AvidXchange (NASDAQ:AVDX) Cut to Equal Weight at Barclays

Barclays downgraded shares of AvidXchange (NASDAQ:AVDX - Free Report) from an overweight rating to an equal weight rating in a research report released on Tuesday morning, Marketbeat Ratings reports. Barclays currently has $8.00 price objective on the stock, down from their previous price objective of $13.00.

Several other research analysts have also commented on the stock. Piper Sandler cut their price target on shares of AvidXchange from $10.00 to $8.00 and set a "neutral" rating on the stock in a report on Friday, February 28th. Keefe, Bruyette & Woods lowered their price objective on shares of AvidXchange from $11.00 to $8.00 and set a "market perform" rating for the company in a research report on Thursday, February 27th. Morgan Stanley dropped their target price on AvidXchange from $11.00 to $8.00 and set an "equal weight" rating on the stock in a research report on Thursday, February 27th. Compass Point raised shares of AvidXchange from a "neutral" rating to a "buy" rating and upped their price target for the company from $8.00 to $15.00 in a report on Thursday, November 7th. Finally, KeyCorp downgraded AvidXchange from an "overweight" rating to a "sector weight" rating in a report on Thursday, February 27th. Two equities research 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. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $10.00.

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AvidXchange Trading Up 0.4 %

NASDAQ AVDX traded up $0.03 during trading hours on Tuesday, hitting $7.17. 2,953,678 shares of the company's stock were exchanged, compared to its average volume of 1,710,463. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.32 and a current ratio of 1.32. The firm has a market capitalization of $1.47 billion, a P/E ratio of 179.25 and a beta of 1.28. The business's 50 day moving average is $9.78 and its 200-day moving average is $9.38. AvidXchange has a 12-month low of $6.89 and a 12-month high of $13.49.

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

Insider Activity at AvidXchange

In other news, CEO Michael Praeger sold 58,881 shares of the stock in a transaction that occurred on Friday, February 28th. The shares were sold at an average price of $7.59, for a total value of $446,906.79. Following the completion of the transaction, the chief executive officer now directly owns 11,164,737 shares in the company, valued at $84,740,353.83. This trade represents a 0.52 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director James E. Hausman sold 25,000 shares of the business's stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $11.25, for a total value of $281,250.00. Following the sale, the director now directly owns 2,112,232 shares in the company, valued at approximately $23,762,610. The trade was a 1.17 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 150,866 shares of company stock worth $1,236,573 over the last ninety days. 10.40% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On AvidXchange

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Neo Ivy Capital Management acquired a new stake in shares of AvidXchange in the fourth quarter valued at $2,393,000. PharVision Advisers LLC bought a new stake in AvidXchange in the fourth quarter worth about $230,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings 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 valued at $4,815,000 after acquiring an additional 42,993 shares during the last quarter. Vident Advisory LLC bought a new position in shares of AvidXchange during the 4th quarter valued at about $255,000. Finally, Tremblant Capital Group grew its stake in shares of AvidXchange by 2.3% in the 4th quarter. Tremblant Capital Group now owns 3,231,149 shares of the company's stock worth $33,410,000 after purchasing an additional 73,802 shares during the last quarter. 80.58% of the stock is owned by institutional investors.

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.