JPMorgan Chase & Co. Has Lowered Expectations for AvidXchange (NASDAQ:AVDX) Stock Price

AvidXchange (NASDAQ:AVDX) had its price objective cut by JPMorgan Chase & Co. from $10.00 to $9.00 in a research note released on Thursday,Benzinga reports. They currently have a neutral rating on the stock.

A number of other brokerages have also commented on AVDX. Compass Point upgraded shares of AvidXchange from a “neutral” rating to a “buy” rating and boosted their price target for the company from $8.00 to $15.00 in a research note on Thursday, November 7th. BMO Capital Markets upped their target price on shares of AvidXchange from $10.00 to $11.00 and gave the stock a “market perform” rating in a research note on Friday, November 8th. Barclays upped their target price on shares of AvidXchange from $11.00 to $13.00 and gave the stock an “overweight” rating in a research note on Monday, November 18th. Piper Sandler upped their target price on shares of AvidXchange from $9.00 to $10.00 and gave the stock a “neutral” rating in a research note on Thursday, November 7th. Finally, The Goldman Sachs Group upped their target price on shares of AvidXchange from $9.00 to $10.00 and gave the stock a “sell” rating in a research note on Monday, December 2nd. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $10.47.

AvidXchange Stock Performance

Shares of AVDX stock opened at $7.36 on Thursday. The firm has a market capitalization of $1.51 billion, a PE ratio of 461.00 and a beta of 1.22. The firm has a fifty day simple moving average of $10.09 and a two-hundred day simple moving average of $9.41. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.11. AvidXchange has a 12 month low of $6.89 and a 12 month high of $13.56.

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

Insider Buying and Selling

In other AvidXchange news, Director James E. Hausman sold 25,000 shares of the company’s stock in a transaction dated Monday, December 9th. The shares were 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 $23,762,610. This represents a 1.17 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Michael Praeger sold 42,377 shares of the company’s 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 sale, the chief executive officer now directly owns 10,381,033 shares in the company, valued at approximately $118,343,776.20. This trade represents a 0.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 80,693 shares of company stock valued at $916,683. 10.40% of the stock is owned by insiders.

Institutional Investors Weigh In On AvidXchange

Institutional investors have recently added to or reduced their stakes in the business. US Bancorp DE lifted 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 purchasing an additional 52,224 shares during the last quarter. Jacobs Levy Equity Management Inc. purchased a new stake in AvidXchange during the third quarter valued at about $25,339,000. Entropy Technologies LP purchased a new stake in AvidXchange during the third quarter valued at about $447,000. State of New Jersey Common Pension Fund D lifted its holdings in AvidXchange by 39.3% during 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 purchasing an additional 69,971 shares during the last quarter. Finally, Barclays PLC lifted its holdings in AvidXchange by 239.8% during the third quarter. Barclays PLC now owns 285,768 shares of the company’s stock valued at $2,318,000 after purchasing an additional 201,679 shares during the last quarter. 80.58% of the stock is 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.