AvidXchange Holdings, Inc. (NASDAQ:AVDX – Get Rating) has received an average recommendation of “Buy” from the eleven ratings firms that are covering the firm, Marketbeat Ratings reports. Two investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The average twelve-month price objective among analysts that have covered the stock in the last year is 17.73.
Several brokerages recently issued reports on AVDX. Piper Sandler cut their price objective on shares of AvidXchange from $25.00 to $13.00 and set an “overweight” rating on the stock in a report on Tuesday, March 8th. Deutsche Bank Aktiengesellschaft cut their price objective on shares of AvidXchange from $16.00 to $13.00 in a report on Monday, May 9th. The Goldman Sachs Group lowered shares of AvidXchange from a “buy” rating to a “neutral” rating and cut their price objective for the company from $13.00 to $10.00 in a report on Friday, April 8th. Robert W. Baird initiated coverage on shares of AvidXchange in a report on Tuesday, April 19th. They issued an “outperform” rating and a $16.00 price target on the stock. Finally, Credit Suisse Group cut their price target on shares of AvidXchange from $24.00 to $16.00 and set an “outperform” rating on the stock in a report on Tuesday, March 8th.
Several institutional investors have recently modified their holdings of the business. Verition Fund Management LLC raised its position in shares of AvidXchange by 35.2% in the first quarter. Verition Fund Management LLC now owns 408,259 shares of the company’s stock worth $3,286,000 after acquiring an additional 106,259 shares during the period. HarbourVest Partners LLC acquired a new position in shares of AvidXchange during the 1st quarter worth about $27,272,000. Neuberger Berman Group LLC raised its position in shares of AvidXchange by 31.6% during the 1st quarter. Neuberger Berman Group LLC now owns 4,324,233 shares of the company’s stock worth $34,647,000 after purchasing an additional 1,039,536 shares during the last quarter. Carolinas Wealth Consulting LLC acquired a new position in shares of AvidXchange during the 1st quarter worth about $1,305,000. Finally, Quantbot Technologies LP raised its position in shares of AvidXchange by 7,849.9% during the 1st quarter. Quantbot Technologies LP now owns 42,373 shares of the company’s stock worth $341,000 after purchasing an additional 41,840 shares during the last quarter. Institutional investors and hedge funds own 64.58% of the company’s stock.
AvidXchange (NASDAQ:AVDX – Get Rating) last posted its quarterly earnings results on Thursday, May 5th. The company reported -0.07 earnings per share for the quarter, beating the consensus estimate of -0.14 by 0.07. The company had revenue of 71.20 million for the quarter, compared to the consensus estimate of 68.67 million. During the same period in the prior year, the firm posted ($1.43) EPS. The business’s revenue was up 29.0% on a year-over-year basis. On average, sell-side analysts expect that AvidXchange will post -0.67 EPS for the current fiscal year.
AvidXchange Company Profile (Get Rating)
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 cash flow manager that provides cash management solutions.
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