AvidXchange Holdings, Inc. (NASDAQ:AVDX) Receives Average Recommendation of "Hold" from Brokerages

Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX - Get Free Report) have received an average recommendation of "Hold" from the fourteen ratings firms that are presently covering the stock, Marketbeat reports. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and five have issued a buy rating on the company. The average 1 year price target among analysts that have issued a report on the stock in the last year is $10.64.

A number of equities analysts have recently issued reports on the company. Wells Fargo & Company dropped their price target on AvidXchange from $13.00 to $10.00 and set an "equal weight" rating on the stock in a research note on Thursday, August 1st. Barclays cut their price target on AvidXchange from $14.00 to $10.00 and set an "overweight" rating for the company in a research note on Monday, August 5th. BMO Capital Markets lowered their price objective on shares of AvidXchange from $13.00 to $10.00 and set a "market perform" rating on the stock in a research note on Thursday, August 1st. Susquehanna cut their target price on shares of AvidXchange from $16.00 to $14.00 and set a "positive" rating for the company in a research report on Thursday, August 1st. Finally, JPMorgan Chase & Co. downgraded shares of AvidXchange from an "overweight" rating to a "neutral" rating and decreased their price target for the stock from $11.00 to $9.00 in a research report on Tuesday, August 20th.

AvidXchange Stock Up 1.5 %

Shares of NASDAQ:AVDX traded up $0.13 during trading on Friday, reaching $8.58. 1,165,248 shares of the stock traded hands, compared to its average volume of 2,051,791. The stock has a market cap of $1.77 billion, a P/E ratio of -57.20 and a beta of 1.01. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.36 and a current ratio of 1.36. The stock has a 50-day moving average of $7.98 and a two-hundred day moving average of $10.16. AvidXchange has a 52-week low of $6.88 and a 52-week high of $13.56.

AvidXchange (NASDAQ:AVDX - Get Free Report) last posted its earnings results on Wednesday, July 31st. The company reported $0.05 EPS for the quarter, topping analysts' consensus estimates of $0.04 by $0.01. AvidXchange had a negative return on equity of 0.23% and a negative net margin of 3.18%. The business had revenue of $105.30 million during the quarter, compared to analyst estimates of $107.13 million. During the same quarter last year, the company earned ($0.05) EPS. The company's quarterly revenue was up 15.6% compared to the same quarter last year. As a group, sell-side analysts expect that AvidXchange will post 0.03 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Ryan Stahl sold 7,621 shares of the stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $8.13, for a total transaction of $61,958.73. Following the transaction, the insider now directly owns 377,030 shares in the company, valued at approximately $3,065,253.90. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, insider Ryan Stahl sold 7,621 shares of the company's stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $8.13, for a total transaction of $61,958.73. Following the completion of the sale, the insider now directly owns 377,030 shares in the company, valued at $3,065,253.90. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, insider Joel Wilhite sold 47,308 shares of the firm's stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $8.10, for a total value of $383,194.80. Following the sale, the insider now directly owns 413,687 shares in the company, valued at approximately $3,350,864.70. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 166,386 shares of company stock worth $1,343,044. 10.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On AvidXchange

Several hedge funds have recently modified their holdings of the stock. Advisors Asset Management Inc. increased its stake in AvidXchange by 96.3% during the 1st quarter. Advisors Asset Management Inc. now owns 4,309 shares of the company's stock valued at $57,000 after purchasing an additional 2,114 shares in the last quarter. nVerses Capital LLC acquired a new stake in AvidXchange during the 2nd quarter worth about $66,000. CWM LLC grew its stake in AvidXchange by 7,259.8% during the 3rd quarter. CWM LLC now owns 6,771 shares of the company's stock valued at $55,000 after purchasing an additional 6,679 shares during the last quarter. Xponance Inc. acquired a new position in shares of AvidXchange in the second quarter valued at about $133,000. Finally, Cardinal Capital Management purchased a new position in shares of AvidXchange in the first quarter worth about $190,000. 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.