AvidXchange (NASDAQ:AVDX) Given Sell Rating at The Goldman Sachs Group

The Goldman Sachs Group reiterated their sell rating on shares of AvidXchange (NASDAQ:AVDX) in a research report report published on Monday morning, Marketbeat reports. They currently have a $11.50 target price on the stock, down from their previous target price of $13.00.

Several other equities research analysts have also recently commented on AVDX. Keefe, Bruyette & Woods began coverage on AvidXchange in a research note on Tuesday, April 9th. They issued a market perform rating and a $13.50 target price on the stock. Barclays upped their price objective on AvidXchange from $13.00 to $14.00 and gave the stock an overweight rating in a research note on Friday, December 22nd. BMO Capital Markets upped their price objective on AvidXchange from $11.00 to $13.00 and gave the stock a market perform rating in a research note on Thursday, February 29th. JPMorgan Chase & Co. upped their price objective on AvidXchange from $14.00 to $15.00 and gave the stock an overweight rating in a research note on Thursday, February 29th. Finally, Piper Sandler dropped their price objective on AvidXchange from $14.00 to $12.00 and set a neutral rating on the stock in a research note on Friday. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, AvidXchange currently has a consensus rating of Hold and a consensus price target of $13.07.

AvidXchange Trading Down 4.3 %

NASDAQ AVDX opened at $11.14 on Monday. The stock has a market capitalization of $2.28 billion, a price-to-earnings ratio of -48.43 and a beta of 1.04. The stock’s 50 day moving average price is $12.45 and its two-hundred day moving average price is $11.10. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.25 and a current ratio of 1.25. 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 27,384 shares of the business’s stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $13.15, for a total transaction of $360,099.60. Following the transaction, the insider now directly owns 327,100 shares of the company’s stock, valued at approximately $4,301,365. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other AvidXchange news, insider Joel Wilhite sold 27,384 shares of the company’s stock in a transaction on Friday, March 1st. The stock was sold at an average price of $13.15, for a total value of $360,099.60. Following the transaction, the insider now directly owns 327,100 shares of the company’s stock, valued at approximately $4,301,365. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Matthew C. Harris sold 2,500,000 shares of the company’s stock in a transaction on Thursday, February 29th. The shares were sold at an average price of $13.03, for a total value of $32,575,000.00. Following the completion of the transaction, the director now directly owns 9,139,898 shares in the company, valued at $119,092,870.94. The disclosure for this sale can be found here. In the last three months, insiders have sold 3,010,167 shares of company stock valued at $39,077,190. 10.30% of the stock is owned by insiders.

Institutional Trading of AvidXchange

Large investors have recently modified their holdings of the stock. Millennium Management LLC increased its position in shares of AvidXchange by 63.4% in 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 increased its position in shares of AvidXchange by 26.3% in 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. increased 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 worth $111,409,000 after purchasing an additional 2,160,242 shares during the period. State Street Corp increased 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 worth $14,240,000 after purchasing an additional 1,870,942 shares during the period. Finally, North Reef Capital Management LP increased 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 worth $42,755,000 after purchasing an additional 1,768,120 shares during the period. 80.58% of the stock is owned by institutional investors and hedge funds.

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 the AvidXchange Supplier Hub, which provides supplier insights to cash flow, tools for in-network invoices and payments, and early payment feature.