AvidXchange (NASDAQ:AVDX) Price Target Cut to $9.00 by Analysts at JPMorgan Chase & Co.

AvidXchange (NASDAQ:AVDX) had its target price decreased by JPMorgan Chase & Co. from $10.00 to $9.00 in a research note issued to investors on Thursday morning,Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the stock.

Several other brokerages have also issued reports on AVDX. The Goldman Sachs Group lifted their price target on shares of AvidXchange from $9.00 to $10.00 and gave the company a “sell” rating in a report on Monday, December 2nd. Barclays lifted their price target on shares of AvidXchange from $11.00 to $13.00 and gave the company an “overweight” rating in a report on Monday, November 18th. KeyCorp lowered shares of AvidXchange from an “overweight” rating to a “sector weight” rating in a report on Thursday. BTIG Research started coverage on shares of AvidXchange in a report on Wednesday, December 11th. They set a “buy” rating and a $14.00 price target on the stock. Finally, UBS Group lifted their price target on shares of AvidXchange from $10.00 to $10.50 and gave the company a “neutral” rating in a report on Thursday, November 7th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $10.47.

AvidXchange Price Performance

AVDX stock opened at $7.36 on Thursday. The company has a quick ratio of 1.32, a current 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. The firm has a market cap of $1.51 billion, a P/E ratio of 461.00 and a beta of 1.22. The company’s 50-day moving average price is $10.09 and its two-hundred day moving average price is $9.41.

AvidXchange (NASDAQ:AVDX) last released its 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). The firm had revenue of $115.44 million during 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%. On average, analysts anticipate that AvidXchange will post 0.02 earnings per share for the current fiscal year.

Insider Transactions at AvidXchange

In other news, CEO Michael Praeger sold 42,377 shares of the business’s stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $11.40, for a total value of $483,097.80. Following the transaction, the chief executive officer now owns 10,381,033 shares in the company, valued at approximately $118,343,776.20. The trade was a 0.41 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Teresa Mackintosh sold 13,316 shares of the business’s stock in a transaction that occurred on Friday, December 6th. The stock was 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 $542,118.72. This trade represents a 21.94 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 80,693 shares of company stock worth $916,683. Company insiders own 10.40% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. increased its stake in shares of AvidXchange by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 18,110,051 shares of the company’s stock valued at $187,258,000 after acquiring an additional 116,410 shares in the last quarter. FMR LLC increased its stake in shares of AvidXchange by 8.4% in the 4th quarter. FMR LLC now owns 14,889,282 shares of the company’s stock valued at $153,955,000 after acquiring an additional 1,155,513 shares in the last quarter. North Reef Capital Management LP increased its stake in shares of AvidXchange by 2.5% in the 4th quarter. North Reef Capital Management LP now owns 7,994,000 shares of the company’s stock valued at $82,658,000 after acquiring an additional 194,000 shares in the last quarter. Azora Capital LP bought a new stake in shares of AvidXchange in the 4th quarter valued at $45,067,000. Finally, Geode Capital Management LLC increased its stake in shares of AvidXchange by 5.0% in the 3rd quarter. Geode Capital Management LLC now owns 4,266,265 shares of the company’s stock valued at $34,607,000 after acquiring an additional 201,847 shares in the last quarter. 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.