AvidXchange (NASDAQ:AVDX) Reaches New 1-Year Low - What's Next?

Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX - Get Free Report) hit a new 52-week low on Monday . The company traded as low as $6.83 and last traded at $6.91, with a volume of 429594 shares trading hands. The stock had previously closed at $7.17.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. Piper Sandler lowered 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. Wells Fargo & Company cut their price target on shares of AvidXchange from $10.00 to $8.00 and set an "equal weight" rating on the stock in a report on Thursday, February 27th. Barclays downgraded AvidXchange from an "overweight" rating to an "equal weight" rating and reduced their price target for the stock from $13.00 to $8.00 in a research report on Tuesday, March 4th. Morgan Stanley lowered their price objective on AvidXchange from $11.00 to $8.00 and set an "equal weight" rating for the company in a research report on Thursday, February 27th. Finally, Keefe, Bruyette & Woods reduced their target price on AvidXchange from $11.00 to $8.00 and set a "market perform" rating on the stock in a research report on Thursday, February 27th. Two analysts have rated the stock with a sell rating, ten have issued a hold rating and four have assigned 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.

AvidXchange Stock Performance

The firm's fifty day simple moving average is $9.46 and its 200 day simple moving average is $9.35. The company has a market capitalization of $1.63 billion, a PE ratio of 199.88 and a beta of 1.28. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.32 and a quick ratio of 1.32.

Remove Ads

AvidXchange (NASDAQ:AVDX - Get Free Report) last issued its earnings results on Wednesday, February 26th. The company reported $0.03 EPS for the quarter, missing analysts' consensus estimates of $0.06 by ($0.03). The company had revenue of $115.44 million during 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%. On average, research analysts predict that AvidXchange Holdings, Inc. will post 0.02 EPS for the current year.

Insider Activity

In related news, CEO Michael Praeger sold 58,881 shares of the business's stock in a transaction 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 sale, the chief executive officer now owns 11,164,737 shares of the company's stock, valued at approximately $84,740,353.83. The trade was a 0.52 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Joel Wilhite sold 32,203 shares of the stock in a transaction on Friday, February 28th. The shares were sold at an average price of $7.59, for a total transaction of $244,420.77. Following the transaction, the insider now directly owns 843 shares in the company, valued at approximately $6,398.37. The trade was a 97.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 125,866 shares of company stock valued at $955,323 in the last three months. 10.40% of the stock is currently owned by corporate insiders.

Institutional Trading of AvidXchange

A number of institutional investors have recently made changes to their positions in AVDX. Xponance Inc. raised its stake in AvidXchange by 9.2% in the 4th quarter. Xponance Inc. now owns 12,459 shares of the company's stock valued at $129,000 after purchasing an additional 1,045 shares during the last quarter. Captrust Financial Advisors raised its position in shares of AvidXchange by 6.2% in the fourth quarter. Captrust Financial Advisors now owns 18,434 shares of the company's stock valued at $191,000 after buying an additional 1,084 shares during the last quarter. Summit Investment Advisors Inc. lifted its stake in shares of AvidXchange by 6.8% in the fourth quarter. Summit Investment Advisors Inc. now owns 18,182 shares of the company's stock worth $188,000 after buying an additional 1,155 shares in the last quarter. Blue Trust Inc. boosted its position in AvidXchange by 90.1% during the fourth quarter. Blue Trust Inc. now owns 2,697 shares of the company's stock worth $28,000 after acquiring an additional 1,278 shares during the last quarter. Finally, Rhumbline Advisers grew its stake in AvidXchange by 1.0% during the 4th quarter. Rhumbline Advisers now owns 234,738 shares of the company's stock valued at $2,427,000 after acquiring an additional 2,391 shares in the last quarter. 80.58% of the stock is owned by institutional investors and hedge funds.

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.