Barclays Downgrades AvidXchange (NASDAQ:AVDX) to Equal Weight

AvidXchange (NASDAQ:AVDX) was downgraded by investment analysts at Barclays from an “overweight” rating to an “equal weight” rating in a note issued to investors on Tuesday,Briefing.com Automated Import reports. They presently have a $8.00 price target on the stock, down from their previous price target of $13.00. Barclays‘s price objective points to a potential upside of 7.82% from the company’s previous close.

A number of other analysts also recently issued reports on AVDX. Wells Fargo & Company cut their price target on shares of AvidXchange from $10.00 to $8.00 and set an “equal weight” rating for the company in a report on Thursday, February 27th. UBS Group raised their target price on AvidXchange from $10.00 to $10.50 and gave the stock a “neutral” rating in a research note on Thursday, November 7th. Compass Point upgraded shares of AvidXchange from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $8.00 to $15.00 in a report on Thursday, November 7th. Robert W. Baird lowered their target price on shares of AvidXchange from $14.00 to $12.00 and set an “outperform” rating for the company in a research note on Thursday, February 27th. Finally, The Goldman Sachs Group reduced their price target on shares of AvidXchange from $9.50 to $7.00 and set a “sell” rating on the stock in a research note on Thursday, February 27th. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, AvidXchange presently has an average rating of “Hold” and an average target price of $10.00.

AvidXchange Trading Down 2.4 %

Shares of AvidXchange stock opened at $7.42 on Tuesday. AvidXchange has a 1-year low of $6.89 and a 1-year high of $13.49. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.32 and a quick ratio of 1.32. The stock has a market cap of $1.53 billion, a P/E ratio of 185.50 and a beta of 1.22. The stock’s 50 day simple moving average is $9.97 and its 200-day simple moving average is $9.42.

AvidXchange (NASDAQ:AVDX) last posted its quarterly earnings results on Wednesday, February 26th. The company reported $0.03 EPS for the quarter, missing the consensus estimate 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 for the quarter, compared to analysts’ expectations of $114.98 million. Analysts predict that AvidXchange will post 0.02 EPS for the current fiscal year.

Insider Activity

In related news, Director Teresa Mackintosh sold 13,316 shares of the business’s stock in a transaction on 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 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director James E. Hausman sold 25,000 shares of the firm’s stock in a transaction on Monday, December 9th. The shares were sold at an average price of $11.25, for a total value of $281,250.00. Following the completion of the sale, the director now owns 2,112,232 shares in the company, valued at approximately $23,762,610. This represents a 1.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 10.40% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in AVDX. US Bancorp DE lifted its stake in AvidXchange by 111,114.9% during the third quarter. US Bancorp DE now owns 52,271 shares of the company’s stock worth $424,000 after purchasing an additional 52,224 shares during the last quarter. Jacobs Levy Equity Management Inc. acquired a new stake in AvidXchange during the third quarter worth approximately $25,339,000. Entropy Technologies LP purchased a new stake in shares of AvidXchange during the 3rd quarter worth approximately $447,000. State of New Jersey Common Pension Fund D lifted its position in shares of AvidXchange by 39.3% during the 3rd quarter. State of New Jersey Common Pension Fund D now owns 247,947 shares of the company’s stock worth $2,011,000 after buying an additional 69,971 shares during the last quarter. Finally, Barclays PLC boosted its holdings in shares of AvidXchange by 239.8% in the 3rd quarter. Barclays PLC now owns 285,768 shares of the company’s stock valued at $2,318,000 after buying an additional 201,679 shares in the last quarter. 80.58% of the stock is owned by institutional investors and hedge funds.

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.