AvidXchange (NASDAQ:AVDX – Get Rating) had its target price upped by KeyCorp from $10.00 to $12.00 in a research note published on Wednesday morning, Benzinga reports. The firm currently has an overweight rating on the stock.
AVDX has been the subject of several other reports. Piper Sandler decreased their price objective on shares of AvidXchange from $12.00 to $11.00 and set an overweight rating for the company in a report on Thursday, October 20th. Wolfe Research upped their price objective on shares of AvidXchange from $10.00 to $12.00 in a report on Thursday, January 5th. Bank of America downgraded shares of AvidXchange from a neutral rating to an underperform rating and decreased their price objective for the stock from $10.00 to $8.00 in a report on Wednesday, November 2nd. Robert W. Baird upped their price objective on shares of AvidXchange from $12.00 to $14.00 and gave the stock an outperform rating in a report on Thursday. Finally, JPMorgan Chase & Co. decreased their price objective on shares of AvidXchange from $12.00 to $11.00 and set an overweight rating for the company in a report on Thursday, November 3rd. One investment analyst has rated the stock with a sell rating, two have given a hold rating and seven have given a buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of Moderate Buy and an average price target of $11.50.
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AvidXchange Stock Up 0.9 %
AvidXchange stock opened at $10.68 on Wednesday. The firm has a market cap of $2.12 billion, a PE ratio of -12.42 and a beta of 0.33. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.46 and a current ratio of 1.46. The firm's 50 day moving average price is $9.27 and its two-hundred day moving average price is $8.42. AvidXchange has a twelve month low of $5.86 and a twelve month high of $12.93.
AvidXchange (NASDAQ:AVDX – Get Rating) last released its quarterly earnings data on Wednesday, November 2nd. The company reported ($0.10) earnings per share for the quarter, beating the consensus estimate of ($0.16) by $0.06. The firm had revenue of $82.41 million for the quarter, compared to analyst estimates of $78.55 million. AvidXchange had a negative net
margin of 49.54% and a negative return on equity of 14.27%. On average, research analysts predict that AvidXchange will post -0.46 EPS for the current fiscal year.
Insider Activity
In other news, insider Joel Wilhite sold 3,215 shares of the stock in a transaction on Tuesday, November 15th. The shares were sold at an average price of $9.33, for a total value of $29,995.95. Following the completion of the transaction, the insider now owns 63,404 shares in the company, valued at approximately $591,559.32. The sale was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 10.50% of the company's stock.
Institutional Investors Weigh In On AvidXchange
Hedge funds have recently made changes to their positions in the company. Amalgamated Bank acquired a new stake in shares of AvidXchange during the 1st quarter worth about $32,000. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in shares of AvidXchange during the 3rd quarter worth about $35,000. Nisa Investment Advisors LLC acquired a new stake in shares of AvidXchange during the 2nd quarter worth about $38,000. Lazard Asset Management LLC increased its position in shares of AvidXchange by 185.4% during the 3rd quarter. Lazard Asset Management LLC now owns 8,942 shares of the company's stock worth $75,000 after purchasing an additional 5,809 shares in the last quarter. Finally, Ensign Peak Advisors Inc acquired a new stake in shares of AvidXchange during the 3rd quarter worth about $78,000. Institutional investors and hedge funds own 70.34% of the company's stock.
AvidXchange Company Profile
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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 cash flow manager that provides cash management solutions.
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