AvidXchange Holdings, Inc. (NASDAQ:AVDX) Receives Consensus Rating of “Buy” from Analysts

AvidXchange Holdings, Inc. (NASDAQ:AVDXGet Rating) has been assigned an average recommendation of “Buy” from the eleven ratings firms that are covering the firm, Marketbeat reports. Two analysts have rated the stock with a hold rating and eight have issued a buy rating on the company. The average 12-month price target among analysts that have issued ratings on the stock in the last year is 17.73.

AVDX has been the topic of a number of analyst reports. Deutsche Bank Aktiengesellschaft reduced their price objective on shares of AvidXchange from $16.00 to $13.00 in a report on Monday, May 9th. The Goldman Sachs Group cut AvidXchange from a “buy” rating to a “neutral” rating and cut their price target for the company from $13.00 to $10.00 in a research note on Friday, April 8th. Credit Suisse Group cut their price target on AvidXchange from $24.00 to $16.00 and set an “outperform” rating on the stock in a research note on Tuesday, March 8th. Morgan Stanley began coverage on AvidXchange in a research note on Thursday, April 28th. They issued an “equal weight” rating and a $9.00 price target on the stock. Finally, Piper Sandler cut their price target on AvidXchange from $25.00 to $13.00 and set an “overweight” rating on the stock in a research note on Tuesday, March 8th.

Hedge funds have recently modified their holdings of the business. Signaturefd LLC grew its holdings in shares of AvidXchange by 33.3% during the first quarter. Signaturefd LLC now owns 8,000 shares of the company’s stock worth $64,000 after purchasing an additional 2,000 shares during the last quarter. Los Angeles Capital Management LLC purchased a new position in shares of AvidXchange during the first quarter worth about $139,000. New York State Common Retirement Fund grew its holdings in shares of AvidXchange by 102.3% during the first quarter. New York State Common Retirement Fund now owns 18,007 shares of the company’s stock worth $145,000 after purchasing an additional 9,107 shares during the last quarter. Victory Capital Management Inc. purchased a new position in shares of AvidXchange during the first quarter worth about $150,000. Finally, Envestnet Asset Management Inc. grew its holdings in shares of AvidXchange by 80.2% during the first quarter. Envestnet Asset Management Inc. now owns 19,378 shares of the company’s stock worth $156,000 after buying an additional 8,624 shares during the last quarter. 64.58% of the stock is currently owned by institutional investors.

AvidXchange stock opened at 6.99 on Tuesday. AvidXchange has a 52-week low of 5.95 and a 52-week high of 27.43. The company has a current ratio of 1.49, a quick ratio of 1.49 and a debt-to-equity ratio of 0.26. The company’s 50 day moving average is 8.12 and its two-hundred day moving average is 10.19.

AvidXchange (NASDAQ:AVDXGet Rating) last released its earnings results on Thursday, May 5th. The company reported -0.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of -0.14 by 0.07. The business had revenue of 71.20 million for the quarter, compared to analyst estimates of 68.67 million. AvidXchange’s quarterly revenue was up 29.0% compared to the same quarter last year. During the same quarter last year, the company earned ($1.43) earnings per share. As a group, equities analysts forecast that AvidXchange will post -0.67 EPS for the current fiscal year.

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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Analyst Recommendations for AvidXchange (NASDAQ:AVDX)

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