AvidXchange Holdings, Inc. (NASDAQ:AVDX) Given Average Recommendation of “Hold” by Brokerages

Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDXGet Free Report) have been assigned an average rating of “Hold” from the eleven brokerages that are currently covering the firm, Marketbeat reports. One investment analyst has rated the stock with a sell recommendation, five have issued a hold recommendation and five have assigned a buy recommendation to the company. The average twelve-month target price among brokers that have issued a report on the stock in the last year is $12.86.

Several research analysts have issued reports on AVDX shares. Susquehanna upped their price target on AvidXchange from $15.00 to $16.00 and gave the company a “positive” rating in a report on Thursday, February 29th. JPMorgan Chase & Co. increased their price target on AvidXchange from $14.00 to $15.00 and gave the company an “overweight” rating in a research report on Thursday, February 29th. Piper Sandler cut their price objective on AvidXchange from $14.00 to $12.00 and set a “neutral” rating on the stock in a report on Friday, April 12th. Keefe, Bruyette & Woods started coverage on shares of AvidXchange in a report on Tuesday, April 9th. They issued a “market perform” rating and a $13.50 target price for the company. Finally, Barclays cut their price target on shares of AvidXchange from $16.00 to $14.00 and set an “overweight” rating on the stock in a report on Monday, May 13th.

Get Our Latest Analysis on AvidXchange

Insiders Place Their Bets

In other news, CEO Michael Praeger sold 29,192 shares of the business’s stock in a transaction on Tuesday, June 11th. The shares were sold at an average price of $10.85, for a total transaction of $316,733.20. Following the transaction, the chief executive officer now directly owns 10,440,510 shares in the company, valued at approximately $113,279,533.50. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, CEO Michael Praeger sold 29,192 shares of AvidXchange stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $10.85, for a total transaction of $316,733.20. Following the completion of the sale, the chief executive officer now directly owns 10,440,510 shares in the company, valued at approximately $113,279,533.50. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Todd Alan Cunningham sold 28,424 shares of the stock in a transaction that occurred on Thursday, May 23rd. The stock was sold at an average price of $11.02, for a total value of $313,232.48. Following the completion of the transaction, the insider now owns 336,017 shares in the company, valued at approximately $3,702,907.34. The disclosure for this sale can be found here. Insiders sold a total of 152,897 shares of company stock worth $1,695,238 in the last quarter. 10.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On AvidXchange

Several institutional investors and hedge funds have recently modified their holdings of the business. California State Teachers Retirement System raised its holdings in AvidXchange by 1.0% during the first quarter. California State Teachers Retirement System now owns 161,292 shares of the company’s stock valued at $2,121,000 after buying an additional 1,656 shares in the last quarter. Kodai Capital Management LP raised its stake in shares of AvidXchange by 872.9% in the 1st quarter. Kodai Capital Management LP now owns 1,581,667 shares of the company’s stock valued at $20,799,000 after acquiring an additional 1,419,099 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in AvidXchange by 6.1% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 97,054 shares of the company’s stock worth $1,277,000 after purchasing an additional 5,563 shares during the last quarter. Tremblant Capital Group boosted its position in AvidXchange by 14.7% during the first quarter. Tremblant Capital Group now owns 2,164,143 shares of the company’s stock worth $28,458,000 after purchasing an additional 277,109 shares during the period. Finally, Lazard Asset Management LLC acquired a new position in AvidXchange during the first quarter valued at approximately $7,621,000. Institutional investors and hedge funds own 80.58% of the company’s stock.

AvidXchange Price Performance

NASDAQ:AVDX opened at $11.01 on Friday. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.20. The business’s 50-day moving average price is $11.21 and its 200 day moving average price is $11.72. AvidXchange has a 52-week low of $6.88 and a 52-week high of $13.56. The firm has a market cap of $2.27 billion, a P/E ratio of -73.40 and a beta of 1.00.

AvidXchange (NASDAQ:AVDXGet Free Report) last posted its quarterly earnings data on Wednesday, May 8th. The company reported $0.02 earnings per share for the quarter, beating the consensus estimate of ($0.02) by $0.04. AvidXchange had a negative net margin of 8.10% and a negative return on equity of 1.75%. The company had revenue of $105.60 million during the quarter, compared to analyst estimates of $101.33 million. As a group, sell-side analysts predict that AvidXchange will post 0.01 earnings per share for the current fiscal year.

AvidXchange Company Profile

(Get Free Report

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.

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Analyst Recommendations for AvidXchange (NASDAQ:AVDX)

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