AvidXchange Holdings, Inc. (NASDAQ:AVDX) Given Consensus Recommendation of “Hold” by Brokerages

Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) have received an average recommendation of “Hold” from the sixteen ratings firms that are currently covering the stock, MarketBeat Ratings reports. Two research 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 target price among analysts that have issued a report on the stock in the last year is $10.07.

AVDX has been the topic of a number of analyst reports. BMO Capital Markets decreased their price target on AvidXchange from $11.00 to $7.50 and set a “market perform” rating on the stock in a research note on Thursday, February 27th. Wells Fargo & Company decreased their target price on shares of AvidXchange from $10.00 to $8.00 and set an “equal weight” rating on the stock in a research report on Thursday, February 27th. Piper Sandler cut their price target on shares of AvidXchange from $10.00 to $8.00 and set a “neutral” rating for the company in a report on Friday, February 28th. The Goldman Sachs Group decreased their price objective on shares of AvidXchange from $9.50 to $7.00 and set a “sell” rating on the stock in a report on Thursday, February 27th. Finally, KeyCorp cut shares of AvidXchange from an “overweight” rating to a “sector weight” rating in a report on Thursday, February 27th.

AvidXchange Trading Down 4.1 %

Shares of AVDX stock opened at $7.56 on Friday. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.11. The company has a market capitalization of $1.55 billion, a P/E ratio of 189.00 and a beta of 1.14. The business’s 50 day moving average is $8.51 and its two-hundred day moving average is $9.39. AvidXchange has a twelve month low of $6.61 and a twelve month high of $12.93.

AvidXchange (NASDAQ:AVDX) last issued its quarterly earnings results on Wednesday, February 26th. The company reported $0.03 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.03). The firm 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%. Equities analysts forecast that AvidXchange will post 0.02 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Michael Praeger sold 58,881 shares of AvidXchange 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 directly owns 11,164,737 shares of the company’s stock, valued at $84,740,353.83. The trade was a 0.52 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, President Daniel Drees sold 34,782 shares of the 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 $263,995.38. Following the sale, the president now directly owns 1,176,833 shares of the company’s stock, valued at approximately $8,932,162.47. This trade represents a 2.87 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 125,866 shares of company stock valued at $955,323. Insiders own 10.40% of the company’s stock.

Hedge Funds Weigh In On AvidXchange

A number of hedge funds have recently made changes to their positions in AVDX. Blue Trust Inc. lifted its stake in shares of AvidXchange by 90.1% during the fourth quarter. Blue Trust Inc. now owns 2,697 shares of the company’s stock worth $28,000 after purchasing an additional 1,278 shares in the last quarter. Versant Capital Management Inc boosted its holdings in AvidXchange by 801.2% in the 1st quarter. Versant Capital Management Inc now owns 3,866 shares of the company’s stock worth $33,000 after acquiring an additional 3,437 shares during the period. R Squared Ltd acquired a new stake in AvidXchange in the fourth quarter valued at approximately $41,000. GAMMA Investing LLC raised its stake in shares of AvidXchange by 816.6% during the first quarter. GAMMA Investing LLC now owns 4,079 shares of the company’s stock valued at $35,000 after purchasing an additional 3,634 shares during the period. Finally, Quarry LP lifted its position in shares of AvidXchange by 126.6% during the fourth quarter. Quarry LP now owns 5,518 shares of the company’s stock worth $57,000 after purchasing an additional 3,083 shares in the last quarter. Hedge funds and other institutional investors own 80.58% of the company’s stock.

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.