AvidXchange (NASDAQ:AVDX) Lowered to Hold at Zacks Investment Research

AvidXchange (NASDAQ:AVDXGet Rating) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Tuesday, 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. “

AVDX has been the topic of several other reports. Deutsche Bank Aktiengesellschaft cut their price objective on shares of AvidXchange from $16.00 to $13.00 in a research report on Monday, May 9th. Piper Sandler dropped their price target on shares of AvidXchange from $25.00 to $13.00 and set an “overweight” rating on the stock in a report on Tuesday, March 8th. Robert W. Baird assumed coverage on shares of AvidXchange in a report on Tuesday, April 19th. They set an “outperform” rating and a $16.00 price target on the stock. Sumitomo Mitsui Financial Group assumed coverage on shares of AvidXchange in a report on Thursday, January 27th. They set an “outperform” rating and a $15.00 price target on the stock. Finally, Morgan Stanley assumed coverage on shares of AvidXchange in a report on Thursday, April 28th. They set an “equal weight” rating and a $9.00 price target on the stock. Three investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Buy” and an average target price of 16.90.

AVDX stock traded down 0.10 during trading on Tuesday, hitting 8.64. 1,792,824 shares of the stock traded hands, compared to its average volume of 1,197,234. AvidXchange has a 1 year low of 5.95 and a 1 year high of 27.43. The firm’s 50 day moving average is 8.13 and its two-hundred day moving average is 12.29. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.49 and a current ratio of 1.49.

AvidXchange (NASDAQ:AVDXGet Rating) last announced its quarterly earnings data on Monday, March 7th. The company reported -0.26 EPS for the quarter, missing the consensus estimate of -0.11 by -0.15. The company had revenue of 69.27 million for the quarter, compared to the consensus estimate of 66.06 million. Sell-side analysts expect that AvidXchange will post -0.67 EPS for the current fiscal year.

In other news, insider Michael Praeger bought 69,500 shares of the firm’s stock in a transaction on Thursday, March 10th. The shares were bought at an average price of 7.11 per share, for a total transaction of 494,145.00. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Signaturefd LLC raised its position in shares of AvidXchange by 33.3% during the first quarter. Signaturefd LLC now owns 8,000 shares of the company’s stock valued at $64,000 after buying an additional 2,000 shares during the last quarter. Envestnet Asset Management Inc. grew its holdings in shares of AvidXchange by 80.2% in the first quarter. Envestnet Asset Management Inc. now owns 19,378 shares of the company’s stock valued at $156,000 after purchasing an additional 8,624 shares in the last quarter. Victory Capital Management Inc. purchased a new position in shares of AvidXchange in the first quarter valued at $150,000. New York State Common Retirement Fund grew its holdings in shares of AvidXchange by 102.3% in the first quarter. New York State Common Retirement Fund now owns 18,007 shares of the company’s stock valued at $145,000 after purchasing an additional 9,107 shares in the last quarter. Finally, Los Angeles Capital Management LLC purchased a new position in shares of AvidXchange in the first quarter valued at $139,000. Institutional investors own 64.58% of the company’s stock.

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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