AvidXchange (NASDAQ:AVDX) PT Raised to $14.00 at Robert W. Baird

AvidXchange (NASDAQ:AVDX – Get Rating) had its price objective raised by research analysts at Robert W. Baird from $12.00 to $14.00 in a research report issued to clients and investors on Thursday, The Fly reports. The firm currently has an “outperform” rating on the stock. Robert W. Baird’s price objective would suggest a potential upside of 31.09% from the company’s current price.

A number of other equities research analysts have also recently issued reports on the company. Wolfe Research upped their target price on AvidXchange from $10.00 to $12.00 in a research report on Thursday, January 5th. Piper Sandler decreased their target price on AvidXchange from $12.00 to $11.00 and set an “overweight” rating for the company in a research report on Thursday, October 20th. Bank of America cut AvidXchange from a “neutral” rating to an “underperform” rating and decreased their target price for the stock from $10.00 to $8.00 in a research report on Wednesday, November 2nd. Finally, JPMorgan Chase & Co. decreased their target price on AvidXchange from $12.00 to $11.00 and set an “overweight” rating for the company in a research report on Thursday, November 3rd. One investment analyst has rated the stock with a sell rating, two have given a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $11.50.

AvidXchange Trading Up 0.9 %

Shares of NASDAQ AVDX opened at $10.68 on Thursday. The stock has a market cap of $2.12 billion, a price-to-earnings ratio of -12.42 and a beta of 0.33. The business has a 50 day simple moving average of $9.27 and a 200 day simple moving average of $8.41. AvidXchange has a 52 week low of $5.86 and a 52 week high of $12.93. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.46 and a current ratio of 1.46.

AvidXchange (NASDAQ:AVDX – Get Rating) last announced its quarterly earnings results on Wednesday, November 2nd. The company reported ($0.10) EPS for the quarter, beating the consensus estimate of ($0.16) by $0.06. The business had revenue of $82.41 million during the quarter, compared to analysts’ expectations of $78.55 million. AvidXchange had a negative return on equity of 14.27% and a negative net margin of 49.54%. On average, research analysts predict that AvidXchange will post -0.46 earnings per share for the current fiscal year.

Insider Activity at AvidXchange

In related news, insider Joel Wilhite sold 3,215 shares of the company’s stock in a transaction on Tuesday, November 15th. The stock was sold at an average price of $9.33, for a total value of $29,995.95. Following the completion of the transaction, the insider now directly owns 63,404 shares in the company, valued at $591,559.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 10.50% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Amalgamated Bank acquired a new position in AvidXchange during the first quarter worth $32,000. Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in AvidXchange during the third quarter worth $35,000. Nisa Investment Advisors LLC acquired a new position in AvidXchange during the second quarter worth $38,000. Lazard Asset Management LLC grew its holdings in shares of AvidXchange by 185.4% during the third quarter. Lazard Asset Management LLC now owns 8,942 shares of the company’s stock worth $75,000 after purchasing an additional 5,809 shares during the last quarter. Finally, Ensign Peak Advisors Inc bought a new stake in shares of AvidXchange during the third quarter worth $78,000. 70.34% of the stock is currently owned by institutional investors and hedge funds.

AvidXchange Company Profile

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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.