AvidXchange (NASDAQ:AVDX) Price Target Raised to $10.00

AvidXchange (NASDAQ:AVDX) had its price objective lifted by The Goldman Sachs Group from $9.00 to $10.00 in a research report released on Monday morning,Benzinga reports. The brokerage currently has a sell rating on the stock.

A number of other brokerages also recently weighed in on AVDX. Piper Sandler boosted their price objective on shares of AvidXchange from $9.00 to $10.00 and gave the company a “neutral” rating in a research report on Thursday, November 7th. BMO Capital Markets upped their target price on shares of AvidXchange from $10.00 to $11.00 and gave the stock a “market perform” rating in a research report on Friday, November 8th. Compass Point upgraded shares of AvidXchange from a “neutral” rating to a “buy” rating and upped their target price for the stock from $8.00 to $15.00 in a research report on Thursday, November 7th. Bank of America decreased their target price on shares of AvidXchange from $12.00 to $8.00 and set an “underperform” rating for the company in a research report on Tuesday, October 15th. Finally, JPMorgan Chase & Co. cut shares of AvidXchange from an “overweight” rating to a “neutral” rating and decreased their price objective for the company from $11.00 to $9.00 in a report on Tuesday, August 20th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $11.46.

AvidXchange Price Performance

Shares of NASDAQ:AVDX opened at $11.46 on Monday. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.11. AvidXchange has a fifty-two week low of $7.38 and a fifty-two week high of $13.56. The firm has a 50-day simple moving average of $9.31 and a 200 day simple moving average of $9.73. The company has a market cap of $2.36 billion, a PE ratio of 568.50 and a beta of 1.20.

Insider Buying and Selling

In related news, insider Ryan Stahl sold 7,427 shares of the firm’s stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $8.58, for a total value of $63,723.66. Following the completion of the transaction, the insider now owns 369,603 shares of the company’s stock, valued at approximately $3,171,193.74. This trade represents a 1.97 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Michael Praeger sold 42,377 shares of the firm’s stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $11.40, for a total transaction of $483,097.80. Following the completion of the transaction, the chief executive officer now directly owns 10,381,033 shares of the company’s stock, valued at $118,343,776.20. This represents a 0.41 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 60,074 shares of company stock valued at $629,363. Company insiders own 10.40% of the company’s stock.

Institutional Investors Weigh In On AvidXchange

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in AVDX. Point72 DIFC Ltd purchased a new stake in AvidXchange in the 3rd quarter worth approximately $37,000. Allspring Global Investments Holdings LLC purchased a new stake in AvidXchange in the 3rd quarter worth approximately $38,000. CWM LLC lifted its position in AvidXchange by 7,259.8% in the 3rd quarter. CWM LLC now owns 6,771 shares of the company’s stock worth $55,000 after buying an additional 6,679 shares in the last quarter. nVerses Capital LLC bought a new position in shares of AvidXchange during the 2nd quarter valued at $66,000. Finally, Y Intercept Hong Kong Ltd bought a new position in shares of AvidXchange during the 3rd quarter valued at $86,000. Hedge funds and other institutional investors own 80.58% of the company’s stock.

AvidXchange Company Profile

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.