AvidXchange (NASDAQ:AVDX) Given Neutral Rating at Robert W. Baird

Robert W. Baird restated their neutral rating on shares of AvidXchange (NASDAQ:AVDX - Free Report) in a report issued on Thursday,Benzinga reports. Robert W. Baird currently has a $10.00 price objective on the stock.

Other research analysts also recently issued reports about the company. Piper Sandler raised their price target on AvidXchange from $8.00 to $10.00 and gave the company a "neutral" rating in a research note on Thursday, May 8th. KeyCorp downgraded AvidXchange from an "overweight" rating to a "sector weight" rating in a report on Thursday, February 27th. Keefe, Bruyette & Woods raised their price objective on AvidXchange from $8.00 to $9.00 and gave the company a "market perform" rating in a report on Monday, March 31st. BMO Capital Markets reduced their price target on AvidXchange from $11.00 to $7.50 and set a "market perform" rating on the stock in a research report on Thursday, February 27th. Finally, JPMorgan Chase & Co. lowered their price objective on AvidXchange from $10.00 to $9.00 and set a "neutral" rating for the company in a research report on Thursday, February 27th. Two analysts have rated the stock with a sell rating, fourteen have given a hold rating and one has issued a buy rating to the company's stock. According to data from MarketBeat, AvidXchange presently has an average rating of "Hold" and a consensus target price of $10.30.

AvidXchange Trading Up 0.3%

Shares of NASDAQ:AVDX traded up $0.03 during midday trading on Thursday, hitting $9.75. The company had a trading volume of 1,980,451 shares, compared to its average volume of 2,445,686. AvidXchange has a 12 month low of $6.61 and a 12 month 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 stock has a market cap of $2.01 billion, a price-to-earnings ratio of 243.75 and a beta of 1.14. The firm has a fifty day simple moving average of $8.07 and a 200 day simple moving average of $9.42.

AvidXchange (NASDAQ:AVDX - Get Free Report) last released 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 business had revenue of $115.44 million for the quarter, compared to analyst estimates of $114.98 million. AvidXchange had a positive return on equity of 0.74% and a negative net margin of 0.23%. On average, analysts predict that AvidXchange will post 0.02 EPS for the current year.

Insider Activity

In other news, CEO Michael Praeger sold 58,881 shares of the company's stock in a transaction that occurred on Friday, February 28th. The stock was sold at an average price of $7.59, for a total value of $446,906.79. Following the completion of the transaction, the chief executive officer now directly owns 11,164,737 shares of the company's stock, valued at $84,740,353.83. This represents a 0.52% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, President Daniel Drees sold 34,782 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 value of $263,995.38. Following the completion of the transaction, the president now owns 1,176,833 shares in the company, valued at approximately $8,932,162.47. The trade was a 2.87% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 125,866 shares of company stock valued at $955,323 over the last three months. Corporate insiders own 10.40% of the company's stock.

Institutional Investors Weigh In On AvidXchange

Several institutional investors have recently made changes to their positions in AVDX. Azora Capital LP purchased a new stake in shares of AvidXchange during the fourth quarter worth $45,067,000. FMR LLC increased its stake in AvidXchange by 8.4% in the fourth quarter. FMR LLC now owns 14,889,282 shares of the company's stock valued at $153,955,000 after acquiring an additional 1,155,513 shares during the last quarter. Arrowstreet Capital Limited Partnership bought a new position in AvidXchange in the fourth quarter valued at $10,292,000. Jennison Associates LLC grew its stake in shares of AvidXchange by 45.7% during the first quarter. Jennison Associates LLC now owns 3,171,634 shares of the company's stock valued at $26,895,000 after buying an additional 995,109 shares during the last quarter. Finally, Point72 Asset Management L.P. grew its stake in shares of AvidXchange by 74.1% during the fourth quarter. Point72 Asset Management L.P. now owns 1,700,334 shares of the company's stock valued at $17,581,000 after buying an additional 723,724 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.