AvidXchange (NASDAQ:AVDX) Stock Rating Lowered by Wolfe Research

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

Other equities analysts also recently issued research reports about the stock. BMO Capital Markets reduced their price objective on shares of AvidXchange from $11.00 to $7.50 and set a “market perform” rating on the stock in a research note on Thursday. The Goldman Sachs Group reduced their price objective on shares of AvidXchange from $9.50 to $7.00 and set a “sell” rating on the stock in a research note on Thursday. Morgan Stanley reduced their price objective on shares of AvidXchange from $11.00 to $8.00 and set an “equal weight” rating on the stock in a research note on Thursday. BTIG Research started coverage on shares of AvidXchange in a research note on Wednesday, December 11th. They set a “buy” rating and a $14.00 price objective on the stock. Finally, JPMorgan Chase & Co. reduced their price objective on shares of AvidXchange from $10.00 to $9.00 and set a “neutral” rating on the stock in a research note on Thursday. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, AvidXchange currently has an average rating of “Hold” and an average price target of $10.33.

AvidXchange Trading Up 3.3 %

Shares of AvidXchange stock opened at $7.60 on Thursday. AvidXchange has a 52-week low of $6.89 and a 52-week high of $13.56. 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’s 50-day simple moving average is $10.03 and its 200-day simple moving average is $9.40. The firm 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 issued its 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). The company 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%. As a group, equities research analysts anticipate that AvidXchange will post 0.02 earnings per share for the current year.

Insider Activity at AvidXchange

In other news, CEO Michael Praeger sold 42,377 shares of AvidXchange stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $11.40, for a total value of $483,097.80. Following the transaction, the chief executive officer now directly owns 10,381,033 shares in the company, valued at approximately $118,343,776.20. The trade was a 0.41 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director James E. Hausman sold 25,000 shares of AvidXchange stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $11.25, for a total value of $281,250.00. Following the completion of the transaction, the director now owns 2,112,232 shares in the company, valued at $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. Over the last 90 days, insiders sold 80,693 shares of company stock valued at $916,683. Insiders own 10.40% of the company’s stock.

Hedge Funds Weigh In On AvidXchange

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Blue Trust Inc. boosted its holdings in AvidXchange by 90.1% during the fourth 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 in the last quarter. R Squared Ltd acquired a new stake in AvidXchange during the fourth quarter valued at approximately $41,000. Point72 DIFC Ltd acquired a new stake in AvidXchange during the third quarter valued at approximately $37,000. Allspring Global Investments Holdings LLC acquired a new stake in AvidXchange during the third quarter valued at approximately $38,000. Finally, Quarry LP boosted its holdings in AvidXchange by 126.6% during the fourth quarter. Quarry LP now owns 5,518 shares of the company’s stock valued at $57,000 after purchasing an additional 3,083 shares in the last quarter. 80.58% of the stock is currently owned by institutional investors.

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.