AvidXchange (NASDAQ:AVDX) was downgraded to “Neutral” at JPMorgan Chase & Co.

VaselineAugust 21, 2024

0 4 minutes read

JPMorgan Chase & Co. downgraded the shares AvidXchange (NASDAQ:AVDX – Free Report) from an overweight rating to a neutral rating in a research report on Tuesday morning, MarketBeat.com reports. They currently have a $9.00 price target on the stock, down from their previous price target of $11.00.

A number of other research analysts have also recently commented on the company. UBS Group cut AvidXchange from a buy rating to a neutral rating and cut their price target for the company from $15.00 to $10.00 in a research note on Thursday, August 1st. BMO Capital Markets dropped their target price on shares of AvidXchange from $13.00 to $10.00 and set a market perform rating on the stock in a report on Thursday, August 1st. KeyCorp cut their price target on shares of AvidXchange from $15.00 to $12.00 and set an overweight rating on the stock in a research report on Thursday, August 1st. Susquehanna cut their price target on shares of AvidXchange from $16.00 to $14.00 and set a positive rating for the company in a research report on Thursday, August 1st. Finally, Barclays reduced their price objective on shares of AvidXchange from $14.00 to $10.00 and set an overweight rating on the stock in a report on Monday, August 5th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the stock. The company currently has a consensus rating of Hold and a consensus price target of $11.25, based on data from MarketBeat.com.

Check out our latest report on AVDX

AvidXchange stock performance

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NASDAQ:AVDX opened at $8.05 on Tuesday. The company has a quick ratio of 1.34, a current ratio of 1.34, and a debt-to-equity ratio of 0.20. The company’s fifty-day simple moving average is $10.77, and its 200-day simple moving average is $11.51. The stock has a market cap of $1.66 billion, a P/E ratio of -53.67 and a beta of 1.03. AvidXchange has a 12-month low of $6.88 and a 12-month high of $13.56.

AvidXchange (NASDAQ:AVDX – Get Your Free Report ) last announced its earnings results on Wednesday, July 31st. The company reported $0.05 earnings per share for the quarter, beating analysts’ consensus estimates of $0.04 by $0.01. AvidXchange had a negative net margin of 3.18% and a negative return on equity of 0.23%. The firm had revenue of $105.30 million for the quarter, compared to analyst estimates of $107.13 million. In the same quarter last year, the firm posted EPS of ($0.05). The company’s revenue for the quarter was up 15.6% compared to the same quarter last year. As a group, research analysts predict that AvidXchange will post 0.01 EPS for the current year.

Insider buying and selling

In other AvidXchange news, CEO Michael Praeger sold 29,192 shares of AvidXchange stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $10.85, for a total value of $316,733.20. Following the completion of the sale, the chief executive officer now owns 10,440,510 shares of the company’s stock, valued at approximately $113,279,533.50. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC’s website. In other news, insider Todd Alan Cunningham sold 28,424 shares of the company’s stock in a transaction that occurred on Thursday, May 23rd. The shares were sold at an average price of $11.02, for a total transaction of $313,232.48. Following the completion of the transaction, the insider now directly owns 336,017 shares of the company’s stock, valued at $3,702,907.34. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC’s website. Also, CEO Michael Praeger sold 29,192 shares of the stock in a transaction that occurred on Tuesday, June 11th. The shares were sold at an average price of $10.85, for a total transaction of $316,733.20. Following the transaction, the chief executive officer now owns 10,440,510 shares in the company, valued at approximately $113,279,533.50. The disclosure for this sale can be found here. 10.30% of shares are owned by company insiders.

Hedge funds influence AvidXchange

Several hedge funds and other institutional investors have recently modified their holdings of the company. Jennison Associates LLC purchased a new stake in AvidXchange in the first quarter valued at $23,800,000. American Century Companies Inc. boosted its stake in AvidXchange by 54.2% in the second quarter. American Century Companies Inc. now owns 4,515,719 shares of the company’s stock worth $54,460,000 after buying an additional 1,586,510 shares during the period. Kodai Capital Management LP boosted its stake in AvidXchange by 872.9% in the 1st quarter. Kodai Capital Management LP now owns 1,581,667 shares of the company’s stock worth $20,799,000 after purchasing an additional 1,419,099 shares during the period. Intrinsic Edge Capital Management LLC raised its position in AvidXchange by 79.9% during the fourth quarter. Intrinsic Edge Capital Management LLC now owns 2,785,445 shares of the company’s stock valued at $34,512,000 after buying an additional 1,237,508 shares during the period. Finally, Dimensional Fund Advisors LP boosted its holdings in AvidXchange by 17.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 3,864,725 shares of the company’s stock valued at $47,885,000 after buying an additional 587,692 shares in the last quarter. 80.58% of shares are held by institutional investors.

AvidXchange Company Profile

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AvidXchange Holdings, Inc provides accounts payable (AP) automation software and payment solutions for mid-market companies and their suppliers in North America. The company offers AP automation software, a SaaS-based solution that automates and digitizes the capture, review, approval and payment of invoices for buyers; the AvidPay network that connects bilateral payments with buyers and suppliers; and AvidXchange Supplier Hub, which provides supplier information on cash flow, invoicing and network payment tools, and advance payment functionality.