Several other research firms also recently weighed in on AVDX. Piper Sandler reduced their price target on shares of AvidXchange from $25.00 to $13.00 and set an “overweight” rating for the company in a research report on Tuesday, March 8th. Credit Suisse Group reduced their target price on AvidXchange from $24.00 to $16.00 and set an “outperform” rating for the company in a report on Tuesday, March 8th. Zacks Investment Research raised AvidXchange from a “sell” rating to a “hold” rating in a research note on Wednesday, May 4th. The Goldman Sachs Group downgraded AvidXchange from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $13.00 to $10.00 in a research note on Friday, April 8th. Finally, Robert W. Baird began coverage on shares of AvidXchange in a research note on Tuesday, April 19th. They set an “outperform” rating and a $16.00 target price on the stock. Three equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Buy” and an average price target of 17.73.
AvidXchange stock opened at 8.14 on Monday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.39 and a current ratio of 1.39. The business has a 50 day simple moving average of 8.29 and a 200-day simple moving average of 13.47. AvidXchange has a 12 month low of 6.50 and a 12 month high of 27.43.
In other news, insider Michael Praeger purchased 69,500 shares of the stock in a transaction dated 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 acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink.
Hedge funds have recently added to or reduced their stakes in the company. Los Angeles Capital Management LLC purchased a new position in AvidXchange in the first quarter worth approximately $139,000. New York State Common Retirement Fund raised its position in AvidXchange by 102.3% in the first quarter. New York State Common Retirement Fund now owns 18,007 shares of the company’s stock valued at $145,000 after purchasing an additional 9,107 shares during the period. Victory Capital Management Inc. acquired a new position in shares of AvidXchange in the 1st quarter valued at $150,000. Envestnet Asset Management Inc. grew its holdings in shares of AvidXchange by 80.2% during the 1st quarter. Envestnet Asset Management Inc. now owns 19,378 shares of the company’s stock worth $156,000 after purchasing an additional 8,624 shares during the period. Finally, Signaturefd LLC increased its position in shares of AvidXchange by 33.3% during the 1st quarter. Signaturefd LLC now owns 8,000 shares of the company’s stock worth $64,000 after purchasing an additional 2,000 shares during the last quarter. 64.58% of the stock is currently owned by hedge funds and other institutional investors.
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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