AvidXchange (NASDAQ:AVDX) Upgraded by Zacks Investment Research to “Buy”

AvidXchange (NASDAQ:AVDXGet Rating) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Thursday, Zacks.com reports. The firm currently has a $10.00 target price on the stock.

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 brokerages have also commented on AVDX. Credit Suisse Group decreased their target price on shares of AvidXchange from $24.00 to $16.00 and set an “outperform” rating on the stock in a research report on Tuesday, March 8th. Robert W. Baird assumed coverage on shares of AvidXchange in a research report on Tuesday, April 19th. They issued an “outperform” rating and a $16.00 price objective on the stock. The Goldman Sachs Group lowered shares of AvidXchange from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $13.00 to $10.00 in a research report on Friday, April 8th. Sumitomo Mitsui Financial Group assumed coverage on shares of AvidXchange in a research report on Thursday, January 27th. They issued an “outperform” rating and a $15.00 price objective on the stock. Finally, Morgan Stanley assumed coverage on shares of AvidXchange in a research report on Thursday, April 28th. They issued an “equal weight” rating and a $9.00 price objective on the stock. Two analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, AvidXchange presently has a consensus rating of “Buy” and a consensus price target of 17.08.

Shares of NASDAQ AVDX traded up 0.31 during trading on Thursday, hitting 9.66. 2,173,880 shares of the company were exchanged, compared to its average volume of 1,213,789. AvidXchange has a 1 year low of 5.95 and a 1 year high of 27.43. The firm’s fifty day moving average price is 8.16 and its 200 day moving average price is 12.24. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.49 and a quick ratio of 1.49.

AvidXchange (NASDAQ:AVDXGet Rating) last issued its earnings results on Monday, March 7th. The company reported -0.26 EPS for the quarter, missing the consensus estimate of -0.11 by -0.15. The business had revenue of 69.27 million for the quarter, compared to the consensus estimate of 66.06 million. Analysts forecast that AvidXchange will post -0.67 EPS for the current fiscal year.

In other news, insider Michael Praeger bought 69,500 shares of AvidXchange stock in a transaction on Thursday, March 10th. The shares were bought at an average cost of 7.11 per share, for a total transaction of 494,145.00. The transaction was disclosed in a filing with the SEC, which is available at this link.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Neuberger Berman Group LLC increased its stake in shares of AvidXchange by 31.6% during the 1st quarter. Neuberger Berman Group LLC now owns 4,324,233 shares of the company’s stock valued at $34,647,000 after acquiring an additional 1,039,536 shares during the last quarter. Carolinas Wealth Consulting LLC acquired a new stake in AvidXchange during the 1st quarter worth approximately $1,305,000. Quantbot Technologies LP increased its position in AvidXchange by 7,849.9% during the 1st quarter. Quantbot Technologies LP now owns 42,373 shares of the company’s stock worth $341,000 after purchasing an additional 41,840 shares in the last quarter. Goldman Sachs Group Inc. increased its position in AvidXchange by 8,560.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,196,063 shares of the company’s stock worth $9,628,000 after purchasing an additional 1,182,253 shares in the last quarter. Finally, Tikvah Management LLC increased its position in AvidXchange by 24.9% during the 1st quarter. Tikvah Management LLC now owns 2,817,798 shares of the company’s stock worth $22,683,000 after purchasing an additional 561,280 shares in the last quarter. 64.58% of the stock is owned by 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.

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