Analysts Set AvidXchange Holdings, Inc. (NASDAQ:AVDX) Target Price at $11.35

AvidXchange Holdings, Inc. (NASDAQ:AVDX) has received a consensus rating of “Hold” from the thirteen analysts that are currently covering the firm, Marketbeat.com reports. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have assigned a buy rating to the company. The average 1 year target price among brokerages that have issued ratings on the stock in the last year is $11.50.

A number of brokerages have issued reports on AVDX. Bank of America reduced their price objective on shares of AvidXchange from $12.00 to $8.00 and set an “underperform” rating on the stock in a research note on Tuesday, October 15th. Keefe, Bruyette & Woods increased their price target on shares of AvidXchange from $10.00 to $12.00 and gave the stock a “market perform” rating in a research report on Monday. Barclays boosted their price objective on shares of AvidXchange from $11.00 to $13.00 and gave the company an “overweight” rating in a research report on Monday, November 18th. BMO Capital Markets raised their target price on AvidXchange from $10.00 to $11.00 and gave the company a “market perform” rating in a report on Friday, November 8th. Finally, JPMorgan Chase & Co. lowered AvidXchange from an “overweight” rating to a “neutral” rating and decreased their price target for the company from $11.00 to $9.00 in a research note on Tuesday, August 20th.

Insider Transactions at AvidXchange

In related news, insider Ryan Stahl sold 7,427 shares of the firm’s stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $8.58, for a total transaction of $63,723.66. Following the completion of the transaction, the insider now directly owns 369,603 shares of the company’s stock, valued at $3,171,193.74. This trade represents a 1.97 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Michael Praeger sold 42,377 shares of the company’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $11.40, for a total value of $483,097.80. Following the completion of the sale, the chief executive officer now owns 10,381,033 shares in the company, valued at $118,343,776.20. This trade represents a 0.41 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 60,074 shares of company stock worth $629,363. Insiders own 10.40% of the company’s stock.

Institutional Trading of AvidXchange

A number of institutional investors have recently bought and sold shares of AVDX. FMR LLC increased its stake in shares of AvidXchange by 272.5% in the 3rd quarter. FMR LLC now owns 13,733,769 shares of the company’s stock valued at $111,381,000 after acquiring an additional 10,046,893 shares in the last quarter. Jacobs Levy Equity Management Inc. bought a new stake in AvidXchange in the third quarter valued at $25,339,000. American Century Companies Inc. raised its holdings in shares of AvidXchange by 54.2% during the second quarter. American Century Companies Inc. now owns 4,515,719 shares of the company’s stock valued at $54,460,000 after purchasing an additional 1,586,510 shares during the period. Point72 Asset Management L.P. bought a new position in shares of AvidXchange during the 3rd quarter worth about $7,920,000. Finally, Providence Capital Advisors LLC grew its stake in shares of AvidXchange by 709.6% in the 3rd quarter. Providence Capital Advisors LLC now owns 649,565 shares of the company’s stock valued at $5,268,000 after buying an additional 569,328 shares during the period. Institutional investors own 80.58% of the company’s stock.

AvidXchange Stock Performance

NASDAQ:AVDX opened at $11.18 on Friday. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.32 and a current ratio of 1.32. AvidXchange has a fifty-two week low of $7.38 and a fifty-two week high of $13.56. The company has a market cap of $2.30 billion, a price-to-earnings ratio of 578.00 and a beta of 1.19. The stock has a fifty day moving average price of $9.50 and a 200-day moving average price of $9.73.

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.