AvidXchange’s (AVDX) Neutral Rating Reiterated at Robert W. Baird

Robert W. Baird reiterated their neutral rating on shares of AvidXchange (NASDAQ:AVDX) in a report issued on Thursday,Benzinga reports. The brokerage currently has a $10.00 target price on the stock.

Other analysts have also recently issued research reports about the company. The Goldman Sachs Group cut their price objective on AvidXchange from $9.50 to $7.00 and set a “sell” rating on the stock in a research note on Thursday, February 27th. JPMorgan Chase & Co. reduced their price objective on AvidXchange from $10.00 to $9.00 and set a “neutral” rating on the stock in a research note on Thursday, February 27th. Wolfe Research lowered shares of AvidXchange from a “strong-buy” rating to a “hold” rating in a research note on Thursday, February 27th. Keefe, Bruyette & Woods lifted their price target on shares of AvidXchange from $8.00 to $9.00 and gave the company a “market perform” rating in a report on Monday, March 31st. Finally, Piper Sandler increased their price objective on shares of AvidXchange from $8.00 to $10.00 and gave the stock a “neutral” rating in a research note on Thursday. Two research analysts have rated the stock with a sell rating, fourteen have given a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat, AvidXchange has an average rating of “Hold” and a consensus price target of $10.30.

AvidXchange Stock Performance

Shares of AVDX opened at $9.73 on Thursday. AvidXchange has a 52-week low of $6.61 and a 52-week high of $12.93. 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 firm has a market cap of $2.01 billion, a price-to-earnings ratio of 243.25 and a beta of 1.14. The business’s 50 day moving average is $8.02 and its two-hundred day moving average is $9.40.

AvidXchange (NASDAQ:AVDX) last posted its quarterly earnings data on Wednesday, February 26th. The company reported $0.03 EPS for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.03). The company had revenue of $115.44 million for the quarter, compared to the consensus estimate of $114.98 million. AvidXchange had a negative net margin of 0.23% and a positive return on equity of 0.74%. Analysts forecast that AvidXchange will post 0.02 EPS for the current fiscal year.

Insider Transactions at AvidXchange

In related news, CEO Michael Praeger sold 58,881 shares of the stock in a transaction dated 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 position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, President Daniel Drees sold 34,782 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 $263,995.38. Following the sale, the president now owns 1,176,833 shares in the company, valued at $8,932,162.47. This trade represents a 2.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 125,866 shares of company stock valued at $955,323. 10.40% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On AvidXchange

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Xponance Inc. lifted its holdings in shares of AvidXchange by 9.2% in the fourth quarter. Xponance Inc. now owns 12,459 shares of the company’s stock valued at $129,000 after buying an additional 1,045 shares during the period. Captrust Financial Advisors raised its position in AvidXchange by 6.2% in the fourth quarter. Captrust Financial Advisors now owns 18,434 shares of the company’s stock worth $191,000 after acquiring an additional 1,084 shares in the last quarter. Summit Investment Advisors Inc. lifted its holdings in AvidXchange by 6.8% in the 4th quarter. Summit Investment Advisors Inc. now owns 18,182 shares of the company’s stock valued at $188,000 after acquiring an additional 1,155 shares during the last quarter. Blue Trust Inc. boosted its position in shares of AvidXchange by 90.1% during the 4th quarter. Blue Trust Inc. now owns 2,697 shares of the company’s stock valued at $28,000 after purchasing an additional 1,278 shares in the last quarter. Finally, Arizona State Retirement System grew its stake in shares of AvidXchange by 3.9% in the 1st quarter. Arizona State Retirement System now owns 50,126 shares of the company’s stock worth $425,000 after purchasing an additional 1,869 shares during the last quarter. 80.58% of the stock is owned by institutional investors.

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.