AvidXchange Holdings, Inc. (NASDAQ:AVDX) Receives Average Rating of “Moderate Buy” from Analysts

AvidXchange Holdings, Inc. (NASDAQ:AVDXGet Rating) has received an average recommendation of “Moderate Buy” from the eleven brokerages that are presently covering the company, Marketbeat Ratings reports. One research analyst has rated the stock with a sell rating, two have issued a hold rating and six have given a buy rating to the company. The average 1-year price objective among brokers that have updated their coverage on the stock in the last year is 11.09.

A number of equities research analysts recently commented on the stock. Piper Sandler reduced their price objective on shares of AvidXchange from $12.00 to $11.00 and set an “overweight” rating for the company in a research report on Thursday, October 20th. JPMorgan Chase & Co. reduced their price objective on shares of AvidXchange from $12.00 to $11.00 and set an “overweight” rating for the company in a research report on Thursday, November 3rd. Barclays increased their target price on shares of AvidXchange from $12.00 to $13.00 and gave the company an “overweight” rating in a report on Monday, August 8th. Bank of America cut shares of AvidXchange from a “neutral” rating to an “underperform” rating and dropped their target price for the company from $10.00 to $8.00 in a report on Wednesday, November 2nd. Finally, Credit Suisse Group increased their target price on shares of AvidXchange from $10.50 to $11.00 and gave the company an “outperform” rating in a report on Thursday, August 4th.

AvidXchange Price Performance

Shares of NASDAQ:AVDX opened at 8.60 on Friday. The company has a quick ratio of 1.46, a current ratio of 1.46 and a debt-to-equity ratio of 0.28. The company has a market cap of $1.71 billion and a P/E ratio of -10.00. AvidXchange has a 52 week low of 5.86 and a 52 week high of 22.74. The company has a 50-day moving average price of 8.35 and a 200 day moving average price of 7.91.

AvidXchange (NASDAQ:AVDXGet Rating) last announced its quarterly earnings data on Wednesday, November 2nd. The company reported -0.10 EPS for the quarter, beating analysts’ consensus estimates of -0.16 by 0.06. The firm had revenue of 82.41 million during the quarter, compared to the consensus estimate of 78.55 million. AvidXchange had a negative net margin of 49.54% and a negative return on equity of 14.27%. Research analysts predict that AvidXchange will post -0.46 earnings per share for the current year.

Insider Transactions at AvidXchange

In other news, insider Joel Wilhite sold 3,215 shares of the firm’s stock in a transaction that occurred on Tuesday, November 15th. The shares were sold at an average price of 9.33, for a total transaction of 29,995.95. Following the completion of the transaction, the insider now directly owns 63,404 shares of the company’s stock, valued at approximately 591,559.32. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 10.50% of the company’s stock.

Institutional Trading of AvidXchange

A number of hedge funds have recently bought and sold shares of the company. Captrust Financial Advisors boosted its position in AvidXchange by 3,902.3% during the third quarter. Captrust Financial Advisors now owns 96,816 shares of the company’s stock worth $815,000 after acquiring an additional 94,397 shares during the last quarter. BNP Paribas Arbitrage SNC acquired a new stake in AvidXchange during the third quarter worth approximately $483,000. Alliancebernstein L.P. boosted its position in AvidXchange by 4.1% during the third quarter. Alliancebernstein L.P. now owns 148,200 shares of the company’s stock worth $1,248,000 after acquiring an additional 5,900 shares during the last quarter. State Street Corp boosted its position in AvidXchange by 22.9% during the third quarter. State Street Corp now owns 2,850,849 shares of the company’s stock worth $24,004,000 after acquiring an additional 531,619 shares during the last quarter. Finally, Algert Global LLC acquired a new stake in AvidXchange during the third quarter worth approximately $1,011,000. Institutional investors and hedge funds own 68.87% of the company’s stock.

AvidXchange Company Profile

(Get Rating)

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 cash flow manager that provides cash management solutions.

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Analyst Recommendations for AvidXchange (NASDAQ:AVDX)

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