AvidXchange (NASDAQ:AVDX) Shares Up 9.6% - Still a Buy?

AvidXchange Holdings, Inc. (NASDAQ:AVDX - Get Free Report)'s stock price shot up 9.6% on Thursday . The stock traded as high as $7.59 and last traded at $7.55. 1,790,643 shares traded hands during mid-day trading, an increase of 3% from the average session volume of 1,733,836 shares. The stock had previously closed at $6.89.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on AVDX. Morgan Stanley cut their target price on shares of AvidXchange from $11.00 to $8.00 and set an "equal weight" rating for the company in a research report on Thursday, February 27th. Wells Fargo & Company decreased their target price on AvidXchange from $10.00 to $8.00 and set an "equal weight" rating on the stock in a report on Thursday, February 27th. Robert W. Baird lowered their target price on AvidXchange from $14.00 to $12.00 and set an "outperform" rating on the stock in a research report on Thursday, February 27th. BMO Capital Markets decreased their price objective on AvidXchange from $11.00 to $7.50 and set a "market perform" rating on the stock in a research note on Thursday, February 27th. Finally, Keefe, Bruyette & Woods cut their price objective on AvidXchange from $11.00 to $8.00 and set a "market perform" rating for the company in a research note on Thursday, February 27th. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, AvidXchange presently has an average rating of "Hold" and an average price target of $10.00.

AvidXchange Price Performance

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 fifty day simple moving average of $9.51 and a two-hundred day simple moving average of $9.37. The firm has a market cap of $1.60 billion, a PE ratio of 196.00 and a beta of 1.28.

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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 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 analysts predict that AvidXchange Holdings, Inc. will post 0.02 EPS for the current fiscal year.

Insider Activity

In other AvidXchange news, President Daniel Drees sold 34,782 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 transaction of $263,995.38. Following the transaction, the president now owns 1,176,833 shares in the company, valued at $8,932,162.47. The trade was a 2.87 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Joel Wilhite sold 32,203 shares of the company's 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 transaction, the insider now owns 843 shares in the company, valued at $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. In the last three months, insiders have sold 125,866 shares of company stock worth $955,323. 10.40% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of AVDX. US Bancorp DE boosted its holdings in AvidXchange by 11.6% during the 4th quarter. US Bancorp DE now owns 58,350 shares of the company's stock valued at $603,000 after acquiring an additional 6,079 shares during the period. Jacobs Levy Equity Management Inc. purchased a new stake in shares of AvidXchange during the third quarter valued at $25,339,000. Entropy Technologies LP bought a new position in shares of AvidXchange in the third quarter worth about $447,000. State of New Jersey Common Pension Fund D increased its stake in AvidXchange by 39.3% in the 3rd quarter. State of New Jersey Common Pension Fund D now owns 247,947 shares of the company's stock worth $2,011,000 after buying an additional 69,971 shares during the period. Finally, Barclays PLC lifted its holdings in AvidXchange by 239.8% during the 3rd quarter. Barclays PLC now owns 285,768 shares of the company's stock valued at $2,318,000 after buying an additional 201,679 shares in the last quarter. Institutional investors 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.

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