AvidXchange (NASDAQ:AVDX) Given New $10.50 Price Target at UBS Group

AvidXchange (NASDAQ:AVDX) had its price objective upped by analysts at UBS Group from $10.00 to $10.50 in a research note issued on Thursday, Benzinga reports. The firm presently has a “neutral” rating on the stock. UBS Group’s price objective indicates a potential upside of 5.95% from the company’s current price.

Several other equities research analysts have also weighed in on AVDX. Keefe, Bruyette & Woods lifted their price objective on AvidXchange from $9.00 to $10.00 and gave the stock a “market perform” rating in a report on Thursday. JPMorgan Chase & Co. downgraded AvidXchange from an “overweight” rating to a “neutral” rating and cut their target price for the stock from $11.00 to $9.00 in a research note on Tuesday, August 20th. Piper Sandler lifted their price target on AvidXchange from $9.00 to $10.00 and gave the company a “neutral” rating in a research report on Thursday. The Goldman Sachs Group decreased their price objective on AvidXchange from $9.00 to $7.00 and set a “sell” rating on the stock in a report on Monday, October 14th. Finally, Bank of America decreased their price target on AvidXchange from $12.00 to $8.00 and set an “underperform” rating on the stock in a research note on Tuesday, October 15th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $10.96.

AvidXchange Stock Up 2.4 %

NASDAQ AVDX traded up $0.23 on Thursday, reaching $9.91. The company had a trading volume of 512,315 shares, compared to its average volume of 2,062,051. AvidXchange has a 52-week low of $7.38 and a 52-week high of $13.56. The stock has a market capitalization of $2.06 billion, a P/E ratio of -165.00 and a beta of 1.00. The company’s fifty day moving average is $8.10 and its 200 day moving average is $9.84. The company has a quick ratio of 1.36, a current ratio of 1.36 and a debt-to-equity ratio of 0.19.

Insiders Place Their Bets

In other news, President Daniel Drees sold 20,069 shares of the company’s stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $7.98, for a total value of $160,150.62. Following the completion of the transaction, the president now owns 753,644 shares of the company’s stock, valued at $6,014,079.12. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, President Daniel Drees sold 20,069 shares of the stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $7.98, for a total transaction of $160,150.62. Following the completion of the transaction, the president now directly owns 753,644 shares of the company’s stock, valued at approximately $6,014,079.12. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Ryan Stahl sold 7,427 shares of the 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 transaction, the insider now directly owns 369,603 shares of the company’s stock, valued at approximately $3,171,193.74. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 166,386 shares of company stock worth $1,343,044 over the last quarter. 10.40% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of AVDX. SG Americas Securities LLC increased its holdings in shares of AvidXchange by 84.9% in the 1st quarter. SG Americas Securities LLC now owns 28,978 shares of the company’s stock valued at $381,000 after acquiring an additional 13,302 shares during the period. Lisanti Capital Growth LLC raised its position in AvidXchange by 58.3% during the first quarter. Lisanti Capital Growth LLC now owns 167,715 shares of the company’s stock worth $2,205,000 after acquiring an additional 61,795 shares during the period. TimesSquare Capital Management LLC raised its position in shares of AvidXchange by 6.8% in the first quarter. TimesSquare Capital Management LLC now owns 1,970,837 shares of the company’s stock valued at $25,917,000 after buying an additional 124,988 shares during the last quarter. Swiss National Bank raised its position in shares of AvidXchange by 7.4% in the first quarter. Swiss National Bank now owns 320,900 shares of the company’s stock valued at $4,220,000 after buying an additional 22,100 shares during the last quarter. Finally, Susquehanna Fundamental Investments LLC acquired a new stake in shares of AvidXchange in the first quarter valued at about $1,848,000. 80.58% of the stock is currently owned by hedge funds and other 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.