AvidXchange (NASDAQ:AVDX) Given New $8.00 Price Target at Piper Sandler

AvidXchange (NASDAQ:AVDX - Free Report) had its price target trimmed by Piper Sandler from $10.00 to $8.00 in a research note published on Friday,Benzinga reports. The firm currently has a neutral rating on the stock.

AVDX has been the subject of several other reports. KeyCorp lowered AvidXchange from an "overweight" rating to a "sector weight" rating in a research note on Thursday, February 27th. UBS Group upped their target price on shares of AvidXchange from $10.00 to $10.50 and gave the company a "neutral" rating in a research note on Thursday, November 7th. Robert W. Baird lowered their target price on AvidXchange from $14.00 to $12.00 and set an "outperform" rating for the company in a research note on Thursday, February 27th. The Goldman Sachs Group reduced their price target on AvidXchange from $9.50 to $7.00 and set a "sell" rating for the company in a report on Thursday, February 27th. Finally, Compass Point upgraded AvidXchange from a "neutral" rating to a "buy" rating and lifted their price objective for the stock from $8.00 to $15.00 in a report on Thursday, November 7th. 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 stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $10.00.

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AvidXchange Price Performance

AvidXchange stock traded down $0.26 during midday trading on Friday, reaching $7.16. The company's stock had a trading volume of 2,184,510 shares, compared to its average volume of 1,677,061. The stock's 50 day simple moving average is $9.97 and its 200 day simple moving average is $9.42. AvidXchange has a fifty-two week low of $6.89 and a fifty-two week high of $13.49. 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 market capitalization of $1.47 billion, a PE ratio of 179.00 and a beta of 1.22.

AvidXchange (NASDAQ:AVDX - Get Free Report) last released its earnings results on Wednesday, February 26th. The company reported $0.03 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.06 by ($0.03). AvidXchange had a negative net margin of 0.23% and a positive return on equity of 0.74%. The firm had revenue of $115.44 million during the quarter, compared to analysts' expectations of $114.98 million. On average, equities research analysts forecast that AvidXchange will post 0.02 earnings per share for the current year.

Insider Activity at AvidXchange

In other AvidXchange news, Director Teresa Mackintosh sold 13,316 shares of the company's stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $11.44, for a total value of $152,335.04. Following the completion of the sale, the director now directly owns 47,388 shares of the company's stock, valued at approximately $542,118.72. This represents a 21.94 % 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, Director James E. Hausman sold 25,000 shares of the stock in a transaction on Monday, December 9th. The shares were sold at an average price of $11.25, for a total value of $281,250.00. Following the sale, the director now owns 2,112,232 shares of the company's stock, valued at $23,762,610. This trade represents a 1.17 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 10.40% of the company's stock.

Hedge Funds Weigh In On AvidXchange

Large investors have recently made changes to their positions in the business. Blue Trust Inc. raised its stake in shares of AvidXchange by 90.1% during the 4th quarter. Blue Trust Inc. now owns 2,697 shares of the company's stock worth $28,000 after purchasing an additional 1,278 shares in the last quarter. R Squared Ltd acquired a new position in AvidXchange during the 4th quarter worth $41,000. Point72 DIFC Ltd bought a new stake in AvidXchange during the third quarter valued at about $37,000. Allspring Global Investments Holdings LLC bought a new stake in AvidXchange during the 3rd quarter valued at approximately $38,000. Finally, Quarry LP grew its holdings in AvidXchange by 126.6% in the 4th quarter. Quarry LP now owns 5,518 shares of the company's stock valued at $57,000 after buying an additional 3,083 shares during the last quarter. 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.