AvidXchange (NASDAQ:AVDX) Price Target Raised to $13.00 at Barclays

AvidXchange (NASDAQ:AVDX) had its price target increased by investment analysts at Barclays from $11.00 to $13.00 in a research report issued on Monday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Barclays‘s target price points to a potential upside of 24.52% from the company’s previous close.

Other equities analysts have also recently issued research reports about the company. BMO Capital Markets lifted their target price on AvidXchange from $10.00 to $11.00 and gave the stock a “market perform” rating in a report on Friday, November 8th. Robert W. Baird lowered their target price on AvidXchange from $16.00 to $14.00 and set an “outperform” rating for the company in a report on Thursday, August 1st. Piper Sandler boosted their price target on AvidXchange from $9.00 to $10.00 and gave the stock a “neutral” rating in a research report on Thursday, November 7th. KeyCorp reduced their target price on AvidXchange from $15.00 to $12.00 and set an “overweight” rating on the stock in a research report on Thursday, August 1st. Finally, JPMorgan Chase & Co. downgraded AvidXchange from an “overweight” rating to a “neutral” rating and dropped their price target for the company from $11.00 to $9.00 in a research note on Tuesday, August 20th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $11.39.

AvidXchange Price Performance

Shares of AvidXchange stock opened at $10.44 on Monday. The stock has a market cap of $2.15 billion, a price-to-earnings ratio of 522.00 and a beta of 1.00. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.36 and a current ratio of 1.32. The stock has a 50 day moving average price of $8.44 and a 200-day moving average price of $9.76. AvidXchange has a one year low of $7.38 and a one year high of $13.56.

Insiders Place Their Bets

In other AvidXchange news, insider Ryan Stahl sold 7,427 shares of the stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $8.58, for a total transaction of $63,723.66. Following the completion of the transaction, the insider now owns 369,603 shares of the company’s stock, valued at $3,171,193.74. This represents a 1.97 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Joel Wilhite sold 47,308 shares of the stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $8.10, for a total value of $383,194.80. Following the completion of the sale, the insider now directly owns 413,687 shares of the company’s stock, valued at approximately $3,350,864.70. This represents a 10.26 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 166,386 shares of company stock worth $1,343,044. 10.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On AvidXchange

Several hedge funds and other institutional investors have recently made changes to their positions in AVDX. Point72 DIFC Ltd acquired a new stake in shares of AvidXchange in the third quarter valued at approximately $37,000. Allspring Global Investments Holdings LLC acquired a new stake in shares of AvidXchange in the third quarter valued at approximately $38,000. CWM LLC increased its holdings in shares of AvidXchange by 7,259.8% in the third quarter. CWM LLC now owns 6,771 shares of the company’s stock valued at $55,000 after purchasing an additional 6,679 shares during the last quarter. Advisors Asset Management Inc. increased its holdings in shares of AvidXchange by 96.3% in the first quarter. Advisors Asset Management Inc. now owns 4,309 shares of the company’s stock valued at $57,000 after purchasing an additional 2,114 shares during the last quarter. Finally, nVerses Capital LLC acquired a new stake in shares of AvidXchange in the second quarter valued at approximately $66,000. Institutional investors and hedge funds own 80.58% of the company’s stock.

About AvidXchange

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.