AvidXchange (NASDAQ:AVDX) Receives New Coverage from Analysts at Robert W. Baird

Stock analysts at Robert W. Baird started coverage on shares of AvidXchange (NASDAQ:AVDXGet Rating) in a note issued to investors on Tuesday, The Fly reports. The firm set an “outperform” rating and a $16.00 price target on the stock.

AVDX has been the subject of several other reports. The Goldman Sachs Group cut AvidXchange from a “buy” rating to a “neutral” rating and dropped their target price for the company from $13.00 to $10.00 in a report on Friday, April 8th. KeyCorp lowered their price target on AvidXchange from $30.00 to $15.00 and set an “overweight” rating for the company in a report on Tuesday, January 25th. Zacks Investment Research upgraded AvidXchange from a “sell” rating to a “hold” rating in a report on Thursday, April 14th. Piper Sandler lowered their price target on AvidXchange from $25.00 to $13.00 and set an “overweight” rating for the company in a report on Tuesday, March 8th. Finally, Sumitomo Mitsui Financial Group initiated coverage on AvidXchange in a report on Thursday, January 27th. They set an “outperform” rating and a $15.00 price target for the company. Two analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of 20.30.

NASDAQ:AVDX traded up 0.23 during trading hours on Tuesday, hitting 8.88. The company had a trading volume of 51,339 shares, compared to its average volume of 1,016,575. The company has a quick ratio of 1.39, a current ratio of 1.39 and a debt-to-equity ratio of 0.25. The business’s 50-day moving average price is 8.95. AvidXchange has a 1 year low of 6.50 and a 1 year high of 27.43.

In other news, insider Michael Praeger bought 69,500 shares of the firm’s stock in a transaction that occurred on Thursday, March 10th. The shares were purchased at an average price of 7.11 per share, with a total value of 494,145.00. The transaction was disclosed in a filing with the SEC, which is available at this link.

About AvidXchange (Get Rating)

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 cash flow manager that provides cash management solutions.

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