AvidXchange Holdings, Inc. (NASDAQ:AVDX) Receives Consensus Rating of “Hold” from Analysts

AvidXchange Holdings, Inc. (NASDAQ:AVDX) has earned an average recommendation of “Hold” from the fourteen research firms that are presently covering the firm, MarketBeat Ratings reports. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and six have given a buy rating to the company. The average twelve-month price objective among analysts that have issued ratings on the stock in the last year is $11.61.

A number of research analysts have recently weighed in on the stock. Compass Point upgraded shares of AvidXchange from a “neutral” rating to a “buy” rating and raised their price target for the company from $8.00 to $15.00 in a report on Thursday, November 7th. 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. Keefe, Bruyette & Woods decreased their price target on AvidXchange from $12.00 to $11.00 and set a “market perform” rating for the company in a research note on Monday, January 6th. UBS Group raised their price objective on AvidXchange from $10.00 to $10.50 and gave the company a “neutral” rating in a research note on Thursday, November 7th. Finally, Piper Sandler upped their price objective on shares of AvidXchange from $9.00 to $10.00 and gave the stock a “neutral” rating in a report on Thursday, November 7th.

AvidXchange Stock Up 0.9 %

Shares of AvidXchange stock opened at $10.51 on Friday. The firm has a market cap of $2.16 billion, a price-to-earnings ratio of 518.50 and a beta of 1.22. The stock has a 50-day simple moving average of $10.69 and a 200-day simple moving average of $9.58. AvidXchange has a 52-week low of $7.38 and a 52-week high of $13.56. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.32 and a quick ratio of 1.32.

Insiders Place Their Bets

In related news, Director James E. Hausman sold 25,000 shares of the stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $11.25, for a total value of $281,250.00. Following the completion of the transaction, the director now owns 2,112,232 shares of the company’s stock, valued at $23,762,610. This represents a 1.17 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Teresa Mackintosh sold 13,316 shares of AvidXchange stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $11.44, for a total value of $152,335.04. Following the sale, the director now directly owns 47,388 shares in the company, valued at $542,118.72. The trade was a 21.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 80,693 shares of company stock worth $916,683. 10.40% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On AvidXchange

Hedge funds and other institutional investors have recently modified their holdings of the stock. Envestnet Asset Management Inc. raised its stake in AvidXchange by 3.2% during the second quarter. Envestnet Asset Management Inc. now owns 310,999 shares of the company’s stock worth $3,751,000 after acquiring an additional 9,585 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of AvidXchange by 5.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 4,317,134 shares of the company’s stock worth $52,062,000 after purchasing an additional 230,777 shares in the last quarter. Sei Investments Co. lifted its holdings in AvidXchange by 7.2% during the 2nd quarter. Sei Investments Co. now owns 72,153 shares of the company’s stock valued at $870,000 after purchasing an additional 4,866 shares during the last quarter. Xponance Inc. acquired a new position in AvidXchange in the second quarter valued at about $133,000. Finally, Squarepoint Ops LLC bought a new stake in AvidXchange during the second quarter worth about $2,423,000. Institutional investors own 80.58% of the company’s stock.

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.