AvidXchange Holdings, Inc. (NASDAQ:AVDX) Receives Average Rating of "Reduce" from Analysts

Key Points

• AvidXchange Holdings, Inc. has been given a consensus rating of "Reduce" by analysts, with three selling the stock, fourteen recommending a hold, and one suggesting a buy.
• The average twelve-month target price for AvidXchange's stock is $10.0357, which was assessed by brokers over the past year.
• In recent trading, AvidXchange's shares are priced at $9.97, following a performance increase in trading volume, with a market capitalization of $2.07 billion.

AvidXchange Holdings, Inc. (NASDAQ:AVDX - Get Free Report) has been assigned a consensus rating of "Reduce" from the eighteen analysts that are covering the stock, Marketbeat reports. Three investment analysts have rated the stock with a sell recommendation, fourteen have given a hold recommendation and one has issued a buy recommendation on the company. The average twelve-month target price among brokers that have covered the stock in the last year is $10.0357.

Separately, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of AvidXchange in a research note on Saturday, September 27th.

Institutional Trading of AvidXchange

A number of hedge funds have recently added to or reduced their stakes in the business. Two Sigma Advisers LP acquired a new position in shares of AvidXchange in the 4th quarter valued at about $336,000. Wealth Enhancement Advisory Services LLC raised its holdings in shares of AvidXchange by 25.9% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 16,629 shares of the company's stock valued at $172,000 after buying an additional 3,418 shares during the period. Versant Capital Management Inc raised its holdings in shares of AvidXchange by 801.2% during the 1st quarter. Versant Capital Management Inc now owns 3,866 shares of the company's stock valued at $33,000 after buying an additional 3,437 shares during the period. GAMMA Investing LLC raised its holdings in shares of AvidXchange by 816.6% during the 1st quarter. GAMMA Investing LLC now owns 4,079 shares of the company's stock valued at $35,000 after buying an additional 3,634 shares during the period. Finally, Rhumbline Advisers raised its holdings in shares of AvidXchange by 3.6% during the 1st quarter. Rhumbline Advisers now owns 243,261 shares of the company's stock valued at $2,063,000 after buying an additional 8,523 shares during the period. 80.58% of the stock is owned by institutional investors and hedge funds.

AvidXchange Stock Performance

Shares of AvidXchange stock traded up $0.01 during trading hours on Friday, hitting $9.97. 1,202,146 shares of the company were exchanged, compared to its average volume of 1,603,498. AvidXchange has a 1 year low of $6.61 and a 1 year high of $11.68. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.10. The business has a 50-day moving average of $9.92 and a 200-day moving average of $9.39. The stock has a market capitalization of $2.07 billion, a price-to-earnings ratio of -199.36 and a beta of 1.20.

AvidXchange (NASDAQ:AVDX - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The company reported $0.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.06 by ($0.01). The business had revenue of $110.57 million during the quarter, compared to analysts' expectations of $110.18 million. AvidXchange had a positive return on equity of 1.15% and a negative net margin of 1.80%.The company's revenue was up 5.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.05 EPS. As a group, analysts expect that AvidXchange will post 0.02 EPS for the current fiscal year.

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.

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