AvidXchange Holdings, Inc. (NASDAQ:AVDX) Receives Consensus Recommendation of "Hold" from Brokerages

Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX - Get Free Report) have earned a consensus rating of "Hold" from the sixteen research firms that are covering the firm, MarketBeat reports. Two equities research analysts have rated the stock with a sell recommendation, ten have given a hold recommendation and four have issued a buy recommendation on the company. The average twelve-month target price among brokers that have issued ratings on the stock in the last year is $10.00.

A number of analysts have weighed in on AVDX shares. Keefe, Bruyette & Woods lowered their target price on AvidXchange from $11.00 to $8.00 and set a "market perform" rating for the company in a report on Thursday, February 27th. BMO Capital Markets lowered their target price on AvidXchange from $11.00 to $7.50 and set a "market perform" rating for the company in a report on Thursday, February 27th. JPMorgan Chase & Co. lowered their target price on AvidXchange from $10.00 to $9.00 and set a "neutral" rating for the company in a report on Thursday, February 27th. Barclays lowered AvidXchange from an "overweight" rating to an "equal weight" rating and lowered their target price for the stock from $13.00 to $8.00 in a report on Tuesday, March 4th. Finally, Wolfe Research lowered AvidXchange from a "strong-buy" rating to a "hold" rating in a report on Thursday, February 27th.

Insider Transactions at AvidXchange

In other news, insider Joel Wilhite sold 32,203 shares of the stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $7.59, for a total transaction of $244,420.77. Following the sale, the insider now directly owns 843 shares of the company's stock, valued at $6,398.37. This represents a 97.45 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, President Daniel Drees sold 34,782 shares of the stock in a transaction dated Friday, February 28th. The stock was sold at an average price of $7.59, for a total transaction 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. The trade was a 2.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 125,866 shares of company stock valued at $955,323 in the last ninety days. 10.40% of the stock is currently owned by corporate insiders.

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Institutional Investors Weigh In On AvidXchange

Hedge funds have recently modified their holdings of the company. 111 Capital purchased a new position in AvidXchange in the 4th quarter valued at about $111,000. Wealth Enhancement Advisory Services LLC lifted its stake in AvidXchange by 25.9% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 16,629 shares of the company's stock valued at $172,000 after buying an additional 3,418 shares in the last quarter. Neo Ivy Capital Management purchased a new position in AvidXchange in the 4th quarter valued at about $2,393,000. PharVision Advisers LLC purchased a new position in AvidXchange in the 4th quarter valued at about $230,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake 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 in the last quarter. 80.58% of the stock is owned by hedge funds and other institutional investors.

AvidXchange Trading Up 0.5 %

Shares of NASDAQ AVDX traded up $0.04 during trading hours on Monday, reaching $8.46. The stock had a trading volume of 918,660 shares, compared to its average volume of 1,904,348. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.11. The firm has a market cap of $1.73 billion, a price-to-earnings ratio of 211.50 and a beta of 1.28. The business's fifty day moving average price is $9.30 and its two-hundred day moving average price is $9.37. AvidXchange has a 52-week low of $6.61 and a 52-week high of $13.50.

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

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.