AvidXchange (NASDAQ:AVDX) Cut to Sell at Zacks Investment Research

Zacks Investment Research lowered shares of AvidXchange (NASDAQ:AVDXGet Rating) from a hold rating to a sell rating in a report issued on Wednesday, Zacks.com reports.

According to Zacks, “AvidXchange Holdings Inc. is a provider of accounts payable automation software and payment solutions for middle market businesses and suppliers. The company’s software-as-a-service-based, end-to-end software and payment platform digitizes and automates the AP workflows for businesses and supplier. AvidXchange Holdings Inc. is based in CHARLOTTE, N.C. “

Several other research firms have also commented on AVDX. KeyCorp dropped their price objective on shares of AvidXchange from $30.00 to $15.00 and set an overweight rating on the stock in a research note on Tuesday, January 25th. Sumitomo Mitsui Financial Group started coverage on AvidXchange in a research report on Thursday, January 27th. They issued an outperform rating and a $15.00 price target on the stock. Piper Sandler reduced their price objective on AvidXchange from $25.00 to $13.00 and set an overweight rating for the company in a research report on Tuesday, March 8th. The Goldman Sachs Group cut AvidXchange from a buy rating to a neutral rating and lowered their price objective for the company from $13.00 to $10.00 in a research note on Friday, April 8th. Finally, Robert W. Baird began coverage on AvidXchange in a research note on Tuesday, April 19th. They issued an outperform rating and a $16.00 target price on the stock. One analyst has rated the stock with a sell rating, one has given a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of Buy and a consensus target price of 20.30.

Shares of AvidXchange stock opened at 8.05 on Wednesday. AvidXchange has a 12 month low of 6.50 and a 12 month high of 27.43. The company has a quick ratio of 1.39, a current ratio of 1.39 and a debt-to-equity ratio of 0.25. The firm’s fifty day moving average price is 8.49.

In related news, insider Michael Praeger purchased 69,500 shares of AvidXchange stock in a transaction dated Thursday, March 10th. The stock was purchased at an average cost of 7.11 per share, for a total transaction of 494,145.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

About AvidXchange (Get Rating)

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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