AvidXchange (NASDAQ:AVDX) Given New $9.00 Price Target at JPMorgan Chase & Co.

AvidXchange (NASDAQ:AVDX) had its price target dropped by analysts at JPMorgan Chase & Co. from $10.00 to $9.00 in a report released on Thursday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s price objective would indicate a potential upside of 23.97% from the company’s previous close.

Several other research firms also recently commented on AVDX. BMO Capital Markets raised their target price on AvidXchange from $10.00 to $11.00 and gave the stock a “market perform” rating in a research report on Friday, November 8th. Wells Fargo & Company lifted their price objective on AvidXchange from $9.00 to $10.00 and gave the company an “equal weight” rating in a report on Thursday, November 7th. Compass Point upgraded shares of AvidXchange from a “neutral” rating to a “buy” rating and boosted their target price for the company from $8.00 to $15.00 in a research note on Thursday, November 7th. BTIG Research assumed coverage on shares of AvidXchange in a research report on Wednesday, December 11th. They set a “buy” rating and a $14.00 target price for the company. Finally, UBS Group lifted their price target on shares of AvidXchange from $10.00 to $10.50 and gave the company a “neutral” rating in a report on Thursday, November 7th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $11.39.

AvidXchange Stock Down 20.7 %

AVDX opened at $7.26 on Thursday. The company has a market capitalization of $1.49 billion, a P/E ratio of 461.00 and a beta of 1.22. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.32 and a quick ratio of 1.32. The firm’s fifty day moving average price is $10.16 and its two-hundred day moving average price is $9.42. AvidXchange has a fifty-two week low of $6.95 and a fifty-two week high of $13.56.

AvidXchange (NASDAQ:AVDX) last issued its earnings results on Wednesday, February 26th. The company reported $0.03 earnings per share for the quarter, missing the consensus estimate of $0.06 by ($0.03). AvidXchange had a negative net margin of 0.23% and a positive return on equity of 0.74%. On average, analysts anticipate that AvidXchange will post 0.02 EPS for the current year.

Insider Activity

In other AvidXchange news, Director Teresa Mackintosh sold 13,316 shares of the company’s stock in a transaction on Friday, December 6th. The stock was sold at an average price of $11.44, for a total transaction of $152,335.04. Following the transaction, the director now owns 47,388 shares of the company’s stock, valued at approximately $542,118.72. This represents a 21.94 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Michael Praeger sold 42,377 shares of the company’s stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $11.40, for a total value of $483,097.80. Following the transaction, the chief executive officer now directly owns 10,381,033 shares in the company, valued at $118,343,776.20. This trade represents a 0.41 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 80,693 shares of company stock valued at $916,683 over the last three months. 10.40% of the stock is owned by insiders.

Institutional Trading of AvidXchange

Institutional investors and hedge funds have recently made changes to their positions in the business. Xponance Inc. boosted its position in shares of AvidXchange by 9.2% in the 4th quarter. Xponance Inc. now owns 12,459 shares of the company’s stock worth $129,000 after purchasing an additional 1,045 shares during the last quarter. Captrust Financial Advisors lifted its stake in AvidXchange by 6.2% in the fourth quarter. Captrust Financial Advisors now owns 18,434 shares of the company’s stock valued at $191,000 after buying an additional 1,084 shares during the period. Summit Investment Advisors Inc. boosted its holdings in AvidXchange by 6.8% during the fourth quarter. Summit Investment Advisors Inc. now owns 18,182 shares of the company’s stock worth $188,000 after buying an additional 1,155 shares during the last quarter. Blue Trust Inc. grew its position in shares of 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 buying an additional 1,278 shares during the period. Finally, Rhumbline Advisers increased its stake in shares of AvidXchange by 1.0% in the 4th quarter. Rhumbline Advisers now owns 234,738 shares of the company’s stock valued at $2,427,000 after acquiring an additional 2,391 shares during the last quarter. 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.