $14.00 to $12.00 and set an “outperform” rating for the company in a research note on Thursday, February 27th. Barclays lowered AvidXchange from an “overweight” rating to an “equal weight” rating and lowered their price target for the company from $13.00 to $8.00 in a research note on Tuesday, March 4th. Finally, Morgan Stanley reduced their price objective on AvidXchange from $11.00 to $8.00 and set an “equal weight” rating for the company in a research report on Thursday, February 27th. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have issued a buy rating to the company. According to MarketBeat, AvidXchange presently has a consensus rating of “Hold” and a consensus price target of $10.07.

AvidXchange Stock Performance

Shares of AVDX opened at $8.48 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 one year low of $6.61 and a one year high of $13.27. The company’s fifty day moving average price is $9.07 and its 200 day moving average price is $9.42. The company has a market capitalization of $1.73 billion, a PE ratio of 212.00 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 business had revenue of $115.44 million for 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, analysts expect that AvidXchange will post 0.02 earnings per share for the current year.

Insider Transactions at AvidXchange

In other news, insider Joel Wilhite sold 32,203 shares of AvidXchange stock in a transaction that occurred on Friday, February 28th. The shares were sold at an average price of $7.59, for a total transaction of $244,420.77. Following the completion of the sale, the insider now owns 843 shares in the company, valued at $6,398.37. The trade was a 97.45 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Michael Praeger sold 58,881 shares of the stock in a transaction that occurred on Friday, February 28th. The shares were sold at an average price of $7.59, for a total transaction of $446,906.79. Following the completion of 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 ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 125,866 shares of company stock worth $955,323. Corporate insiders own 10.40% of the company’s stock.

Institutional Trading of AvidXchange

Several institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. grew its stake in shares of AvidXchange by 0.6% during the fourth 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 during the period. FMR LLC grew its position in shares of AvidXchange by 8.4% during the 4th quarter. FMR LLC now owns 14,889,282 shares of the company’s stock worth $153,955,000 after buying an additional 1,155,513 shares during the period. North Reef Capital Management LP increased its stake 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 valued at $82,658,000 after acquiring an additional 194,000 shares during the last quarter. Azora Capital LP acquired a new stake in shares of AvidXchange in the 4th quarter valued at approximately $45,067,000. Finally, Geode Capital Management LLC boosted its stake in AvidXchange by 5.0% during the 3rd quarter. Geode Capital Management LLC now owns 4,266,265 shares of the company’s stock worth $34,607,000 after acquiring an additional 201,847 shares during the last quarter. Institutional investors own 80.58% of the company’s stock.

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.