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

AvidXchange (NASDAQ:AVDXGet 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:AVDXGet 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

(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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