Piper Sandler Issues Positive Forecast for AvidXchange (NASDAQ:AVDX) Stock Price

AvidXchange (NASDAQ:AVDX) had its price objective raised by equities research analysts at Piper Sandler from $8.00 to $10.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Piper Sandler’s price objective suggests a potential upside of 2.77% from the company’s previous close.

Several other research firms also recently weighed in on AVDX. BMO Capital Markets reduced their price target on shares of AvidXchange from $11.00 to $7.50 and set a “market perform” rating for the company in a research report on Thursday, February 27th. Robert W. Baird reduced their target price on AvidXchange from $14.00 to $12.00 and set an “outperform” rating for the company in a report on Thursday, February 27th. Morgan Stanley lowered their price target on AvidXchange from $11.00 to $8.00 and set an “equal weight” rating on the stock in a research note on Thursday, February 27th. The Goldman Sachs Group reduced their price objective on AvidXchange from $9.50 to $7.00 and set a “sell” rating for the company in a research note on Thursday, February 27th. Finally, Keefe, Bruyette & Woods upped their target price on shares of AvidXchange from $8.00 to $9.00 and gave the stock a “market perform” rating in a report on Monday, March 31st. Two research analysts have rated the stock with a sell rating, twelve have given a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $10.30.

AvidXchange Stock Performance

Shares of AVDX stock opened at $9.73 on Thursday. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.11. AvidXchange has a 12-month low of $6.61 and a 12-month high of $12.93. The business’s 50 day moving average is $8.02 and its two-hundred day moving average is $9.39. The company has a market capitalization of $2.01 billion, a P/E ratio of 243.25 and a beta of 1.14.

AvidXchange (NASDAQ:AVDX) last announced its earnings results on Wednesday, February 26th. The company reported $0.03 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.03). The business had revenue of $115.44 million for the quarter, compared to analysts’ expectations of $114.98 million. AvidXchange had a negative net margin of 0.23% and a positive return on equity of 0.74%. Analysts expect that AvidXchange will post 0.02 EPS for the current fiscal year.

Insider Buying and Selling

In other AvidXchange news, insider Joel Wilhite sold 32,203 shares of the stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $7.59, for a total transaction of $244,420.77. Following the completion of the transaction, the insider now owns 843 shares of the company’s stock, valued at $6,398.37. This trade represents a 97.45 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Michael Praeger sold 58,881 shares of the business’s stock in a transaction that occurred on Friday, February 28th. The shares were sold at an average price of $7.59, for a total transaction of $446,906.79. Following the completion of the sale, the chief executive officer now directly owns 11,164,737 shares in the company, valued at $84,740,353.83. This trade represents a 0.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 125,866 shares of company stock worth $955,323. Company insiders own 10.40% of the company’s stock.

Institutional Trading of AvidXchange

Several institutional investors have recently added to or reduced their stakes in AVDX. Barclays PLC lifted its stake in AvidXchange by 239.8% during the third quarter. Barclays PLC now owns 285,768 shares of the company’s stock worth $2,318,000 after purchasing an additional 201,679 shares in the last quarter. Assenagon Asset Management S.A. lifted its stake in AvidXchange by 480.2% during the 4th quarter. Assenagon Asset Management S.A. now owns 178,483 shares of the company’s stock worth $1,846,000 after acquiring an additional 147,719 shares in the last quarter. Blue Trust Inc. boosted its holdings in AvidXchange by 90.1% during the 4th quarter. Blue Trust Inc. now owns 2,697 shares of the company’s stock valued at $28,000 after acquiring an additional 1,278 shares during the period. KBC Group NV grew its position in AvidXchange by 60.9% in the 4th quarter. KBC Group NV now owns 8,836 shares of the company’s stock valued at $91,000 after acquiring an additional 3,344 shares in the last quarter. Finally, R Squared Ltd purchased a new stake in AvidXchange during the fourth quarter worth about $41,000. Institutional investors and hedge funds own 80.58% of the company’s stock.

AvidXchange Company Profile

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.