AvidXchange (NASDAQ:AVDX) Price Target Lowered to $8.00 at Morgan Stanley

AvidXchange (NASDAQ:AVDX) had its target price dropped by research analysts at Morgan Stanley from $11.00 to $8.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Morgan Stanley’s price target would indicate a potential upside of 10.19% from the stock’s current price.

A number of other equities research analysts have also weighed in on the company. UBS Group lifted their price objective on AvidXchange from $10.00 to $10.50 and gave the stock a “neutral” rating in a research report on Thursday, November 7th. Barclays lifted their price target on shares of AvidXchange from $11.00 to $13.00 and gave the company an “overweight” rating in a report on Monday, November 18th. BMO Capital Markets boosted their price objective on shares of AvidXchange from $10.00 to $11.00 and gave the company a “market perform” rating in a research report on Friday, November 8th. JPMorgan Chase & Co. cut their target price on shares of AvidXchange from $10.00 to $9.00 and set a “neutral” rating on the stock in a research note on Thursday. Finally, Piper Sandler upped their target price on AvidXchange from $9.00 to $10.00 and gave the stock a “neutral” rating in a report on Thursday, November 7th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, AvidXchange has an average rating of “Hold” and a consensus price target of $11.17.

AvidXchange Trading Down 20.7 %

Shares of AVDX opened at $7.26 on Thursday. The stock has a market capitalization of $1.49 billion, a P/E ratio of 461.00 and a beta of 1.22. AvidXchange has a twelve month low of $6.95 and a twelve month high of $13.56. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.11. The firm has a fifty day simple moving average of $10.16 and a two-hundred day simple moving average of $9.42.

AvidXchange (NASDAQ:AVDX) last issued its quarterly earnings data on Wednesday, February 26th. The company reported $0.03 EPS for the quarter, missing the consensus estimate of $0.06 by ($0.03). AvidXchange had a negative net margin of 0.23% and a positive return on equity of 0.74%. On average, research analysts anticipate that AvidXchange will post 0.02 EPS 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 transaction of $152,335.04. Following the transaction, the director now owns 47,388 shares in the company, valued at approximately $542,118.72. This represents a 21.94 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Michael Praeger sold 42,377 shares of AvidXchange stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $11.40, for a total transaction of $483,097.80. Following the completion of the sale, the chief executive officer now owns 10,381,033 shares of the company’s stock, valued at $118,343,776.20. This represents a 0.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 80,693 shares of company stock valued at $916,683. 10.40% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. Allspring Global Investments Holdings LLC purchased a new stake in shares of AvidXchange during the 3rd quarter valued at about $38,000. Wealth Enhancement Advisory Services LLC grew its position in AvidXchange by 29.6% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 13,211 shares of the company’s stock valued at $107,000 after buying an additional 3,019 shares during the period. US Bancorp DE increased its holdings in AvidXchange by 111,114.9% during the third quarter. US Bancorp DE now owns 52,271 shares of the company’s stock valued at $424,000 after buying an additional 52,224 shares during the last quarter. ARK Investment Management LLC raised its position in AvidXchange by 17.4% in the third quarter. ARK Investment Management LLC now owns 1,161,998 shares of the company’s stock worth $9,424,000 after acquiring an additional 171,908 shares during the period. Finally, State of New Jersey Common Pension Fund D raised its position in AvidXchange by 39.3% in the third quarter. State of New Jersey Common Pension Fund D now owns 247,947 shares of the company’s stock worth $2,011,000 after acquiring an additional 69,971 shares during the period. Institutional investors 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.