AvidXchange (NASDAQ:AVDX) Given New $11.00 Price Target at Keefe, Bruyette & Woods

AvidXchange (NASDAQ:AVDX) had its price objective decreased by Keefe, Bruyette & Woods from $12.00 to $11.00 in a research note released on Monday,Benzinga reports. Keefe, Bruyette & Woods currently has a market perform rating on the stock.

A number of other brokerages have also commented on AVDX. BMO Capital Markets increased their price objective on AvidXchange from $10.00 to $11.00 and gave the company a “market perform” rating in a report on Friday, November 8th. Bank of America lowered their price target on AvidXchange from $12.00 to $8.00 and set an “underperform” rating on the stock in a report on Tuesday, October 15th. Piper Sandler boosted their price objective on shares of AvidXchange from $9.00 to $10.00 and gave the stock a “neutral” rating in a research note on Thursday, November 7th. Barclays raised their target price on shares of AvidXchange from $11.00 to $13.00 and gave the company an “overweight” rating in a research note on Monday, November 18th. Finally, KeyCorp boosted their target price on shares of AvidXchange from $12.00 to $13.00 and gave the stock an “overweight” rating in a research report on Thursday, December 5th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $11.61.

AvidXchange Trading Down 3.9 %

AvidXchange stock opened at $10.27 on Monday. AvidXchange has a one year low of $7.38 and a one year high of $13.56. The company’s fifty day moving average price is $10.48 and its two-hundred day moving average price is $9.73. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.32 and a quick ratio of 1.32. The company has a market capitalization of $2.11 billion, a price-to-earnings ratio of 518.50 and a beta of 1.22.

Insider Buying and Selling at AvidXchange

In other news, Director James E. Hausman sold 25,000 shares of the business’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $11.25, for a total transaction of $281,250.00. Following the sale, the director now directly owns 2,112,232 shares in the company, valued at approximately $23,762,610. The trade was a 1.17 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, 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 value 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 approximately $3,171,193.74. This trade represents a 1.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 88,120 shares of company stock valued at $980,407 in the last quarter. Corporate insiders own 10.40% of the company’s stock.

Institutional Trading of AvidXchange

A number of institutional investors and hedge funds have recently added to or reduced their stakes in AVDX. Captrust Financial Advisors boosted its holdings in AvidXchange by 9.2% during the third quarter. Captrust Financial Advisors now owns 17,350 shares of the company’s stock valued at $141,000 after purchasing an additional 1,465 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its position in shares of AvidXchange by 29.6% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 13,211 shares of the company’s stock worth $107,000 after buying an additional 3,019 shares during the period. Principal Financial Group Inc. boosted its stake in AvidXchange by 17.1% in the 2nd quarter. Principal Financial Group Inc. now owns 23,479 shares of the company’s stock valued at $283,000 after buying an additional 3,421 shares in the last quarter. Point72 DIFC Ltd bought a new stake in AvidXchange in the third quarter valued at $37,000. Finally, Allspring Global Investments Holdings LLC acquired a new position in AvidXchange during the third quarter worth $38,000. Institutional investors own 80.58% of the company’s stock.

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.