AvidXchange (NASDAQ:AVDX) Trading Up 9.6% – What’s Next?

AvidXchange Holdings, Inc. (NASDAQ:AVDX)’s stock price shot up 9.6% during trading on Thursday . The company traded as high as $7.59 and last traded at $7.55. 1,790,643 shares traded hands during mid-day trading, an increase of 3% from the average session volume of 1,733,836 shares. The stock had previously closed at $6.89.

Analyst Ratings Changes

AVDX has been the topic of a number of analyst reports. KeyCorp downgraded AvidXchange from an “overweight” rating to a “sector weight” rating in a report on Thursday, February 27th. BMO Capital Markets lowered their price target on shares of AvidXchange from $11.00 to $7.50 and set a “market perform” rating on the stock in a report on Thursday, February 27th. Piper Sandler reduced their price objective on shares of AvidXchange from $10.00 to $8.00 and set a “neutral” rating for the company in a research note on Friday, February 28th. Barclays downgraded shares of AvidXchange from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $13.00 to $8.00 in a research note on Tuesday, March 4th. Finally, BTIG Research initiated coverage on AvidXchange in a research report on Wednesday, December 11th. They set a “buy” rating and a $14.00 price target on the stock. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $10.00.

AvidXchange Stock Up 13.8 %

The business’s 50-day simple moving average is $9.51 and its 200-day simple moving average is $9.37. The company has a market capitalization of $1.60 billion, a PE ratio of 196.00 and a beta of 1.28. 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 (NASDAQ:AVDX) last announced its quarterly earnings results on Wednesday, February 26th. The company reported $0.03 earnings per share for the quarter, missing the consensus estimate of $0.06 by ($0.03). AvidXchange had a positive return on equity of 0.74% and a negative net margin of 0.23%. The company had revenue of $115.44 million for the quarter, compared to analyst estimates of $114.98 million. As a group, equities research analysts anticipate that AvidXchange Holdings, Inc. will post 0.02 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Michael Praeger sold 58,881 shares of the business’s stock in a transaction on Friday, February 28th. The shares were sold at an average price of $7.59, for a total value of $446,906.79. Following the completion of the sale, the chief executive officer now owns 11,164,737 shares of the company’s stock, valued at approximately $84,740,353.83. The trade was a 0.52 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, President Daniel Drees sold 34,782 shares of the company’s stock in a transaction on Friday, February 28th. The stock was sold at an average price of $7.59, for a total transaction of $263,995.38. Following the sale, the president now directly owns 1,176,833 shares of the company’s stock, valued at $8,932,162.47. The trade was a 2.87 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 125,866 shares of company stock worth $955,323. Corporate insiders own 10.40% of the company’s stock.

Institutional Investors Weigh In On AvidXchange

A number of large investors have recently made changes to their positions in AVDX. Neo Ivy Capital Management purchased a new position in AvidXchange during the fourth quarter worth approximately $2,393,000. PharVision Advisers LLC purchased a new stake in shares of AvidXchange in the fourth quarter valued at about $230,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in AvidXchange by 10.2% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 465,690 shares of the company’s stock worth $4,815,000 after purchasing an additional 42,993 shares during the last quarter. Vident Advisory LLC purchased a new position in AvidXchange during the fourth quarter worth about $255,000. Finally, Tremblant Capital Group raised its stake in AvidXchange by 2.3% during the fourth quarter. Tremblant Capital Group now owns 3,231,149 shares of the company’s stock worth $33,410,000 after purchasing an additional 73,802 shares during the period. 80.58% of the stock is currently owned by hedge funds and other institutional investors.

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.