AvidXchange (NASDAQ:AVDX) Cut to Equal Weight at Barclays

Barclays cut shares of AvidXchange (NASDAQ:AVDX) from an overweight rating to an equal weight rating in a research note released on Tuesday morning, Marketbeat.com reports. The firm currently has $8.00 price objective on the stock, down from their previous price objective of $13.00.

Other analysts have also recently issued reports about the company. JPMorgan Chase & Co. reduced their price target on AvidXchange from $10.00 to $9.00 and set a “neutral” rating for the company in a report on Thursday, February 27th. Piper Sandler lowered their target price on AvidXchange from $10.00 to $8.00 and set a “neutral” rating on the stock in a report on Friday, February 28th. Compass Point raised shares of AvidXchange from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $8.00 to $15.00 in a research report on Thursday, November 7th. Keefe, Bruyette & Woods lowered their target price on shares of AvidXchange from $11.00 to $8.00 and set a “market perform” rating for the company in a research note on Thursday, February 27th. Finally, BTIG Research initiated coverage on AvidXchange in a report on Wednesday, December 11th. They issued a “buy” rating and a $14.00 price target for the company. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, AvidXchange currently has a consensus rating of “Hold” and a consensus price target of $10.00.

AvidXchange Stock Performance

Shares of AVDX opened at $7.14 on Tuesday. The stock has a market capitalization of $1.47 billion, a P/E ratio of 178.50 and a beta of 1.22. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.32 and a current ratio of 1.32. AvidXchange has a 1 year low of $6.89 and a 1 year high of $13.49. The company’s fifty day moving average is $9.78 and its two-hundred day moving average is $9.38.

AvidXchange (NASDAQ:AVDX) last issued its quarterly earnings results on Wednesday, February 26th. The company reported $0.03 earnings per share (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 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, sell-side analysts predict that AvidXchange will post 0.02 earnings per share for the current year.

Insider Buying and Selling at AvidXchange

In related news, Director James E. Hausman sold 25,000 shares of the business’s stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $11.25, for a total value of $281,250.00. Following the completion of the sale, the director now directly owns 2,112,232 shares of the company’s stock, valued at $23,762,610. The trade was a 1.17 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 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 sale, the president now directly owns 1,176,833 shares in the company, valued at approximately $8,932,162.47. This represents a 2.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 150,866 shares of company stock worth $1,236,573 in the last 90 days. 10.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On AvidXchange

Large investors have recently added to or reduced their stakes in the stock. Neo Ivy Capital Management acquired a new position in shares of AvidXchange during the fourth quarter valued at $2,393,000. PharVision Advisers LLC acquired a new position in AvidXchange during the 4th quarter valued at about $230,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in AvidXchange by 10.2% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 465,690 shares of the company’s stock worth $4,815,000 after purchasing an additional 42,993 shares during the last quarter. Vident Advisory LLC bought a new position in AvidXchange in the 4th quarter worth about $255,000. Finally, Tremblant Capital Group increased its stake in shares of AvidXchange by 2.3% in the fourth quarter. Tremblant Capital Group now owns 3,231,149 shares of the company’s stock valued at $33,410,000 after purchasing an additional 73,802 shares during the period. 80.58% of the stock is owned by institutional investors and hedge funds.

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.