AvidXchange (NASDAQ:AVDX) Shares Gap Up to $6.92

Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDXGet Rating) gapped up before the market opened on Tuesday . The stock had previously closed at 6.92, but opened at 7.36. AvidXchange shares last traded at 7.37, with a volume of 2,363 shares changing hands.

A number of research analysts have recently commented on the stock. The Goldman Sachs Group cut shares of AvidXchange from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $13.00 to $10.00 in a research report on Friday, April 8th. Piper Sandler reduced their target price on shares of AvidXchange from $25.00 to $13.00 and set an “overweight” rating on the stock in a research report on Tuesday, March 8th. Credit Suisse Group reduced 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. Deutsche Bank Aktiengesellschaft reduced their target price on shares of AvidXchange from $16.00 to $13.00 in a research report on Monday, May 9th. Finally, Sumitomo Mitsui Financial Group started coverage on shares of AvidXchange in a report on Thursday, January 27th. They issued an “outperform” rating and a $15.00 price target on the stock. Three analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Buy” and an average target price of 17.73.

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 firm’s 50 day simple moving average is 8.03 and its two-hundred day simple moving average is 12.84.

AvidXchange (NASDAQ:AVDXGet Rating) last released its quarterly 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 firm had revenue of 69.27 million for the quarter, compared to analyst estimates of 66.06 million. On average, equities research analysts forecast that AvidXchange Holdings, Inc. will post -0.86 EPS for the current year.

In other news, insider Michael Praeger purchased 69,500 shares of the stock in a transaction dated Thursday, March 10th. The stock was acquired at an average price of 7.11 per share, for a total transaction of 494,145.00. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Several institutional investors have recently added to or reduced their stakes in AVDX. Goldman Sachs Group Inc. grew its position in shares of AvidXchange by 8,560.8% during the first quarter. Goldman Sachs Group Inc. now owns 1,196,063 shares of the company’s stock worth $9,628,000 after acquiring an additional 1,182,253 shares during the last quarter. Federated Hermes Inc. grew its position in AvidXchange by 66.7% in the 1st quarter. Federated Hermes Inc. now owns 2,500,000 shares of the company’s stock valued at $20,125,000 after buying an additional 1,000,000 shares in the last quarter. Lord Abbett & CO. LLC bought a new position in AvidXchange in the 1st quarter valued at about $6,484,000. Tikvah Management LLC grew its position in AvidXchange by 24.9% in the 1st quarter. Tikvah Management LLC now owns 2,817,798 shares of the company’s stock valued at $22,683,000 after buying an additional 561,280 shares in the last quarter. Finally, UBS Group AG grew its position in AvidXchange by 4,627.4% in the 1st quarter. UBS Group AG now owns 502,478 shares of the company’s stock valued at $4,045,000 after buying an additional 491,849 shares in the last quarter. Institutional investors and hedge funds own 64.58% of the company’s stock.

About AvidXchange (NASDAQ:AVDX)

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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