AvidXchange (NASDAQ:AVDX) Cut to Hold at Baird R W

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

AVDX has been the subject of a number of other research reports. Morgan Stanley lifted their price objective on shares of AvidXchange from $8.00 to $10.00 and gave the stock an "equal weight" rating in a report on Thursday. UBS Group boosted their price target on shares of AvidXchange from $8.00 to $10.00 and gave the company a "neutral" rating in a report on Thursday. Barclays downgraded shares of AvidXchange from an "overweight" rating to an "equal weight" rating and reduced their price target for the company from $13.00 to $8.00 in a report on Tuesday, March 4th. Piper Sandler boosted their price target on shares of AvidXchange from $8.00 to $10.00 and gave the company a "neutral" rating in a report on Thursday. Finally, Robert W. Baird reissued a "neutral" rating and set a $10.00 price target on shares of AvidXchange in a report on Thursday. Two equities research 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. Based on data from MarketBeat, AvidXchange currently has a consensus rating of "Hold" and a consensus target price of $10.30.

AvidXchange Stock Performance

AvidXchange stock traded up $0.01 during mid-day trading on Thursday, reaching $9.73. The company's stock had a trading volume of 10,784,804 shares, compared to its average volume of 2,376,806. The firm has a market cap of $2.01 billion, a price-to-earnings ratio of 243.25 and a beta of 1.14. The business has a 50 day moving average price of $8.02 and a 200-day moving average price of $9.41. 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 twelve month low of $6.61 and a twelve month high of $12.93.

AvidXchange (NASDAQ:AVDX - Get Free Report) last released its quarterly earnings data 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 during 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%. Sell-side analysts predict that AvidXchange will post 0.02 EPS for the current fiscal year.

Insiders Place Their Bets

In other AvidXchange news, CEO Michael Praeger sold 58,881 shares of the business's stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $7.59, for a total value of $446,906.79. Following the sale, the chief executive officer now directly owns 11,164,737 shares in the company, valued at approximately $84,740,353.83. The trade was a 0.52% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, President Daniel Drees sold 34,782 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 transaction of $263,995.38. Following the completion of the sale, the president now owns 1,176,833 shares in the company, valued at approximately $8,932,162.47. This trade represents a 2.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 125,866 shares of company stock worth $955,323. 10.40% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On AvidXchange

A number of institutional investors have recently bought and sold shares of AVDX. Blue Trust Inc. increased its stake in AvidXchange by 90.1% in 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 increased its stake in AvidXchange by 801.2% in the 1st quarter. Versant Capital Management Inc now owns 3,866 shares of the company's stock worth $33,000 after purchasing an additional 3,437 shares in the last quarter. GAMMA Investing LLC increased its stake in AvidXchange by 816.6% in the 1st quarter. GAMMA Investing LLC now owns 4,079 shares of the company's stock worth $35,000 after purchasing an additional 3,634 shares in the last quarter. R Squared Ltd purchased a new position in AvidXchange in the 4th quarter worth about $41,000. 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 worth $57,000 after purchasing an additional 3,083 shares in 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.