AvidXchange (NASDAQ:AVDX) Now Covered by Analysts at Keefe, Bruyette & Woods

Keefe, Bruyette & Woods started coverage on shares of AvidXchange (NASDAQ:AVDX) in a research report report published on Tuesday morning, MarketBeat reports. The firm issued a market perform rating and a $13.50 target price on the stock.

Several other brokerages also recently commented on AVDX. Barclays raised their target price on shares of AvidXchange from $13.00 to $14.00 and gave the stock an overweight rating in a report on Friday, December 22nd. TheStreet upgraded shares of AvidXchange from a d+ rating to a c- rating in a report on Friday, December 15th. The Goldman Sachs Group lifted their price objective on shares of AvidXchange from $11.00 to $13.00 and gave the company a neutral rating in a report on Thursday, February 29th. JPMorgan Chase & Co. lifted their price objective on shares of AvidXchange from $14.00 to $15.00 and gave the company an overweight rating in a report on Thursday, February 29th. Finally, BMO Capital Markets lifted their price objective on shares of AvidXchange from $11.00 to $13.00 and gave the company a market perform rating in a report on Thursday, February 29th. Six analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of Hold and an average target price of $13.30.

AvidXchange Stock Performance

Shares of AVDX stock opened at $12.31 on Tuesday. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.25 and a current ratio of 1.25. The company has a market capitalization of $2.52 billion, a P/E ratio of -53.52 and a beta of 1.04. The company’s 50 day moving average price is $12.41 and its two-hundred day moving average price is $11.03. AvidXchange has a 52 week low of $6.88 and a 52 week high of $13.56.

Insider Buying and Selling

In related news, insider Joel Wilhite sold 136,158 shares of the business’s stock in a transaction on Friday, March 15th. The shares were sold at an average price of $12.28, for a total transaction of $1,672,020.24. Following the transaction, the insider now directly owns 454,878 shares in the company, valued at $5,585,901.84. The sale was disclosed in a filing with the SEC, which is available through this link. In related news, insider Joel Wilhite sold 136,158 shares of the business’s stock in a transaction on Friday, March 15th. The shares were sold at an average price of $12.28, for a total transaction of $1,672,020.24. Following the transaction, the insider now directly owns 454,878 shares in the company, valued at $5,585,901.84. The sale was disclosed in a filing with the SEC, which is available through this link. Also, President Daniel Drees sold 38,900 shares of AvidXchange stock in a transaction on Friday, March 1st. The stock was sold at an average price of $13.15, for a total transaction of $511,535.00. Following the transaction, the president now directly owns 501,394 shares of the company’s stock, valued at $6,593,331.10. The disclosure for this sale can be found here. Over the last three months, insiders have sold 3,010,167 shares of company stock worth $39,077,190. Insiders own 10.30% of the company’s stock.

Hedge Funds Weigh In On AvidXchange

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in AVDX. Millennium Management LLC boosted its position in AvidXchange by 63.4% during the fourth quarter. Millennium Management LLC now owns 7,858,752 shares of the company’s stock worth $78,116,000 after purchasing an additional 3,048,717 shares during the period. Senvest Management LLC boosted its position in AvidXchange by 26.3% during the third quarter. Senvest Management LLC now owns 12,298,226 shares of the company’s stock worth $116,587,000 after purchasing an additional 2,563,886 shares during the period. Vanguard Group Inc. boosted its position in shares of AvidXchange by 19.5% in the third quarter. Vanguard Group Inc. now owns 13,231,439 shares of the company’s stock valued at $111,409,000 after acquiring an additional 2,160,242 shares during the period. State Street Corp boosted its position in shares of AvidXchange by 417.4% in the second quarter. State Street Corp now owns 2,319,230 shares of the company’s stock valued at $14,240,000 after acquiring an additional 1,870,942 shares during the period. Finally, North Reef Capital Management LP boosted its position in shares of AvidXchange by 64.5% in the third quarter. North Reef Capital Management LP now owns 4,510,000 shares of the company’s stock valued at $42,755,000 after acquiring an additional 1,768,120 shares during the period. 80.58% of the stock is owned by institutional investors.

AvidXchange Company Profile

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.