AvidXchange (NASDAQ:AVDX) Stock Rating Upgraded by Zacks Investment Research

AvidXchange (NASDAQ:AVDX – Get Rating) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Thursday, Zacks.com reports.

According to Zacks, “AvidXchange Holdings Inc. is a provider of accounts payable automation software and payment solutions for middle market businesses and suppliers. The company’s software-as-a-service-based, end-to-end software and payment platform digitizes and automates the AP workflows for businesses and supplier. AvidXchange Holdings Inc. is based in CHARLOTTE, N.C. “

A number of other brokerages have also recently issued reports on AVDX. Piper Sandler dropped their target price on AvidXchange from $25.00 to $13.00 and set an “overweight” rating for the company in a report on Tuesday, March 8th. Credit Suisse Group dropped their price target on AvidXchange from $24.00 to $16.00 and set an “outperform” rating for the company in a report on Tuesday, March 8th. Sumitomo Mitsui Financial Group started coverage on AvidXchange in a report on Thursday, January 27th. They set an “outperform” rating and a $15.00 price target for the company. The Goldman Sachs Group cut AvidXchange from a “buy” rating to a “neutral” rating and dropped their price target for the company from $13.00 to $10.00 in a report on Friday, April 8th. Finally, KeyCorp dropped 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. Two analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Buy” and an average price target of 20.30.

Shares of AVDX traded up 0.02 during mid-day trading on Thursday, reaching 8.90. The company had a trading volume of 1,235,558 shares, compared to its average volume of 1,025,024. AvidXchange has a twelve month low of 6.50 and a twelve month high of 27.43. The company has a current ratio of 1.39, a quick ratio of 1.39 and a debt-to-equity ratio of 0.25. The stock’s 50-day moving average price is 8.84.

In related news, insider Michael Praeger purchased 69,500 shares of AvidXchange stock in a transaction dated Thursday, March 10th. The shares were acquired at an average cost of 7.11 per share, for a total transaction of 494,145.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

AvidXchange Company Profile (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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