AvidXchange (NASDAQ:AVDX) Price Target Lowered to $14.00 at Barclays

AvidXchange (NASDAQ:AVDXFree Report) had its target price lowered by Barclays from $16.00 to $14.00 in a research report sent to investors on Monday morning, Benzinga reports. The firm currently has an overweight rating on the stock.

Several other analysts have also recently issued reports on the stock. Keefe, Bruyette & Woods began coverage on shares of AvidXchange in a research report on Tuesday, April 9th. They set a market perform rating and a $13.50 target price on the stock. The Goldman Sachs Group restated a sell rating and set a $11.50 price objective (down from $13.00) on shares of AvidXchange in a research report on Monday, April 15th. JPMorgan Chase & Co. lifted their price target on shares of AvidXchange from $14.00 to $15.00 and gave the stock an overweight rating in a research note on Thursday, February 29th. Piper Sandler reduced their price objective on shares of AvidXchange from $14.00 to $12.00 and set a neutral rating on the stock in a research report on Friday, April 12th. Finally, BMO Capital Markets upped their target price on AvidXchange from $11.00 to $13.00 and gave the company a market perform rating in a research note on Thursday, February 29th. One research analyst has rated the stock with a sell rating, five have given a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of Hold and an average price target of $13.14.

View Our Latest Research Report on AvidXchange

AvidXchange Trading Down 0.2 %

Shares of AVDX opened at $11.22 on Monday. AvidXchange has a fifty-two week low of $6.88 and a fifty-two week high of $13.56. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.34 and a current ratio of 1.34. The company’s fifty day moving average is $12.27 and its 200 day moving average is $11.46. The stock has a market capitalization of $2.32 billion, a PE ratio of -74.80 and a beta of 1.07.

Insider Buying and Selling at AvidXchange

In other news, insider Todd Alan Cunningham sold 11,340 shares of the stock in a transaction on Wednesday, February 28th. The stock was sold at an average price of $13.00, for a total transaction of $147,420.00. Following the completion of the sale, the insider now owns 173,019 shares in the company, valued at approximately $2,249,247. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, insider Todd Alan Cunningham sold 11,340 shares of the company’s stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $13.00, for a total transaction of $147,420.00. Following the transaction, the insider now owns 173,019 shares in the company, valued at $2,249,247. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Michael Praeger sold 69,508 shares of AvidXchange stock in a transaction that occurred on Friday, March 1st. The stock was 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 a total of 3,010,167 shares of company stock worth $39,077,190 over the last three months. Corporate insiders own 10.30% of the company’s stock.

Hedge Funds Weigh In On AvidXchange

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. National Bank of Canada FI acquired a new position in shares of AvidXchange in the fourth quarter valued at about $54,000. Highland Capital Management LLC acquired a new position in AvidXchange in the 4th quarter worth approximately $145,000. MBL Wealth LLC purchased a new position in AvidXchange during the 1st quarter worth approximately $163,000. Legato Capital Management LLC acquired a new stake in AvidXchange during the 4th quarter valued at approximately $168,000. Finally, Cornerstone Investment Partners LLC purchased a new stake in shares of AvidXchange in the 4th quarter valued at $178,000. Hedge funds and other institutional investors own 80.58% of the company’s stock.

AvidXchange Company Profile

(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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