AvidXchange (NASDAQ:AVDX) Shares Gap Down Following Analyst Downgrade

AvidXchange Holdings, Inc. (NASDAQ:AVDX) shares gapped down before the market opened on Monday after Piper Sandler lowered their price target on the stock from $14.00 to $12.00. The stock had previously closed at $11.64, but opened at $11.14. Piper Sandler currently has a neutral rating on the stock. AvidXchange shares last traded at $11.36, with a volume of 424,606 shares trading hands.

Several other research analysts have also issued reports on the stock. BMO Capital Markets lifted their price target on shares of AvidXchange from $11.00 to $13.00 and gave the stock a “market perform” rating in a research report on Thursday, February 29th. Keefe, Bruyette & Woods initiated coverage on AvidXchange in a report on Tuesday, April 9th. They issued a “market perform” rating and a $13.50 target price on the stock. Susquehanna upped their target price on AvidXchange from $15.00 to $16.00 and gave the company a “positive” rating in a report on Thursday, February 29th. Barclays lifted their price target on AvidXchange from $13.00 to $14.00 and gave the stock an “overweight” rating in a research note on Friday, December 22nd. Finally, JPMorgan Chase & Co. upped their price objective on shares of AvidXchange from $14.00 to $15.00 and gave the company an “overweight” rating in a research note on Thursday, February 29th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $13.07.

Insider Buying and Selling

In related news, Director Matthew C. Harris sold 2,500,000 shares of the stock in a transaction dated Thursday, February 29th. The shares were sold at an average price of $13.03, for a total value of $32,575,000.00. Following the completion of the sale, the director now owns 9,139,898 shares in the company, valued at $119,092,870.94. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In related news, Director Matthew C. Harris sold 2,500,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $13.03, for a total transaction of $32,575,000.00. Following the completion of the transaction, the director now owns 9,139,898 shares in the company, valued at approximately $119,092,870.94. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Angelic Gibson sold 40,000 shares of AvidXchange stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $13.00, for a total transaction of $520,000.00. Following the transaction, the insider now directly owns 430,606 shares of the company’s stock, valued at $5,597,878. The disclosure for this sale can be found here. In the last three months, insiders sold 3,010,167 shares of company stock valued at $39,077,190. Company insiders own 10.30% of the company’s stock.

Institutional Investors Weigh In On AvidXchange

A number of hedge funds have recently added to or reduced their stakes in AVDX. Envestnet Asset Management Inc. lifted its stake in shares of AvidXchange by 80.2% during the first quarter. Envestnet Asset Management Inc. now owns 19,378 shares of the company’s stock valued at $156,000 after acquiring an additional 8,624 shares during the period. JPMorgan Chase & Co. boosted its stake in AvidXchange by 14.0% in the first quarter. JPMorgan Chase & Co. now owns 24,188 shares of the company’s stock valued at $195,000 after acquiring an additional 2,979 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in AvidXchange by 21.2% during the 1st quarter. Bank of New York Mellon Corp now owns 1,103,712 shares of the company’s stock worth $8,885,000 after acquiring an additional 192,843 shares during the period. Rhumbline Advisers raised its position in shares of AvidXchange by 42.1% during the 1st quarter. Rhumbline Advisers now owns 25,380 shares of the company’s stock valued at $204,000 after acquiring an additional 7,516 shares during the last quarter. Finally, Lord Abbett & CO. LLC acquired a new position in shares of AvidXchange in the 1st quarter valued at $6,484,000. Institutional investors own 80.58% of the company’s stock.

AvidXchange Price Performance

The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.25 and a current ratio of 1.25. The company has a 50-day moving average price of $12.45 and a 200-day moving average price of $11.11. The firm has a market capitalization of $2.31 billion, a P/E ratio of -49.26 and a beta of 1.04.

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.