Bank of America Securities Reaffirms Their Sell Rating on AvidXchange Holdings (AVDX)

Bank of America Securities analyst Bradley Sills maintained a Sell rating on AvidXchange Holdings (AVDX – Research Report) today. The company’s shares opened today at $11.48.

Sills covers the Technology sector, focusing on stocks such as Adobe, MongoDB, and Microsoft. According to TipRanks, Sills has an average return of 3.4% and a 48.42% success rate on recommended stocks.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for AvidXchange Holdings with a $14.25 average price target.

Based on AvidXchange Holdings’ latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $86.82 million and a GAAP net loss of $15.99 million. In comparison, last year the company earned a revenue of $71.2 million and had a GAAP net loss of $25.15 million

Based on the recent corporate insider activity of 65 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of AVDX in relation to earlier this year. Most recently, in March 2024, Michael Praeger, the CEO of AVDX sold 46,692.00 shares for a total of $585,984.60.

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AvidXchange Holdings (AVDX) Company Description:

AvidXchange Holdings Inc is a provider of AP automation software and payment solutions for middle-market businesses and their suppliers. It generates the majority of its sales from Payment revenue followed by Software revenue and Services revenue.