AvidXchange (NASDAQ:AVDX) Downgraded by Barclays to “Equal Weight”

Barclays cut shares of AvidXchange (NASDAQ:AVDX) from an overweight rating to an equal weight rating in a report published on Tuesday morning, Marketbeat reports. Barclays currently has $8.00 price target on the stock, down from their prior price target of $13.00.

Several other equities analysts have also recently issued reports on the company. BMO Capital Markets lowered their price target on AvidXchange from $11.00 to $7.50 and set a “market perform” rating on the stock in a research report on Thursday, February 27th. KeyCorp cut AvidXchange from an “overweight” rating to a “sector weight” rating in a research note on Thursday, February 27th. Robert W. Baird dropped their price target on shares of AvidXchange from $14.00 to $12.00 and set an “outperform” rating on the stock in a research report on Thursday, February 27th. UBS Group raised their price objective 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. Finally, Wolfe Research downgraded shares of AvidXchange from a “strong-buy” rating to a “hold” rating in a report on Thursday, February 27th. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $10.00.

AvidXchange Stock Performance

AVDX stock opened at $7.14 on Tuesday. The company has a market capitalization of $1.47 billion, a P/E ratio of 178.50 and a beta of 1.22. 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 company has a 50-day simple moving average of $9.78 and a 200 day simple moving average of $9.38. AvidXchange has a fifty-two week low of $6.89 and a fifty-two week high of $13.49.

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

Insider Buying and Selling at AvidXchange

In other AvidXchange news, CEO Michael Praeger sold 58,881 shares of AvidXchange stock in a transaction on Friday, February 28th. The shares were sold at an average price of $7.59, for a total transaction of $446,906.79. Following the completion of the sale, the chief executive officer now owns 11,164,737 shares of the company’s stock, valued at $84,740,353.83. This trade represents a 0.52 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director James E. Hausman sold 25,000 shares of the company’s stock in a transaction on Monday, December 9th. The stock was sold at an average price of $11.25, for a total transaction of $281,250.00. Following the completion of the transaction, the director now directly owns 2,112,232 shares in the company, valued at $23,762,610. This trade represents a 1.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 150,866 shares of company stock valued at $1,236,573 in the last 90 days. 10.40% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Blue Trust Inc. lifted its holdings in shares of AvidXchange by 90.1% during the 4th quarter. Blue Trust Inc. now owns 2,697 shares of the company’s stock valued at $28,000 after buying an additional 1,278 shares during the last quarter. Point72 DIFC Ltd bought a new position in AvidXchange during the third quarter valued at approximately $37,000. Allspring Global Investments Holdings LLC acquired a new stake in AvidXchange in the third quarter valued at approximately $38,000. R Squared Ltd bought a new stake in AvidXchange in the fourth quarter worth approximately $41,000. Finally, Quarry LP increased its stake in shares of AvidXchange by 126.6% during 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 last quarter. Hedge funds and other institutional investors own 80.58% of the company’s stock.

About AvidXchange

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.