AvidXchange Holdings, Inc. (NASDAQ:AVDX) Given Consensus Rating of “Reduce” by Brokerages

AvidXchange Holdings, Inc. (NASDAQ:AVDX) has been assigned a consensus rating of “Reduce” from the eighteen research firms that are covering the company, MarketBeat.com reports. Three equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and one has assigned a buy rating to the company. The average 1-year price objective among brokerages that have issued a report on the stock in the last year is $10.0357.

Separately, Weiss Ratings reissued a “sell (d-)” rating on shares of AvidXchange in a research note on Wednesday.

Institutional Trading of AvidXchange

Several large investors have recently bought and sold shares of AVDX. SVB Wealth LLC purchased a new stake in AvidXchange during the 1st quarter valued at about $26,000. Versant Capital Management Inc lifted its holdings in shares of AvidXchange by 801.2% in the 1st quarter. Versant Capital Management Inc now owns 3,866 shares of the company’s stock worth $33,000 after acquiring an additional 3,437 shares during the last quarter. GAMMA Investing LLC lifted its holdings in shares of AvidXchange by 816.6% in the 1st quarter. GAMMA Investing LLC now owns 4,079 shares of the company’s stock worth $35,000 after acquiring an additional 3,634 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S acquired a new position in shares of AvidXchange in the 1st quarter worth approximately $37,000. Finally, Longfellow Investment Management Co. LLC purchased a new stake in AvidXchange during the 2nd quarter worth approximately $74,000. Hedge funds and other institutional investors own 80.58% of the company’s stock.

AvidXchange Stock Up 0.1%

AVDX opened at $9.96 on Friday. AvidXchange has a fifty-two week low of $6.61 and a fifty-two week high of $11.68. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.33 and a current ratio of 1.33. The company has a fifty day moving average of $9.93 and a two-hundred day moving average of $9.43. The stock has a market capitalization of $2.07 billion, a price-to-earnings ratio of -199.16 and a beta of 1.20.

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

AvidXchange Company Profile

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.