The Goldman Sachs Group Issues Pessimistic Forecast for AvidXchange (NASDAQ:AVDX) Stock Price

AvidXchange (NASDAQ:AVDX) had its price target reduced by stock analysts at The Goldman Sachs Group from $9.50 to $7.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage currently has a “sell” rating on the stock. The Goldman Sachs Group’s target price indicates a potential downside of 7.89% from the stock’s current price.

AVDX has been the topic of several other research reports. Morgan Stanley lowered their price target on shares of AvidXchange from $11.00 to $8.00 and set an “equal weight” rating on the stock in a report on Thursday. Piper Sandler increased 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. Wells Fargo & Company boosted their price objective on shares of AvidXchange from $9.00 to $10.00 and gave the stock an “equal weight” rating in a research report on Thursday, November 7th. 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 report on Thursday. Finally, UBS Group raised their price target on AvidXchange from $10.00 to $10.50 and gave the stock a “neutral” rating in a research report on Thursday, November 7th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $10.33.

AvidXchange Stock Up 3.3 %

AvidXchange stock opened at $7.60 on Thursday. The firm has a market cap of $1.56 billion, a PE ratio of 461.00 and a beta of 1.22. AvidXchange has a twelve month low of $6.89 and a twelve month high of $13.56. 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’s 50 day moving average price is $10.03 and its two-hundred day moving average price is $9.40.

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

Insider Activity at AvidXchange

In other AvidXchange news, Director Teresa Mackintosh sold 13,316 shares of AvidXchange stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $11.44, for a total transaction of $152,335.04. Following the completion of the transaction, the director now owns 47,388 shares in the company, valued at approximately $542,118.72. The trade was a 21.94 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Michael Praeger sold 42,377 shares of the stock in a transaction dated Monday, December 2nd. The shares were 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 approximately $118,343,776.20. This represents a 0.41 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 80,693 shares of company stock worth $916,683 in the last quarter. Company insiders own 10.40% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Blue Trust Inc. lifted its stake in AvidXchange by 90.1% in 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. Point72 DIFC Ltd purchased a new stake in AvidXchange in the third quarter worth approximately $37,000. Allspring Global Investments Holdings LLC bought a new position in shares of AvidXchange during the 3rd quarter valued at $38,000. R Squared Ltd bought a new position in shares of AvidXchange during the fourth quarter valued at about $41,000. Finally, Quarry LP increased its stake in AvidXchange by 126.6% in the 4th quarter. Quarry LP now owns 5,518 shares of the company’s stock worth $57,000 after purchasing an additional 3,083 shares during the period. 80.58% of the stock is owned by institutional investors.

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.