Keefe, Bruyette & Woods Cuts AvidXchange (NASDAQ:AVDX) Price Target to $8.00

AvidXchange (NASDAQ:AVDX) had its price objective lowered by equities research analysts at Keefe, Bruyette & Woods from $11.00 to $8.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage presently has a “market perform” rating on the stock. Keefe, Bruyette & Woods’ price objective points to a potential upside of 10.19% from the stock’s current price.

A number of other research firms have also recently commented on AVDX. Wells Fargo & Company increased their target price on shares of AvidXchange from $9.00 to $10.00 and gave the company an “equal weight” rating in a research report on Thursday, November 7th. Barclays increased their target price on shares of AvidXchange from $11.00 to $13.00 and gave the company an “overweight” rating in a research report on Monday, November 18th. BMO Capital Markets increased their target price 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. The Goldman Sachs Group increased their target price on shares of AvidXchange from $9.00 to $10.00 and gave the company a “sell” rating in a research report on Monday, December 2nd. Finally, UBS Group increased their target price on shares of AvidXchange from $10.00 to $10.50 and gave the company a “neutral” rating in a research report on Thursday, November 7th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $11.39.

AvidXchange Price Performance

AvidXchange stock opened at $7.26 on Thursday. The stock has a market cap of $1.49 billion, a price-to-earnings ratio of 461.00 and a beta of 1.22. 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 $6.95 and a 1 year high of $13.56. The firm has a 50-day moving average of $10.16 and a two-hundred day moving average of $9.42.

AvidXchange (NASDAQ:AVDX) last announced its quarterly 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). AvidXchange had a positive return on equity of 0.74% and a negative net margin of 0.23%. On average, research analysts forecast that AvidXchange will post 0.02 earnings per share for the current year.

Insider Activity at AvidXchange

In related news, Director Teresa Mackintosh sold 13,316 shares of the stock in a transaction on Friday, December 6th. The stock was sold at an average price of $11.44, for a total value of $152,335.04. Following the completion of the transaction, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Michael Praeger sold 42,377 shares of the stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $11.40, for a total value of $483,097.80. Following the completion of the transaction, the chief executive officer now directly owns 10,381,033 shares of the company’s stock, valued at approximately $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. Insiders have sold a total of 80,693 shares of company stock worth $916,683 over the last quarter. Insiders own 10.40% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Blue Trust Inc. raised its stake in AvidXchange by 90.1% in the 4th quarter. Blue Trust Inc. now owns 2,697 shares of the company’s stock valued at $28,000 after purchasing an additional 1,278 shares during the last quarter. R Squared Ltd purchased a new stake in AvidXchange in the 4th quarter valued at $41,000. Point72 DIFC Ltd purchased a new stake in AvidXchange in the 3rd quarter valued at $37,000. Allspring Global Investments Holdings LLC purchased a new stake in AvidXchange in the 3rd quarter valued at $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 in the last quarter. 80.58% of the stock is owned by institutional investors and hedge funds.

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.