AvidXchange (NASDAQ:AVDX - Get Free Report) had its target price decreased by investment analysts at Wells Fargo & Company from $10.00 to $9.00 in a research report issued on Monday, Benzinga reports. The firm presently has an "equal weight" rating on the stock. Wells Fargo & Company's price objective suggests a potential upside of 4.05% from the company's previous close.
AVDX has been the subject of a number of other research reports. Susquehanna reduced their price target on AvidXchange from $16.00 to $14.00 and set a "positive" rating for the company in a report on Thursday, August 1st. Barclays dropped their price objective on shares of AvidXchange from $14.00 to $10.00 and set an "overweight" rating on the stock in a research report on Monday, August 5th. Bank of America decreased their price target on shares of AvidXchange from $12.00 to $8.00 and set an "underperform" rating on the stock in a research note on Tuesday, October 15th. Keefe, Bruyette & Woods cut their price objective on shares of AvidXchange from $13.50 to $11.00 and set a "market perform" rating for the company in a research report on Thursday, August 1st. Finally, The Goldman Sachs Group decreased their target price on AvidXchange from $9.00 to $7.00 and set a "sell" rating on the stock in a research report on Monday, October 14th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, AvidXchange has a consensus rating of "Hold" and an average price target of $10.57.
Get Our Latest Research Report on AvidXchange
AvidXchange Stock Up 0.8 %
Shares of NASDAQ:AVDX traded up $0.07 during midday trading on Monday, reaching $8.65. The company had a trading volume of 1,323,713 shares, compared to its average volume of 2,048,205. AvidXchange has a 1-year low of $6.88 and a 1-year high of $13.56. The stock has a market cap of $1.79 billion, a PE ratio of -57.60 and a beta of 1.01. The company has a quick ratio of 1.36, a current ratio of 1.36 and a debt-to-equity ratio of 0.19. The business's 50 day moving average price is $7.98 and its 200 day moving average price is $10.13.
AvidXchange (NASDAQ:AVDX - Get Free Report) last announced its quarterly earnings data on Wednesday, July 31st. The company reported $0.05 earnings per share (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 company had revenue of $105.30 million for the quarter, compared to analysts' expectations of $107.13 million. During the same quarter in the prior year, the business posted ($0.05) EPS. The business's revenue was up 15.6% compared to the same quarter last year. Research analysts forecast that AvidXchange will post 0.03 EPS for the current fiscal year.
Insider Buying and Selling
In other news, insider Joel Wilhite sold 47,308 shares of the business's stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $8.10, for a total value of $383,194.80. Following the completion of the transaction, 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 sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other AvidXchange news, insider Joel Wilhite sold 47,308 shares of the firm's stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $8.10, for a total value of $383,194.80. Following the sale, the insider now owns 413,687 shares of the company's stock, valued at approximately $3,350,864.70. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Michael Praeger sold 37,225 shares of the business's stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $7.98, for a total value of $297,055.50. Following the transaction, the chief executive officer now directly owns 10,453,786 shares of the company's stock, valued at $83,421,212.28. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 166,386 shares of company stock valued at $1,343,044 over the last quarter. 10.30% of the stock is owned by company insiders.
Institutional Trading of AvidXchange
Hedge funds have recently added to or reduced their stakes in the stock. American Century Companies Inc. raised its holdings in AvidXchange by 54.2% in the 2nd quarter. American Century Companies Inc. now owns 4,515,719 shares of the company's stock valued at $54,460,000 after buying an additional 1,586,510 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of AvidXchange by 5.6% during the second quarter. Dimensional Fund Advisors LP now owns 4,317,134 shares of the company's stock valued at $52,062,000 after acquiring an additional 230,777 shares during the last quarter. Millennium Management LLC lifted its holdings in shares of AvidXchange by 9.8% during the second quarter. Millennium Management LLC now owns 2,770,662 shares of the company's stock worth $33,414,000 after purchasing an additional 246,462 shares during the period. Tremblant Capital Group grew its stake in shares of AvidXchange by 0.3% in the second quarter. Tremblant Capital Group now owns 2,170,114 shares of the company's stock worth $26,172,000 after purchasing an additional 5,971 shares during the last quarter. Finally, TimesSquare Capital Management LLC increased its holdings in AvidXchange by 6.8% in the first quarter. TimesSquare Capital Management LLC now owns 1,970,837 shares of the company's stock valued at $25,917,000 after purchasing an additional 124,988 shares during the period. Institutional investors and hedge funds own 80.58% of the company's stock.
About AvidXchange
(
Get Free Report)
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.
Further Reading
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