AvidXchange (NASDAQ:AVDX) Rating Lowered to "Hold" at Wolfe Research

Wolfe Research lowered shares of AvidXchange (NASDAQ:AVDX - Free Report) from a strong-buy rating to a hold rating in a research note published on Thursday,Zacks.com reports.

Several other research firms have also recently commented on AVDX. KeyCorp cut AvidXchange from an "overweight" rating to a "sector weight" rating in a research note on Thursday, February 27th. JPMorgan Chase & Co. decreased their price objective on AvidXchange from $10.00 to $9.00 and set a "neutral" rating for the company in a report on Thursday, February 27th. Compass Point raised AvidXchange from a "neutral" rating to a "buy" rating and lifted their target price for the company from $8.00 to $15.00 in a research report on Thursday, November 7th. Piper Sandler reduced their price target on AvidXchange from $10.00 to $8.00 and set a "neutral" rating for the company in a research report on Friday, February 28th. Finally, Wells Fargo & Company dropped their price objective on AvidXchange from $10.00 to $8.00 and set an "equal weight" rating on the stock in a research note on Thursday, February 27th. Two analysts have rated the stock with a sell rating, ten have given a hold rating and four have given a buy rating to the company's stock. Based on data from MarketBeat.com, AvidXchange has an average rating of "Hold" and an average price target of $10.00.

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AvidXchange Stock Up 2.1 %

AVDX traded up $0.15 during trading on Thursday, reaching $7.31. The company had a trading volume of 1,986,889 shares, compared to its average volume of 1,684,639. The business's fifty day moving average price is $9.91 and its 200 day moving average price is $9.41. 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 12 month low of $6.89 and a 12 month high of $13.49. The company has a market cap of $1.50 billion, a P/E ratio of 182.75 and a beta of 1.22.

AvidXchange (NASDAQ:AVDX - Get Free Report) last announced 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). 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. Equities analysts anticipate that AvidXchange will post 0.02 EPS for the current year.

Insider Activity at AvidXchange

In other news, Director Teresa Mackintosh sold 13,316 shares of the business's stock in a transaction that occurred on Friday, December 6th. The stock was 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 owns 47,388 shares in the company, valued at $542,118.72. The trade was a 21.94 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director James E. Hausman sold 25,000 shares of the 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 transaction, the director now owns 2,112,232 shares in the company, valued at approximately $23,762,610. This trade represents a 1.17 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 164,182 shares of company stock worth $1,388,908. Insiders own 10.40% of the company's stock.

Institutional Investors Weigh In On AvidXchange

Hedge funds and other institutional investors have recently modified their holdings of the company. Neo Ivy Capital Management bought a new position in AvidXchange during the fourth quarter worth about $2,393,000. PharVision Advisers LLC bought a new position in shares of AvidXchange during the fourth quarter worth approximately $230,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of AvidXchange by 10.2% in the fourth 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 buying an additional 42,993 shares in the last quarter. Vident Advisory LLC acquired a new stake in shares of AvidXchange in the fourth quarter valued at approximately $255,000. Finally, Tremblant Capital Group boosted its stake in shares of AvidXchange by 2.3% in the fourth quarter. Tremblant Capital Group now owns 3,231,149 shares of the company's stock valued at $33,410,000 after buying an additional 73,802 shares during the period. Institutional investors and hedge funds own 80.58% of the company's stock.

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.