AvidXchange (NASDAQ:AVDX) Now Covered by Keefe, Bruyette & Woods

Keefe, Bruyette & Woods started coverage on shares of AvidXchange (NASDAQ:AVDXFree Report) in a report released on Tuesday, MarketBeat Ratings reports. The firm issued a market perform rating and a $13.50 price objective on the stock.

A number of other analysts have also recently commented on AVDX. JPMorgan Chase & Co. upped their price objective on shares of AvidXchange from $14.00 to $15.00 and gave the company an overweight rating in a research report on Thursday, February 29th. TheStreet upgraded AvidXchange from a d+ rating to a c- rating in a report on Friday, December 15th. The Goldman Sachs Group increased their target price on AvidXchange from $11.00 to $13.00 and gave the stock a neutral rating in a report on Thursday, February 29th. BMO Capital Markets increased their target price on AvidXchange from $11.00 to $13.00 and gave the stock a market perform rating in a report on Thursday, February 29th. Finally, Piper Sandler increased their target price on AvidXchange from $13.00 to $14.00 and gave the stock a neutral rating in a report on Thursday, February 29th. Six research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, AvidXchange has a consensus rating of Hold and an average price target of $13.17.

Check Out Our Latest Stock Analysis on AVDX

AvidXchange Price Performance

AVDX opened at $11.64 on Tuesday. The company has a quick ratio of 1.25, a current ratio of 1.25 and a debt-to-equity ratio of 0.20. AvidXchange has a 12 month low of $6.88 and a 12 month high of $13.56. The company has a fifty day simple moving average of $12.45 and a 200 day simple moving average of $11.06. The stock has a market cap of $2.38 billion, a P/E ratio of -50.61 and a beta of 1.04.

Insider Activity

In related news, CEO Michael Praeger sold 69,508 shares of the firm’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $13.15, for a total value of $914,030.20. Following the completion of the sale, the chief executive officer now directly owns 10,183,941 shares in the company, valued at approximately $133,918,824.15. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, insider Ryan Stahl sold 4,217 shares of the firm’s stock in a transaction dated Monday, March 18th. The shares were sold at an average price of $12.43, for a total value of $52,417.31. Following the completion of the sale, the insider now directly owns 384,588 shares in the company, valued at approximately $4,780,428.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Michael Praeger sold 69,508 shares of the firm’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $13.15, for a total transaction of $914,030.20. Following the completion of the sale, the chief executive officer now owns 10,183,941 shares of the company’s stock, valued at $133,918,824.15. The disclosure for this sale can be found here. Insiders sold 3,010,167 shares of company stock worth $39,077,190 in the last quarter. Corporate insiders own 10.30% of the company’s stock.

Institutional Investors Weigh In On AvidXchange

Several hedge funds have recently bought and sold shares of AVDX. Millennium Management LLC lifted its stake in AvidXchange by 63.4% in the 4th quarter. Millennium Management LLC now owns 7,858,752 shares of the company’s stock valued at $78,116,000 after purchasing an additional 3,048,717 shares during the last quarter. Senvest Management LLC lifted its position in AvidXchange by 26.3% during the third quarter. Senvest Management LLC now owns 12,298,226 shares of the company’s stock worth $116,587,000 after acquiring an additional 2,563,886 shares during the last quarter. Vanguard Group Inc. lifted its position in AvidXchange by 19.5% during the third quarter. Vanguard Group Inc. now owns 13,231,439 shares of the company’s stock worth $111,409,000 after acquiring an additional 2,160,242 shares during the last quarter. State Street Corp lifted its position in AvidXchange by 417.4% during the second quarter. State Street Corp now owns 2,319,230 shares of the company’s stock worth $14,240,000 after acquiring an additional 1,870,942 shares during the last quarter. Finally, North Reef Capital Management LP lifted its position in AvidXchange by 64.5% during the third quarter. North Reef Capital Management LP now owns 4,510,000 shares of the company’s stock worth $42,755,000 after acquiring an additional 1,768,120 shares during the last quarter. 80.58% of the stock is currently owned by institutional investors and hedge funds.

About AvidXchange

(Get Free Report)

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.

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