AvidXchange (NASDAQ:AVDX) Price Target Raised to $12.00

AvidXchange (NASDAQ:AVDX) had its target price upped by equities research analysts at Keefe, Bruyette & Woods from $10.00 to $12.00 in a research report issued on Monday,Benzinga reports. The firm currently has a “market perform” rating on the stock. Keefe, Bruyette & Woods’ price objective points to a potential upside of 7.05% from the stock’s current price.

A number of other research firms have also weighed in on AVDX. Bank of America lowered their target price on AvidXchange from $12.00 to $8.00 and set an “underperform” rating for the company in a research note on Tuesday, October 15th. BMO Capital Markets raised their price target on shares of AvidXchange from $10.00 to $11.00 and gave the stock a “market perform” rating in a report on Friday, November 8th. Compass Point upgraded shares of AvidXchange from a “neutral” rating to a “buy” rating and increased their target price for the stock from $8.00 to $15.00 in a report on Thursday, November 7th. Barclays raised their target price on shares of AvidXchange from $11.00 to $13.00 and gave the stock an “overweight” rating in a research report on Monday, November 18th. 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. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, AvidXchange presently has an average rating of “Hold” and an average target price of $11.50.

AvidXchange Trading Down 3.0 %

NASDAQ:AVDX traded down $0.35 during trading hours on Monday, reaching $11.21. The company’s stock had a trading volume of 184,790 shares, compared to its average volume of 2,046,048. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.32 and a current ratio of 1.32. The firm has a market capitalization of $2.31 billion, a price-to-earnings ratio of 578.00 and a beta of 1.19. The firm has a 50-day simple moving average of $9.44 and a 200-day simple moving average of $9.73. AvidXchange has a 1 year low of $7.38 and a 1 year high of $13.56.

Insider Buying and Selling at AvidXchange

In related news, insider Ryan Stahl sold 7,427 shares of the stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $8.58, for a total transaction of $63,723.66. Following the completion of the sale, the insider now owns 369,603 shares in the company, valued at approximately $3,171,193.74. This trade represents a 1.97 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Michael Praeger sold 42,377 shares of the business’s stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $11.40, for a total transaction of $483,097.80. Following the completion of the transaction, the chief executive officer now directly owns 10,381,033 shares in the company, valued at $118,343,776.20. This trade represents a 0.41 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 60,074 shares of company stock worth $629,363 in the last three months. 10.40% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of AVDX. SG Americas Securities LLC lifted its position in shares of AvidXchange by 2.9% in the 2nd quarter. SG Americas Securities LLC now owns 29,813 shares of the company’s stock worth $360,000 after purchasing an additional 835 shares during the period. Captrust Financial Advisors raised its stake in AvidXchange by 9.2% in the third quarter. Captrust Financial Advisors now owns 17,350 shares of the company’s stock worth $141,000 after buying an additional 1,465 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its holdings in AvidXchange by 29.6% during the third 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. lifted its holdings in AvidXchange by 17.1% during the second quarter. Principal Financial Group Inc. now owns 23,479 shares of the company’s stock worth $283,000 after buying an additional 3,421 shares during the period. Finally, Point72 DIFC Ltd bought a new stake in AvidXchange during the 3rd quarter valued at $37,000. 80.58% of the stock is currently owned by hedge funds and other 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.