AvidXchange (NASDAQ:AVDX) Sees Large Volume Increase – What’s Next?

AvidXchange Holdings, Inc. (NASDAQ:AVDX) shares saw an uptick in trading volume on Wednesday . 2,082,750 shares changed hands during trading, an increase of 23% from the previous session’s volume of 1,695,284 shares.The stock last traded at $9.90 and had previously closed at $10.12.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on AVDX shares. KeyCorp boosted their price objective on AvidXchange from $12.00 to $13.00 and gave the company an “overweight” rating in a research report on Thursday, December 5th. Wells Fargo & Company upped their price target on shares of AvidXchange from $9.00 to $10.00 and gave the stock an “equal weight” rating in a research report on Thursday, November 7th. Bank of America cut their price objective on shares of AvidXchange from $12.00 to $8.00 and set an “underperform” rating on the stock in a research report on Tuesday, October 15th. Compass Point upgraded shares of AvidXchange from a “neutral” rating to a “buy” rating and upped their target price for the stock from $8.00 to $15.00 in a research report on Thursday, November 7th. Finally, BMO Capital Markets lifted their price target on AvidXchange from $10.00 to $11.00 and gave the company a “market perform” rating in a report on Friday, November 8th. 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’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $11.61.

AvidXchange Trading Down 3.5 %

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 stock has a market capitalization of $2.01 billion, a price-to-earnings ratio of 518.50 and a beta of 1.22. The business has a fifty day moving average of $10.55 and a 200-day moving average of $9.72.

Insider Activity at AvidXchange

In other AvidXchange news, CEO Michael Praeger sold 42,377 shares of AvidXchange stock in a transaction that occurred on 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 directly owns 10,381,033 shares in the company, valued at $118,343,776.20. The trade was a 0.41 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director James E. Hausman sold 25,000 shares of the stock in a transaction 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 transaction, the director now owns 2,112,232 shares in the company, valued at approximately $23,762,610. This trade represents a 1.17 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 88,120 shares of company stock worth $980,407 in the last quarter. 10.40% of the stock is owned by company insiders.

Institutional Investors Weigh In On AvidXchange

A number of large investors have recently bought and sold shares of the business. Point72 DIFC Ltd bought a new position in shares of AvidXchange in the third quarter valued at approximately $37,000. Allspring Global Investments Holdings LLC bought a new position in AvidXchange in the 3rd quarter worth $38,000. CWM LLC lifted its position in AvidXchange by 7,259.8% during the 3rd quarter. CWM LLC now owns 6,771 shares of the company’s stock worth $55,000 after acquiring an additional 6,679 shares during the last quarter. Y Intercept Hong Kong Ltd bought a new stake in AvidXchange during the third quarter valued at about $86,000. Finally, Arbor Investment Advisors LLC acquired a new stake in shares of AvidXchange in the third quarter valued at about $98,000. 80.58% of the stock is currently owned by institutional investors.

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.