AvidXchange Holdings, Inc. (NASDAQ:AVDX) Receives $10.07 Consensus Target Price from Brokerages

Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX - Get Free Report) have received an average recommendation of "Hold" from the sixteen analysts that are presently covering the stock, Marketbeat.com reports. Two analysts have rated the stock with a sell rating, ten have issued a hold rating and four have given a buy rating to the company. The average 12-month price target among brokerages that have issued a report on the stock in the last year is $10.07.

A number of analysts have recently issued reports on AVDX shares. Keefe, Bruyette & Woods lifted their price target on AvidXchange from $8.00 to $9.00 and gave the stock a "market perform" rating in a research note on Monday, March 31st. The Goldman Sachs Group lowered their price target on shares of AvidXchange from $9.50 to $7.00 and set a "sell" rating on the stock in a research report on Thursday, February 27th. Robert W. Baird dropped their price target on shares of AvidXchange from $14.00 to $12.00 and set an "outperform" rating for the company in a research note on Thursday, February 27th. Piper Sandler lowered their price objective on shares of AvidXchange from $10.00 to $8.00 and set a "neutral" rating for the company in a research report on Friday, February 28th. Finally, BMO Capital Markets cut their target price on AvidXchange from $11.00 to $7.50 and set a "market perform" rating on the stock in a research report on Thursday, February 27th.

AvidXchange Stock Down 1.2 %

NASDAQ AVDX traded down $0.10 on Friday, hitting $7.82. The stock had a trading volume of 13,978 shares, compared to its average volume of 1,999,937. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.32 and a quick ratio of 1.32. AvidXchange has a 52-week low of $6.61 and a 52-week high of $12.93. The stock has a market cap of $1.60 billion, a price-to-earnings ratio of 196.00 and a beta of 1.14. The business's fifty day moving average price is $8.34 and its 200 day moving average price is $9.38.

AvidXchange (NASDAQ:AVDX - Get Free Report) last posted its quarterly earnings results on Wednesday, February 26th. The company reported $0.03 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 analysts' expectations of $114.98 million. AvidXchange had a negative net margin of 0.23% and a positive return on equity of 0.74%. Equities research analysts anticipate that AvidXchange will post 0.02 earnings per share for the current year.

Insider Activity

In other AvidXchange news, President Daniel Drees sold 34,782 shares of the company's stock in a transaction that occurred on 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 owns 1,176,833 shares in the company, valued at $8,932,162.47. This represents a 2.87 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Joel Wilhite sold 32,203 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 $244,420.77. Following the sale, the insider now owns 843 shares in the company, valued at approximately $6,398.37. This trade represents a 97.45 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 125,866 shares of company stock valued at $955,323 over the last quarter. Company insiders own 10.40% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in AVDX. Azora Capital LP bought a new stake in AvidXchange in the 4th quarter valued at about $45,067,000. FMR LLC lifted its holdings in AvidXchange by 8.4% in the 4th quarter. FMR LLC now owns 14,889,282 shares of the company's stock valued at $153,955,000 after acquiring an additional 1,155,513 shares during the last quarter. Arrowstreet Capital Limited Partnership bought a new stake in AvidXchange during the fourth quarter worth approximately $10,292,000. Jennison Associates LLC boosted its stake in shares of AvidXchange by 50.9% during the 4th quarter. Jennison Associates LLC now owns 2,176,525 shares of the company's stock worth $22,505,000 after acquiring an additional 733,860 shares in the last quarter. Finally, Point72 Asset Management L.P. boosted its position in shares of AvidXchange by 74.1% in the 4th quarter. Point72 Asset Management L.P. now owns 1,700,334 shares of the company's stock valued at $17,581,000 after purchasing an additional 723,724 shares during the period. Institutional investors and hedge funds 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.