AvidXchange (NASDAQ:AVDX) Stock Rating Lowered by Susquehanna

AvidXchange (NASDAQ:AVDX - Get Free Report) was downgraded by analysts at Susquehanna from a "strong-buy" rating to a "hold" rating in a research report issued on Thursday,Zacks.com reports.

Other equities analysts also recently issued reports about the stock. Keefe, Bruyette & Woods increased their price objective on shares of AvidXchange from $8.00 to $9.00 and gave the company a "market perform" rating in a research note on Monday, March 31st. BTIG Research lowered AvidXchange from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, May 7th. Baird R W downgraded AvidXchange from a "strong-buy" rating to a "hold" rating in a research note on Thursday, May 8th. The Goldman Sachs Group lowered their price target on shares of AvidXchange from $9.50 to $7.00 and set a "sell" rating on the stock in a research report on Thursday, February 27th. Finally, Barclays downgraded shares of AvidXchange from an "overweight" rating to an "equal weight" rating and dropped their target price for the company from $13.00 to $8.00 in a report on Tuesday, March 4th. Two equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and one has assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $10.30.

AvidXchange Stock Up 0.3%

Shares of AvidXchange stock traded up $0.03 on Thursday, reaching $9.75. The company's stock had a trading volume of 344,991 shares, compared to its average volume of 2,439,355. The firm's fifty day simple moving average is $8.07 and its two-hundred day simple moving average is $9.42. The company has a market capitalization of $2.01 billion, a price-to-earnings ratio of 243.63 and a beta of 1.14. 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.

AvidXchange (NASDAQ:AVDX - Get Free Report) last posted its 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 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%. Equities analysts anticipate that AvidXchange will post 0.02 earnings per share for the current year.

Insider Activity at AvidXchange

In related news, insider Joel Wilhite sold 32,203 shares of the firm's stock in a transaction on Friday, February 28th. The stock was 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 of the company's stock, valued at $6,398.37. This trade represents a 97.45% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Michael Praeger sold 58,881 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 value of $446,906.79. Following the sale, the chief executive officer now owns 11,164,737 shares in the company, valued at approximately $84,740,353.83. This trade represents a 0.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 125,866 shares of company stock valued at $955,323. 10.40% of the stock is owned by corporate insiders.

Institutional Trading of AvidXchange

Several hedge funds have recently bought and sold shares of the business. Blue Trust Inc. increased its holdings in AvidXchange by 90.1% during the 4th quarter. Blue Trust Inc. now owns 2,697 shares of the company's stock worth $28,000 after purchasing an additional 1,278 shares in the last quarter. Versant Capital Management Inc raised its holdings in shares of AvidXchange by 801.2% in 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. R Squared Ltd bought a new position in shares of AvidXchange during the fourth quarter valued at about $41,000. GAMMA Investing LLC boosted its holdings in AvidXchange by 816.6% during the first quarter. GAMMA Investing LLC now owns 4,079 shares of the company's stock worth $35,000 after purchasing an additional 3,634 shares during the last quarter. Finally, Quarry LP increased its stake in AvidXchange by 126.6% in the 4th quarter. Quarry LP now owns 5,518 shares of the company's stock valued at $57,000 after buying an additional 3,083 shares during the last quarter. Institutional investors and hedge funds own 80.58% of the company's stock.

About AvidXchange

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.