Piper Sandler Issues Positive Forecast for AvidXchange (NASDAQ:AVDX) Stock Price

AvidXchange (NASDAQ:AVDX - Get Free Report) had its target price raised by research analysts at Piper Sandler from $8.00 to $10.00 in a note issued to investors on Thursday,Benzinga reports. The firm presently has a "neutral" rating on the stock. Piper Sandler's target price would suggest a potential upside of 2.56% from the company's current price.

Several other equities analysts have also recently weighed in on the company. Barclays cut AvidXchange from an "overweight" rating to an "equal weight" rating and cut their price objective for the stock from $13.00 to $8.00 in a research report on Tuesday, March 4th. KeyCorp lowered AvidXchange from an "overweight" rating to a "sector weight" rating in a report on Thursday, February 27th. Robert W. Baird cut their price target on AvidXchange from $14.00 to $12.00 and set an "outperform" rating for the company in a report on Thursday, February 27th. The Goldman Sachs Group cut their price target on AvidXchange from $9.50 to $7.00 and set a "sell" rating for the company in a report on Thursday, February 27th. Finally, Wells Fargo & Company cut their price target on AvidXchange from $10.00 to $8.00 and set an "equal weight" rating for the company in a report on Thursday, February 27th. Two research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $10.30.

AvidXchange Stock Up 0.3%

Shares of AvidXchange stock traded up $0.03 during midday trading on Thursday, hitting $9.75. The company's stock had a trading volume of 1,980,451 shares, compared to its average volume of 2,445,686. The firm has a market capitalization of $2.01 billion, a P/E ratio of 243.75 and a beta of 1.14. The stock has a 50-day simple moving average of $8.07 and a 200-day simple moving average of $9.42. 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 has a 1-year low of $6.61 and a 1-year high of $12.93.

AvidXchange (NASDAQ:AVDX - Get Free Report) last announced its quarterly earnings data on Wednesday, February 26th. The company reported $0.03 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.06 by ($0.03). AvidXchange had a positive return on equity of 0.74% and a negative net margin of 0.23%. The firm had revenue of $115.44 million for the quarter, compared to analysts' expectations of $114.98 million. As a group, sell-side analysts expect that AvidXchange will post 0.02 earnings per share for the current year.

Insider Buying and Selling at AvidXchange

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

Institutional Trading of AvidXchange

A number of large investors have recently bought and sold shares of AVDX. Blue Trust Inc. grew its position 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 period. Versant Capital Management Inc grew its position in 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 acquiring an additional 3,437 shares during the period. 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 valued at $35,000 after acquiring an additional 3,634 shares during the period. R Squared Ltd bought a new stake in AvidXchange in the fourth quarter valued at $41,000. Finally, Quarry LP grew its position in AvidXchange by 126.6% in the fourth quarter. Quarry LP now owns 5,518 shares of the company's stock valued at $57,000 after acquiring an additional 3,083 shares during the period. 80.58% of the stock is currently owned by institutional investors.

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.