Baird R W Downgrades AvidXchange (NASDAQ:AVDX) to Hold

AvidXchange (NASDAQ:AVDX) was downgraded by analysts at Baird R W from a “strong-buy” rating to a “hold” rating in a research note issued to investors on Thursday,Zacks.com reports.

A number of other equities analysts have also recently issued reports on the stock. JPMorgan Chase & Co. cut their target price on shares of AvidXchange from $10.00 to $9.00 and set a “neutral” rating for the company in a research report on Thursday, February 27th. Piper Sandler lifted their price objective on AvidXchange from $8.00 to $10.00 and gave the stock a “neutral” rating in a research report on Thursday. KeyCorp downgraded shares of AvidXchange from an “overweight” rating to a “sector weight” rating in a research note on Thursday, February 27th. UBS Group raised their price objective on AvidXchange from $8.00 to $10.00 and gave the stock a “neutral” rating in a report on Thursday. Finally, The Goldman Sachs Group decreased their price target on AvidXchange from $9.50 to $7.00 and set a “sell” rating on the stock in a research note on Thursday, February 27th. Two analysts have rated the stock with a sell rating, twelve have issued a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, AvidXchange has a consensus rating of “Hold” and an average target price of $10.30.

AvidXchange Trading Down 0.3 %

Shares of AVDX stock opened at $9.72 on Thursday. The business’s fifty day moving average price is $7.97 and its 200 day moving average price is $9.38. The firm has a market capitalization of $2.00 billion, a PE ratio of 242.88 and a beta of 1.14. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.32 and a quick ratio of 1.32. AvidXchange has a 1-year low of $6.61 and a 1-year high of $12.93.

AvidXchange (NASDAQ:AVDX) last released its quarterly earnings data 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 firm had revenue of $115.44 million during the quarter, compared to analysts’ expectations of $114.98 million. AvidXchange had a negative net margin of 0.23% and a positive return on equity of 0.74%. As a group, sell-side analysts forecast that AvidXchange will post 0.02 EPS for the current fiscal year.

Insider Transactions at AvidXchange

In other AvidXchange news, President Daniel Drees sold 34,782 shares of the business’s stock in a transaction on Friday, February 28th. The shares were sold at an average price of $7.59, for a total value of $263,995.38. Following the transaction, the president now owns 1,176,833 shares in the company, valued at $8,932,162.47. The trade was a 2.87 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Joel Wilhite sold 32,203 shares of AvidXchange stock in a transaction dated Friday, February 28th. The stock was sold at an average price of $7.59, for a total value of $244,420.77. Following the sale, the insider now directly owns 843 shares in the company, valued at approximately $6,398.37. The trade was a 97.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 125,866 shares of company stock valued at $955,323 over the last quarter. Company insiders own 10.40% of the company’s stock.

Institutional Investors Weigh In On AvidXchange

A number of hedge funds have recently bought and sold shares of AVDX. Blue Trust Inc. grew its holdings in AvidXchange by 90.1% during the 4th quarter. Blue Trust Inc. now owns 2,697 shares of the company’s stock worth $28,000 after acquiring an additional 1,278 shares in the last quarter. Versant Capital Management Inc lifted its stake in AvidXchange by 801.2% during the first quarter. Versant Capital Management Inc now owns 3,866 shares of the company’s stock worth $33,000 after purchasing an additional 3,437 shares during the last quarter. GAMMA Investing LLC lifted its stake in AvidXchange by 816.6% during the first quarter. GAMMA Investing LLC now owns 4,079 shares of the company’s stock worth $35,000 after purchasing an additional 3,634 shares during the last quarter. R Squared Ltd bought a new stake in AvidXchange during the fourth quarter valued at $41,000. Finally, Quarry LP raised its stake in AvidXchange by 126.6% during the fourth quarter. Quarry LP now owns 5,518 shares of the company’s stock worth $57,000 after acquiring an additional 3,083 shares during the period. Institutional investors and hedge funds 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.