Keefe, Bruyette & Woods Forecasts Strong Price Appreciation for AvidXchange (NASDAQ:AVDX) Stock

AvidXchange (NASDAQ:AVDX - Free Report) had its price target hoisted by Keefe, Bruyette & Woods from $8.00 to $9.00 in a research report report published on Monday,Benzinga reports. Keefe, Bruyette & Woods currently has a market perform rating on the stock.

A number of other equities analysts have also recently issued reports on AVDX. BTIG Research started coverage on shares of AvidXchange in a research report on Wednesday, December 11th. They set a "buy" rating and a $14.00 target price for the company. Morgan Stanley cut 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. Wells Fargo & Company lowered 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 dropped their price target on AvidXchange from $14.00 to $12.00 and set an "outperform" rating for the company in a research report on Thursday, February 27th. Finally, JPMorgan Chase & Co. reduced their price objective on AvidXchange from $10.00 to $9.00 and set a "neutral" rating on the stock in a research report on Thursday, February 27th. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have given a buy rating to the company's stock. According to MarketBeat, AvidXchange has a consensus rating of "Hold" and an average target price of $10.07.

AvidXchange Price Performance

AvidXchange stock traded down $0.32 during mid-day trading on Monday, reaching $7.67. The company had a trading volume of 499,771 shares, compared to its average volume of 1,976,820. The stock's 50-day simple moving average is $8.95 and its 200-day simple moving average is $9.41. The company has a market capitalization of $1.57 billion, a P/E ratio of 191.75 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. AvidXchange has a 1 year low of $6.61 and a 1 year high of $12.93.

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 the consensus estimate of $0.06 by ($0.03). The firm had revenue of $115.44 million during the quarter, compared to analyst estimates of $114.98 million. AvidXchange had a negative net margin of 0.23% and a positive return on equity of 0.74%. On average, equities analysts predict that AvidXchange will post 0.02 EPS for the current year.

Insider Buying and Selling

In other news, CEO Michael Praeger sold 58,881 shares of the company's stock in a transaction on Friday, February 28th. The stock was sold at an average price of $7.59, for a total transaction of $446,906.79. Following the completion of the sale, the chief executive officer now directly owns 11,164,737 shares in the company, valued at $84,740,353.83. This represents a 0.52 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, President Daniel Drees sold 34,782 shares of the firm's stock in a transaction dated Friday, February 28th. The stock was sold at an average price of $7.59, for a total value of $263,995.38. Following the completion of the transaction, the president now owns 1,176,833 shares in the company, valued at approximately $8,932,162.47. This trade represents a 2.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 125,866 shares of company stock valued at $955,323. Insiders own 10.40% of the company's stock.

Institutional Investors Weigh In On AvidXchange

Several institutional investors have recently bought and sold shares of AVDX. Blue Trust Inc. lifted its holdings in shares of AvidXchange by 90.1% during the 4th quarter. Blue Trust Inc. now owns 2,697 shares of the company's stock valued at $28,000 after acquiring an additional 1,278 shares in the last quarter. Versant Capital Management Inc raised its position in AvidXchange by 801.2% in the first quarter. Versant Capital Management Inc now owns 3,866 shares of the company's stock valued at $33,000 after purchasing an additional 3,437 shares during the period. R Squared Ltd acquired a new position in shares of AvidXchange during the fourth quarter worth about $41,000. Point72 DIFC Ltd purchased a new stake in shares of AvidXchange in the third quarter worth about $37,000. Finally, Quarry LP grew its stake in shares of AvidXchange by 126.6% in the fourth quarter. Quarry LP now owns 5,518 shares of the company's stock valued at $57,000 after buying an additional 3,083 shares in the last quarter. 80.58% of the stock is currently owned by hedge funds and other 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.