AvidXchange (NASDAQ:AVDX) Rating Lowered to Hold at BTIG Research

BTIG Research lowered shares of AvidXchange (NASDAQ:AVDX - Free Report) from a strong-buy rating to a hold rating in a research note released on Wednesday, May 7th,Zacks.com reports.

Several other research analysts also recently commented on AVDX. UBS Group raised their price objective on AvidXchange from $8.00 to $10.00 and gave the stock a "neutral" rating in a research note on Thursday, May 8th. JPMorgan Chase & Co. dropped their price target on AvidXchange from $10.00 to $9.00 and set a "neutral" rating on the stock in a research note on Thursday, February 27th. KeyCorp cut AvidXchange from an "overweight" rating to a "sector weight" rating in a report on Thursday, February 27th. Piper Sandler upped their price target on AvidXchange from $8.00 to $10.00 and gave the company a "neutral" rating in a research report on Thursday, May 8th. Finally, The Goldman Sachs Group reduced 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. Two analysts have rated the stock with a sell rating, fourteen have issued a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, AvidXchange has a consensus rating of "Hold" and an average target price of $10.30.

AvidXchange Price Performance

AvidXchange stock traded up $0.01 during midday trading on Wednesday, reaching $9.74. The company's stock had a trading volume of 211,470 shares, compared to its average volume of 2,452,624. AvidXchange has a 52 week low of $6.61 and a 52 week high of $12.93. 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 business has a 50-day moving average price of $8.17 and a 200-day moving average price of $9.42. The stock has a market cap of $2.01 billion, a PE ratio of 243.38 and a beta of 1.14.

AvidXchange (NASDAQ:AVDX - Get Free Report) last issued its quarterly earnings results on Wednesday, February 26th. The company reported $0.03 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 analysts' expectations of $114.98 million. AvidXchange had a negative net margin of 0.23% and a positive return on equity of 0.74%. On average, sell-side analysts predict that AvidXchange will post 0.02 EPS for the current year.

Insider Buying and Selling

In other news, President Daniel Drees sold 34,782 shares of the firm's stock in a transaction dated Friday, February 28th. The shares were 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 of the company's stock, valued at $8,932,162.47. This trade represents a 2.87% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Joel Wilhite sold 32,203 shares of AvidXchange 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 owns 843 shares in the company, valued at approximately $6,398.37. The trade was a 97.45% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 125,866 shares of company stock valued at $955,323. Company insiders own 10.40% of the company's stock.

Institutional Trading of AvidXchange

Several institutional investors have recently modified their holdings of AVDX. Xponance Inc. boosted its position in shares of AvidXchange by 9.2% in the fourth quarter. Xponance Inc. now owns 12,459 shares of the company's stock worth $129,000 after acquiring an additional 1,045 shares during the last quarter. Captrust Financial Advisors raised its stake in shares of AvidXchange by 6.2% in the fourth quarter. Captrust Financial Advisors now owns 18,434 shares of the company's stock valued at $191,000 after purchasing an additional 1,084 shares in the last quarter. Summit Investment Advisors Inc. raised its stake in AvidXchange by 6.8% during the fourth quarter. Summit Investment Advisors Inc. now owns 18,182 shares of the company's stock worth $188,000 after acquiring an additional 1,155 shares in the last quarter. Blue Trust Inc. boosted its holdings in AvidXchange by 90.1% in the fourth quarter. Blue Trust Inc. now owns 2,697 shares of the company's stock valued at $28,000 after acquiring an additional 1,278 shares during the last quarter. Finally, Arizona State Retirement System boosted its holdings in AvidXchange by 3.9% during the first quarter. Arizona State Retirement System now owns 50,126 shares of the company's stock worth $425,000 after buying an additional 1,869 shares during the last quarter. 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.