Analysts Set AvidXchange Holdings, Inc. (NASDAQ:AVDX) Price Target at $10.19

Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) have received a consensus rating of “Reduce” from the seventeen brokerages that are presently covering the firm, MarketBeat reports. Two investment analysts have rated the stock with a sell recommendation, fourteen have given a hold recommendation and one has assigned a buy recommendation to the company. The average 1-year target price among brokers that have covered the stock in the last year is $10.1923.

Separately, Weiss Ratings restated a “sell (d-)” rating on shares of AvidXchange in a report on Wednesday, October 8th.

Hedge Funds Weigh In On AvidXchange

Hedge funds and other institutional investors have recently bought and sold shares of the company. Public Employees Retirement System of Ohio acquired a new position in shares of AvidXchange during the second quarter valued at about $818,000. Credit Industriel ET Commercial acquired a new position in shares of AvidXchange during the second quarter valued at about $1,468,000. Envestnet Asset Management Inc. raised its holdings in shares of AvidXchange by 6.4% during the first quarter. Envestnet Asset Management Inc. now owns 494,944 shares of the company’s stock valued at $4,197,000 after purchasing an additional 29,781 shares during the period. Vanguard Group Inc. raised its holdings in shares of AvidXchange by 0.7% during the first quarter. Vanguard Group Inc. now owns 18,236,837 shares of the company’s stock valued at $154,648,000 after purchasing an additional 126,786 shares during the period. Finally, American Century Companies Inc. raised its holdings in shares of AvidXchange by 213.3% during the first quarter. American Century Companies Inc. now owns 111,371 shares of the company’s stock valued at $944,000 after purchasing an additional 75,825 shares during the period. Institutional investors and hedge funds own 80.58% of the company’s stock.

AvidXchange Stock Performance

Shares of AvidXchange stock opened at $10.00 on Tuesday. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.10. AvidXchange has a twelve month low of $6.61 and a twelve month high of $11.68. The stock has a market cap of $2.08 billion, a price-to-earnings ratio of -199.96 and a beta of 1.20. The company’s fifty day moving average is $9.96 and its 200 day moving average is $9.64.

AvidXchange (NASDAQ:AVDX) last released its earnings results on Wednesday, August 6th. The company reported $0.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.06 by ($0.01). The firm had revenue of $110.57 million during the quarter, compared to analyst estimates of $110.18 million. AvidXchange had a negative net margin of 1.80% and a positive return on equity of 1.15%. AvidXchange’s quarterly revenue was up 5.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.05 EPS. Sell-side analysts forecast that AvidXchange will post 0.02 EPS for the current year.

About AvidXchange

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 the AvidXchange Supplier Hub, which provides supplier insights to cash flow, tools for in-network invoices and payments, and early payment feature.