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

Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX - Get Free Report) have received an average rating of "Hold" from the sixteen brokerages that are covering the firm, Marketbeat.com reports. Two equities research analysts have rated the stock with a sell recommendation, ten have given a hold recommendation and four have issued a buy recommendation on the company. The average 1 year target price among brokerages that have issued ratings on the stock in the last year is $10.07.

AVDX has been the subject of several research analyst reports. The Goldman Sachs Group dropped their price objective on AvidXchange from $9.50 to $7.00 and set a "sell" rating for the company in a research note on Thursday, February 27th. Wells Fargo & Company decreased their price objective 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 decreased their target price on AvidXchange from $10.00 to $8.00 and set a "neutral" rating for the company in a report on Friday, February 28th. JPMorgan Chase & Co. lowered their price objective on shares of AvidXchange from $10.00 to $9.00 and set a "neutral" rating for the company in a report on Thursday, February 27th. Finally, Wolfe Research cut shares of AvidXchange from a "strong-buy" rating to a "hold" rating in a report on Thursday, February 27th.

AvidXchange Stock Performance

Shares of AvidXchange stock opened at $8.23 on Tuesday. The firm has a market capitalization of $1.70 billion, a P/E ratio of 205.75 and a beta of 1.14. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.11. AvidXchange has a 12 month low of $6.61 and a 12 month high of $12.93. The business's fifty day simple moving average is $7.87 and its 200 day simple moving average is $9.38.

AvidXchange (NASDAQ:AVDX - Get Free Report) 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). The business had revenue of $115.44 million during the quarter, compared to analysts' expectations of $114.98 million. AvidXchange had a negative net margin of 0.23% and a positive return on equity of 0.74%. As a group, analysts anticipate that AvidXchange will post 0.02 EPS for the current year.

Insider Buying and Selling at AvidXchange

In related news, CEO Michael Praeger sold 58,881 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 value of $446,906.79. Following the transaction, the chief executive officer now owns 11,164,737 shares of the company's stock, valued at approximately $84,740,353.83. This trade represents a 0.52 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Joel Wilhite sold 32,203 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 transaction of $244,420.77. Following the sale, the insider now directly owns 843 shares of the company's stock, valued at approximately $6,398.37. This represents a 97.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 125,866 shares of company stock worth $955,323 in the last three months. 10.40% of the stock is currently owned by company insiders.

Institutional Trading of AvidXchange

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Blue Trust Inc. raised 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 during the period. Versant Capital Management Inc lifted its position in AvidXchange by 801.2% during the first quarter. Versant Capital Management Inc now owns 3,866 shares of the company's stock valued at $33,000 after purchasing an additional 3,437 shares during the last quarter. GAMMA Investing LLC grew its position in AvidXchange by 816.6% in the first quarter. GAMMA Investing LLC now owns 4,079 shares of the company's stock worth $35,000 after acquiring an additional 3,634 shares in the last quarter. R Squared Ltd bought a new stake in shares of AvidXchange in the 4th quarter valued at approximately $41,000. Finally, Quarry LP boosted its stake in AvidXchange by 126.6% during the fourth quarter. Quarry LP now owns 5,518 shares of the company's stock worth $57,000 after buying an additional 3,083 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.