AvidXchange (NASDAQ:AVDX) Price Target Lowered to $8.00 at Morgan Stanley

AvidXchange (NASDAQ:AVDX) had its price objective reduced by Morgan Stanley from $11.00 to $8.00 in a research note published on Thursday,Benzinga reports. They currently have an equal weight rating on the stock.

Several other research analysts also recently commented on the stock. BMO Capital Markets lifted their target price on shares of AvidXchange from $10.00 to $11.00 and gave the stock a “market perform” rating in a report on Friday, November 8th. UBS Group lifted their target price on shares of AvidXchange from $10.00 to $10.50 and gave the stock a “neutral” rating in a report on Thursday, November 7th. Wells Fargo & Company lifted their target price on shares of AvidXchange from $9.00 to $10.00 and gave the stock an “equal weight” rating in a report on Thursday, November 7th. Piper Sandler lifted their target price on shares of AvidXchange from $9.00 to $10.00 and gave the stock a “neutral” rating in a report on Thursday, November 7th. Finally, BTIG Research began coverage on shares of AvidXchange in a report on Wednesday, December 11th. They issued a “buy” rating and a $14.00 target price on the stock. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, AvidXchange has a consensus rating of “Hold” and an average price target of $10.47.

AvidXchange Stock Up 1.4 %

AVDX stock opened at $7.36 on Thursday. 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 1 year low of $6.89 and a 1 year high of $13.56. The company has a fifty day simple moving average of $10.09 and a 200 day simple moving average of $9.41. The firm has a market cap of $1.51 billion, a PE ratio of 461.00 and a beta of 1.22.

AvidXchange (NASDAQ:AVDX) last released 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). The business had revenue of $115.44 million during the quarter, compared to analyst estimates of $114.98 million. AvidXchange had a negative net margin of 0.23% and a positive return on equity of 0.74%. Sell-side analysts anticipate that AvidXchange will post 0.02 EPS for the current fiscal year.

Insider Activity at AvidXchange

In related news, Director James E. Hausman sold 25,000 shares of the company’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $11.25, for a total value of $281,250.00. Following the sale, the director now 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 transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Teresa Mackintosh sold 13,316 shares of the company’s stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $11.44, for a total transaction of $152,335.04. Following the completion of the sale, the director now directly owns 47,388 shares in the company, valued at approximately $542,118.72. The trade was a 21.94 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 80,693 shares of company stock valued at $916,683 over the last quarter. 10.40% of the stock is owned by company insiders.

Institutional Trading of AvidXchange

A number of institutional investors and hedge funds have recently added to or reduced their stakes in AVDX. Allspring Global Investments Holdings LLC bought a new stake in AvidXchange in the third quarter valued at about $38,000. Wealth Enhancement Advisory Services LLC boosted its position in AvidXchange by 29.6% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 13,211 shares of the company’s stock valued at $107,000 after buying an additional 3,019 shares in the last quarter. US Bancorp DE boosted its position in AvidXchange by 111,114.9% in the third quarter. US Bancorp DE now owns 52,271 shares of the company’s stock valued at $424,000 after buying an additional 52,224 shares in the last quarter. ARK Investment Management LLC boosted its position in AvidXchange by 17.4% in the third quarter. ARK Investment Management LLC now owns 1,161,998 shares of the company’s stock valued at $9,424,000 after buying an additional 171,908 shares in the last quarter. Finally, State of New Jersey Common Pension Fund D boosted its position in AvidXchange by 39.3% in the third quarter. State of New Jersey Common Pension Fund D now owns 247,947 shares of the company’s stock valued at $2,011,000 after buying an additional 69,971 shares in the last quarter. Institutional investors own 80.58% of the company’s stock.

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.