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. “
A number of other research firms also recently commented on AVDX. KeyCorp reduced their target price on AvidXchange from $30.00 to $15.00 and set an overweight rating on the stock in a research report on Tuesday, January 25th. Robert W. Baird assumed coverage on AvidXchange in a research report on Tuesday, April 19th. They issued an outperform rating and a $16.00 target price on the stock. Credit Suisse Group reduced their target price on AvidXchange from $24.00 to $16.00 and set an outperform rating on the stock in a research report on Tuesday, March 8th. Morgan Stanley assumed coverage on AvidXchange in a research report on Thursday, April 28th. They issued an equal weight rating and a $9.00 target price on the stock. Finally, Sumitomo Mitsui Financial Group assumed coverage on AvidXchange in a research report on Thursday, January 27th. They issued an outperform rating and a $15.00 target price on the stock. Three research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, AvidXchange currently has an average rating of Buy and a consensus target price of 19.27.
AvidXchange (NASDAQ:AVDX – Get Rating) last released its earnings results on Monday, March 7th. The company reported -0.26 earnings per share for the quarter, missing the consensus estimate of -0.11 by -0.15. The firm had revenue of 69.27 million during the quarter, compared to analyst estimates of 66.06 million. On average, analysts forecast that AvidXchange will post -0.86 earnings per share for the current fiscal year.
In other news, insider Michael Praeger acquired 69,500 shares of the company’s stock in a transaction dated Thursday, March 10th. The stock was acquired at an average cost of 7.11 per share, with a total value of 494,145.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Envestnet Asset Management Inc. grew its stake in AvidXchange by 80.2% during the 1st quarter. Envestnet Asset Management Inc. now owns 19,378 shares of the company’s stock worth $156,000 after purchasing an additional 8,624 shares in the last quarter. Victory Capital Management Inc. acquired a new position in AvidXchange during the 1st quarter worth $150,000. Finally, Signaturefd LLC grew its stake in AvidXchange by 33.3% during the 1st quarter. Signaturefd LLC now owns 8,000 shares of the company’s stock worth $64,000 after purchasing an additional 2,000 shares in the last quarter. 64.58% of the stock is owned by hedge funds and other institutional investors.
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.
- Get a free copy of the StockNews.com research report on AvidXchange (AVDX)
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