What’s Going On With AvidXchange Stock Monday?
AvidXchange Holdings, Inc (NASDAQ:AVDX) shares are trading lower after Goldman Sachs analyst Will Nance downgraded the stock from Neutral to Sell and lowered its price target from $13 to $11.50.
The analyst said the downgrade is attributed to the stock’s significant price increase of approximately 31% since the third-quarter earnings report, which led to a perceived negative risk-reward balance.
Despite recognizing AVDX as a leader in B2B payment digitization for mid-market companies, Nance expressed concern over the stock trading roughly in line or above its higher growth competitor, BILL Holdings, Inc (NYSE:BILL), coupled with aggressive Street estimates expecting an acceleration in underlying growth rates.
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Full story available on Benzinga.com