AvidXchange (NASDAQ:AVDX) Given New $8.00 Price Target at Bank of America

AvidXchange (NASDAQ:AVDX) had its price target reduced by research analysts at Bank of America from $12.00 to $8.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The firm presently has an “underperform” rating on the stock. Bank of America‘s price target would suggest a potential downside of 4.65% from the stock’s previous close.

Other equities analysts have also issued reports about the stock. Barclays cut their price objective on shares of AvidXchange from $14.00 to $10.00 and set an “overweight” rating on the stock in a report on Monday, August 5th. Robert W. Baird dropped their target price on AvidXchange from $16.00 to $14.00 and set an “outperform” rating on the stock in a research report on Thursday, August 1st. Wells Fargo & Company decreased their price target on AvidXchange from $13.00 to $10.00 and set an “equal weight” rating for the company in a research note on Thursday, August 1st. UBS Group cut shares of AvidXchange from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $15.00 to $10.00 in a research report on Thursday, August 1st. Finally, The Goldman Sachs Group cut their price objective on shares of AvidXchange from $9.00 to $7.00 and set a “sell” rating for the company in a report on Monday. Two analysts have rated the stock with a sell rating, seven have given a hold rating and five 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 $10.64.

AvidXchange Stock Performance

Shares of AVDX stock traded up $0.21 during trading hours on Tuesday, reaching $8.39. 1,108,348 shares of the company’s stock were exchanged, compared to its average volume of 2,047,637. AvidXchange has a fifty-two week low of $6.88 and a fifty-two week high of $13.56. The business has a fifty day moving average price of $7.92 and a 200-day moving average price of $10.25. The stock has a market capitalization of $1.73 billion, a P/E ratio of -55.93 and a beta of 1.01. The company has a quick ratio of 1.36, a current ratio of 1.36 and a debt-to-equity ratio of 0.19.

AvidXchange (NASDAQ:AVDX) last posted its earnings results on Wednesday, July 31st. The company reported $0.05 earnings per share for the quarter, topping the consensus estimate of $0.04 by $0.01. The business had revenue of $105.30 million for the quarter, compared to analyst estimates of $107.13 million. AvidXchange had a negative net margin of 3.18% and a negative return on equity of 0.23%. The firm’s quarterly revenue was up 15.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.05) EPS. Analysts predict that AvidXchange will post 0.03 EPS for the current fiscal year.

Insider Activity

In other news, insider Joel Wilhite sold 47,308 shares of AvidXchange stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $8.10, for a total value of $383,194.80. Following the sale, the insider now directly owns 413,687 shares of the company’s stock, valued at $3,350,864.70. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other AvidXchange news, CEO Michael Praeger sold 37,225 shares of the firm’s stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $7.98, for a total transaction of $297,055.50. Following the sale, the chief executive officer now owns 10,453,786 shares of the company’s stock, valued at approximately $83,421,212.28. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Joel Wilhite sold 47,308 shares of the firm’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $8.10, for a total transaction of $383,194.80. Following the transaction, the insider now directly owns 413,687 shares in the company, valued at $3,350,864.70. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 158,959 shares of company stock valued at $1,279,321 in the last ninety days. Insiders own 10.30% of the company’s stock.

Institutional Trading of AvidXchange

Institutional investors and hedge funds have recently modified their holdings of the business. TimesSquare Capital Management LLC boosted its stake in AvidXchange by 6.8% in the 1st quarter. TimesSquare Capital Management LLC now owns 1,970,837 shares of the company’s stock worth $25,917,000 after buying an additional 124,988 shares during the last quarter. Lisanti Capital Growth LLC raised its holdings in AvidXchange by 58.3% in the first quarter. Lisanti Capital Growth LLC now owns 167,715 shares of the company’s stock valued at $2,205,000 after acquiring an additional 61,795 shares in the last quarter. Lazard Asset Management LLC bought a new position in shares of AvidXchange during the first quarter worth about $7,621,000. California State Teachers Retirement System grew its position in shares of AvidXchange by 1.0% in the 1st quarter. California State Teachers Retirement System now owns 161,292 shares of the company’s stock worth $2,121,000 after acquiring an additional 1,656 shares in the last quarter. Finally, American Century Companies Inc. increased its stake in AvidXchange by 54.2% during the second quarter. American Century Companies Inc. now owns 4,515,719 shares of the company’s stock valued at $54,460,000 after purchasing an additional 1,586,510 shares during the last quarter. Hedge funds and other 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.