AvidXchange (NASDAQ:AVDX) Receives “Sell” Rating from The Goldman Sachs Group

The Goldman Sachs Group reiterated their sell rating on shares of AvidXchange (NASDAQ:AVDX) in a research note published on Monday, Marketbeat.com reports. The brokerage currently has a $11.50 price target on the stock, down from their prior price target of $13.00.

Several other analysts also recently commented on the stock. Keefe, Bruyette & Woods assumed coverage on shares of AvidXchange in a research report on Tuesday, April 9th. They set a market perform rating and a $13.50 price objective on the stock. Piper Sandler cut their price objective on shares of AvidXchange from $14.00 to $12.00 and set a neutral rating on the stock in a research report on Friday, April 12th. Barclays upped their target price on shares of AvidXchange from $13.00 to $14.00 and gave the company an overweight rating in a research note on Friday, December 22nd. Susquehanna upped their target price on shares of AvidXchange from $15.00 to $16.00 and gave the company a positive rating in a research note on Thursday, February 29th. Finally, JPMorgan Chase & Co. upped their target price on shares of AvidXchange from $14.00 to $15.00 and gave the company an overweight rating in a research note on Thursday, February 29th. One analyst has rated the stock with a sell rating, five have given a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, AvidXchange presently has a consensus rating of Hold and a consensus price target of $13.07.

AvidXchange Stock Performance

Shares of AVDX stock opened at $11.52 on Monday. AvidXchange has a one year low of $6.88 and a one year high of $13.56. The company’s 50-day moving average is $12.43 and its 200 day moving average is $11.12. The company has a market capitalization of $2.35 billion, a price-to-earnings ratio of -50.08 and a beta of 1.04. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.25 and a current ratio of 1.25.

Insider Transactions at AvidXchange

In other AvidXchange news, President Daniel Drees sold 38,900 shares of AvidXchange stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $13.15, for a total transaction of $511,535.00. Following the transaction, the president now owns 501,394 shares of the company’s stock, valued at $6,593,331.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other AvidXchange news, insider Todd Alan Cunningham sold 11,340 shares of the firm’s stock in a transaction dated Wednesday, February 28th. The stock was sold at an average price of $13.00, for a total transaction of $147,420.00. Following the sale, the insider now directly owns 173,019 shares of the company’s stock, valued at $2,249,247. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, President Daniel Drees sold 38,900 shares of the firm’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $13.15, for a total value of $511,535.00. Following the sale, the president now directly owns 501,394 shares in the company, valued at $6,593,331.10. The disclosure for this sale can be found here. Insiders have sold 3,010,167 shares of company stock valued at $39,077,190 over the last quarter. 10.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On AvidXchange

A number of institutional investors and hedge funds have recently bought and sold shares of AVDX. Millennium Management LLC grew its position in shares of AvidXchange by 63.4% during the fourth quarter. Millennium Management LLC now owns 7,858,752 shares of the company’s stock valued at $78,116,000 after purchasing an additional 3,048,717 shares in the last quarter. Senvest Management LLC grew its position in shares of AvidXchange by 26.3% during the third quarter. Senvest Management LLC now owns 12,298,226 shares of the company’s stock valued at $116,587,000 after purchasing an additional 2,563,886 shares in the last quarter. Vanguard Group Inc. grew its position in shares of AvidXchange by 19.5% during the third quarter. Vanguard Group Inc. now owns 13,231,439 shares of the company’s stock valued at $111,409,000 after purchasing an additional 2,160,242 shares in the last quarter. State Street Corp grew its position in shares of AvidXchange by 417.4% during the second quarter. State Street Corp now owns 2,319,230 shares of the company’s stock valued at $14,240,000 after purchasing an additional 1,870,942 shares in the last quarter. Finally, North Reef Capital Management LP grew its position in shares of AvidXchange by 64.5% during the third quarter. North Reef Capital Management LP now owns 4,510,000 shares of the company’s stock valued at $42,755,000 after purchasing an additional 1,768,120 shares in the last quarter. 80.58% of the stock is owned by 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.