AvidXchange (NASDAQ:AVDX) Price Target Raised to $10.00

AvidXchange (NASDAQ:AVDX) had its price target raised by Morgan Stanley from $8.00 to $10.00 in a report issued on Thursday,Benzinga reports. They currently have an equal weight rating on the stock.

Several other analysts have also commented on the company. JPMorgan Chase & Co. dropped their price objective on AvidXchange from $10.00 to $9.00 and set a “neutral” rating on the stock in a report on Thursday, February 27th. The Goldman Sachs Group dropped their price target on shares of AvidXchange from $9.50 to $7.00 and set a “sell” rating on the stock in a research note on Thursday, February 27th. Keefe, Bruyette & Woods upped their price objective on shares of AvidXchange from $8.00 to $9.00 and gave the stock a “market perform” rating in a research report on Monday, March 31st. Piper Sandler increased their price objective on shares of AvidXchange from $8.00 to $10.00 and gave the company a “neutral” rating in a report on Thursday. Finally, Robert W. Baird reissued a “neutral” rating and set a $10.00 target price on shares of AvidXchange in a research note on Thursday. Two equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $10.30.

AvidXchange Price Performance

NASDAQ:AVDX opened at $9.73 on Thursday. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.32 and a quick ratio of 1.32. The company has a 50 day moving average price of $8.02 and a 200-day moving average price of $9.40. AvidXchange has a 1-year low of $6.61 and a 1-year high of $12.93. The firm has a market cap of $2.01 billion, a price-to-earnings ratio of 243.25 and a beta of 1.14.

AvidXchange (NASDAQ:AVDX) last released its quarterly earnings data 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 firm had revenue of $115.44 million during the quarter, compared to analysts’ expectations of $114.98 million. Equities research analysts forecast that AvidXchange will post 0.02 EPS for the current year.

Insider Activity

In other news, insider Joel Wilhite sold 32,203 shares of the firm’s 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. This trade represents a 97.45 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Michael Praeger sold 58,881 shares of the company’s stock in a transaction that occurred on Friday, February 28th. The shares were sold at an average price of $7.59, for a total value 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. Insiders sold 125,866 shares of company stock worth $955,323 over the last ninety days. Corporate insiders own 10.40% of the company’s stock.

Institutional Investors Weigh In On AvidXchange

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Azora Capital LP purchased a new position in shares of AvidXchange during the 4th quarter worth $45,067,000. FMR LLC increased its position in shares of AvidXchange by 8.4% during the fourth 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. Arrowstreet Capital Limited Partnership purchased a new stake in shares of AvidXchange in the 4th quarter valued at approximately $10,292,000. Jennison Associates LLC lifted its holdings in shares of AvidXchange by 45.7% in the 1st quarter. Jennison Associates LLC now owns 3,171,634 shares of the company’s stock worth $26,895,000 after acquiring an additional 995,109 shares during the last quarter. Finally, Point72 Asset Management L.P. boosted its position in shares of AvidXchange by 74.1% during the 4th quarter. Point72 Asset Management L.P. now owns 1,700,334 shares of the company’s stock worth $17,581,000 after purchasing an additional 723,724 shares during the period. Hedge funds and other 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.