Wells Fargo & Company Raises AvidXchange (NASDAQ:AVDX) Price Target to $10.00

AvidXchange (NASDAQ:AVDX) had its target price hoisted by Wells Fargo & Company from $9.00 to $10.00 in a research note released on Thursday morning, Benzinga reports. The firm currently has an equal weight rating on the stock.

AVDX has been the topic of several other research reports. UBS Group started coverage on shares of AvidXchange in a report on Friday, October 20th. They issued a buy rating and a $11.50 target price on the stock. Susquehanna dropped their target price on shares of AvidXchange from $15.00 to $11.00 and set a positive rating on the stock in a report on Tuesday, November 7th. Morgan Stanley restated an equal weight rating and issued a $11.00 target price on shares of AvidXchange in a report on Friday, August 4th. Finally, Piper Sandler restated an overweight rating and issued a $12.00 target price on shares of AvidXchange in a report on Thursday. Two analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of Moderate Buy and an average price target of $12.33.

AvidXchange Trading Down 1.5 %

Shares of AVDX stock opened at $9.33 on Thursday. AvidXchange has a 12-month low of $6.88 and a 12-month high of $12.75. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.21. The firm’s 50 day moving average is $9.19 and its 200 day moving average is $9.79. The stock has a market capitalization of $1.89 billion, a P/E ratio of -27.44 and a beta of 0.65.

Insider Activity

In other news, President Daniel Drees sold 11,270 shares of the firm’s stock in a transaction on Tuesday, August 15th. The shares were sold at an average price of $10.09, for a total transaction of $113,714.30. Following the sale, the president now directly owns 504,889 shares in the company, valued at approximately $5,094,330.01. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other AvidXchange news, insider Joel Wilhite sold 12,880 shares of AvidXchange stock in a transaction on Tuesday, August 15th. The shares were sold at an average price of $10.09, for a total value of $129,959.20. Following the sale, the insider now directly owns 359,022 shares in the company, valued at approximately $3,622,531.98. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, President Daniel Drees sold 11,270 shares of AvidXchange stock in a transaction on Tuesday, August 15th. The shares were sold at an average price of $10.09, for a total transaction of $113,714.30. Following the completion of the sale, the president now owns 504,889 shares in the company, valued at $5,094,330.01. The disclosure for this sale can be found here. Insiders have sold 109,501 shares of company stock worth $1,101,887 in the last three months. Company insiders own 10.30% of the company’s stock.

Institutional Trading of AvidXchange

Institutional investors and hedge funds have recently bought and sold shares of the stock. Quarry LP bought a new stake in AvidXchange in the 1st quarter valued at $58,000. Russell Investments Group Ltd. bought a new stake in shares of AvidXchange in the 2nd quarter worth about $65,000. Ensign Peak Advisors Inc bought a new stake in shares of AvidXchange in the 3rd quarter worth about $78,000. Price T Rowe Associates Inc. MD bought a new stake in shares of AvidXchange in the 2nd quarter worth about $86,000. Finally, MQS Management LLC bought a new stake in shares of AvidXchange in the 1st quarter worth about $94,000. 70.42% of the stock is currently owned by institutional investors.

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 Cashflow manager that provides cash management solutions.