AvidXchange (NASDAQ:AVDX) Downgraded by Baird R W to Hold

AvidXchange (NASDAQ:AVDX) was downgraded by stock analysts at Baird R W from a “strong-buy” rating to a “hold” rating in a note issued to investors on Thursday,Zacks.com reports.

A number of other research firms have also weighed in on AVDX. Keefe, Bruyette & Woods increased their price target on AvidXchange from $8.00 to $9.00 and gave the company a “market perform” rating in a research report on Monday, March 31st. KeyCorp cut shares of AvidXchange from an “overweight” rating to a “sector weight” rating in a research report on Thursday, February 27th. Wolfe Research lowered AvidXchange from a “strong-buy” rating to a “hold” rating in a report on Thursday, February 27th. Robert W. Baird reiterated a “neutral” rating and set a $10.00 price target on shares of AvidXchange in a report on Thursday. Finally, UBS Group raised their price target on shares of AvidXchange from $8.00 to $10.00 and gave the stock a “neutral” rating in a report on Thursday. Two equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and three have issued a buy rating to the company. According to MarketBeat, AvidXchange currently has a consensus rating of “Hold” and a consensus target price of $10.30.

AvidXchange Price Performance

Shares of NASDAQ AVDX opened at $9.72 on Thursday. AvidXchange has a fifty-two week low of $6.61 and a fifty-two week high of $12.93. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.11. The stock has a market cap of $2.00 billion, a P/E ratio of 242.88 and a beta of 1.14. The firm’s 50-day simple moving average is $7.97 and its 200 day simple moving average is $9.38.

AvidXchange (NASDAQ:AVDX) last issued its quarterly earnings results on Wednesday, February 26th. The company reported $0.03 EPS 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 business had revenue of $115.44 million during the quarter, compared to the consensus estimate of $114.98 million. Equities analysts expect that AvidXchange will post 0.02 EPS for the current year.

Insider Activity at AvidXchange

In other news, CEO Michael Praeger sold 58,881 shares of AvidXchange stock in a transaction that occurred 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 transaction, the chief executive officer now owns 11,164,737 shares of the company’s stock, valued at $84,740,353.83. This trade represents a 0.52 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, 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 approximately $8,932,162.47. This represents a 2.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 125,866 shares of company stock valued at $955,323. Corporate insiders own 10.40% of the company’s stock.

Institutional Trading of AvidXchange

Several hedge funds have recently added to or reduced their stakes in the business. Azora Capital LP acquired a new position in shares of AvidXchange during the fourth quarter worth approximately $45,067,000. FMR LLC boosted its holdings in AvidXchange by 8.4% in the 4th quarter. FMR LLC now owns 14,889,282 shares of the company’s stock valued at $153,955,000 after purchasing an additional 1,155,513 shares during the period. Arrowstreet Capital Limited Partnership acquired a new stake in AvidXchange in the 4th quarter worth $10,292,000. Jennison Associates LLC increased its holdings in shares of AvidXchange by 45.7% during the 1st quarter. Jennison Associates LLC now owns 3,171,634 shares of the company’s stock worth $26,895,000 after purchasing an additional 995,109 shares during the period. Finally, Point72 Asset Management L.P. raised its position in shares of AvidXchange by 74.1% during the fourth quarter. Point72 Asset Management L.P. now owns 1,700,334 shares of the company’s stock valued at $17,581,000 after buying an additional 723,724 shares during the last quarter. Institutional investors 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.