AvidXchange (NASDAQ:AVDX) Cut to “Hold” at Wolfe Research

AvidXchange (NASDAQ:AVDX) was downgraded by equities research analysts at Wolfe Research from a “strong-buy” rating to a “hold” rating in a report issued on Thursday,Zacks.com reports.

Other analysts have also recently issued research reports about the stock. BMO Capital Markets dropped their target price on shares of AvidXchange from $11.00 to $7.50 and set a “market perform” rating for the company in a research report on Thursday. JPMorgan Chase & Co. lowered their price objective on shares of AvidXchange from $10.00 to $9.00 and set a “neutral” rating for the company in a research report on Thursday. BTIG Research began coverage on shares of AvidXchange in a research report on Wednesday, December 11th. They issued a “buy” rating and a $14.00 price objective for the company. Wells Fargo & Company lowered their price objective on shares of AvidXchange from $10.00 to $8.00 and set an “equal weight” rating for the company in a research report on Thursday. Finally, Piper Sandler lowered their price objective on shares of AvidXchange from $10.00 to $8.00 and set a “neutral” rating for the company in a research report on Friday. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, AvidXchange presently has an average rating of “Hold” and a consensus price target of $10.33.

AvidXchange Stock Up 3.3 %

NASDAQ:AVDX opened at $7.60 on Thursday. The stock’s fifty day moving average price is $10.03 and its two-hundred day moving average price is $9.40. AvidXchange has a 52-week low of $6.89 and a 52-week 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 company has a market cap of $1.56 billion, a price-to-earnings ratio of 461.00 and a beta of 1.22.

AvidXchange (NASDAQ:AVDX) last posted its quarterly earnings data 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 firm had revenue of $115.44 million for the quarter, compared to analyst estimates of $114.98 million. AvidXchange had a positive return on equity of 0.74% and a negative net margin of 0.23%. On average, analysts anticipate that AvidXchange will post 0.02 EPS for the current year.

Insider Buying and Selling

In other news, Director Teresa Mackintosh sold 13,316 shares of the business’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 completion of the sale, the director now directly owns 47,388 shares of the company’s stock, valued at $542,118.72. The trade was a 21.94 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director James E. Hausman sold 25,000 shares of the business’s stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $11.25, for a total transaction of $281,250.00. Following the sale, the director now directly owns 2,112,232 shares of the company’s stock, valued at approximately $23,762,610. The trade was a 1.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 80,693 shares of company stock valued at $916,683 over the last quarter. Insiders own 10.40% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC purchased a new position in AvidXchange in the third quarter valued at about $38,000. Wealth Enhancement Advisory Services LLC boosted its stake in AvidXchange by 29.6% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 13,211 shares of the company’s stock valued at $107,000 after acquiring an additional 3,019 shares during the last quarter. US Bancorp DE boosted its stake in AvidXchange by 111,114.9% in the third quarter. US Bancorp DE now owns 52,271 shares of the company’s stock valued at $424,000 after acquiring an additional 52,224 shares during the last quarter. ARK Investment Management LLC boosted its stake in AvidXchange by 17.4% in the third quarter. ARK Investment Management LLC now owns 1,161,998 shares of the company’s stock valued at $9,424,000 after acquiring an additional 171,908 shares during the last quarter. Finally, State of New Jersey Common Pension Fund D boosted its stake 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 valued at $2,011,000 after acquiring an additional 69,971 shares during the last quarter. 80.58% of the stock is currently owned by hedge funds and other 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.