Analysts Set AvidXchange Holdings, Inc. (NASDAQ:AVDX) PT at $11.68

AvidXchange Holdings, Inc. (NASDAQ:AVDX) has earned an average rating of “Hold” from the fourteen research firms that are presently covering the company, MarketBeat Ratings reports. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and six have assigned a buy rating to the company. The average twelve-month price target among brokerages that have covered the stock in the last year is $11.68.

Several equities research analysts have commented on the company. BMO Capital Markets upped their price target on AvidXchange from $10.00 to $11.00 and gave the stock a “market perform” rating in a research note on Friday, November 8th. The Goldman Sachs Group lifted their target price on shares of AvidXchange from $9.00 to $10.00 and gave the company a “sell” rating in a report on Monday, December 2nd. UBS Group increased their price target on AvidXchange from $10.00 to $10.50 and gave the company a “neutral” rating in a report on Thursday, November 7th. BTIG Research started coverage on AvidXchange in a research note on Wednesday, December 11th. They set a “buy” rating and a $14.00 price objective on the stock. Finally, Wells Fargo & Company raised their target price on AvidXchange from $9.00 to $10.00 and gave the company an “equal weight” rating in a report on Thursday, November 7th.

Insider Activity

In related news, Director Teresa Mackintosh sold 13,316 shares of the stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $11.44, for a total transaction of $152,335.04. Following the sale, the director now owns 47,388 shares in the company, valued at $542,118.72. This represents a 21.94 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Ryan Stahl sold 7,427 shares of AvidXchange stock in a transaction that occurred on Wednesday, October 16th. The shares were 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 owns 369,603 shares of the company’s stock, valued at approximately $3,171,193.74. The trade was a 1.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 88,120 shares of company stock worth $980,407. 10.40% of the stock is currently owned by corporate insiders.

Institutional Trading of AvidXchange

A number of institutional investors and hedge funds have recently made changes to their positions in AVDX. FMR LLC grew its stake in AvidXchange by 272.5% during the 3rd quarter. FMR LLC now owns 13,733,769 shares of the company’s stock worth $111,381,000 after buying an additional 10,046,893 shares during the last quarter. Jacobs Levy Equity Management Inc. bought a new position in shares of AvidXchange during the third quarter worth about $25,339,000. American Century Companies Inc. increased its holdings in shares of AvidXchange by 54.2% in the 2nd quarter. American Century Companies Inc. now owns 4,515,719 shares of the company’s stock worth $54,460,000 after acquiring an additional 1,586,510 shares during the period. Point72 Asset Management L.P. bought a new stake in AvidXchange in the 3rd quarter valued at about $7,920,000. Finally, Providence Capital Advisors LLC boosted its stake in AvidXchange by 709.6% during the 3rd quarter. Providence Capital Advisors LLC now owns 649,565 shares of the company’s stock valued at $5,268,000 after purchasing an additional 569,328 shares during the period. 80.58% of the stock is currently owned by institutional investors and hedge funds.

AvidXchange Trading Up 3.1 %

AVDX stock opened at $10.69 on Wednesday. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.11. The company has a market cap of $2.20 billion, a price-to-earnings ratio of 511.00 and a beta of 1.20. The business has a fifty day simple moving average of $10.48 and a 200-day simple moving average of $9.74. AvidXchange has a 52 week low of $7.38 and a 52 week high of $13.56.

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.