AvidXchange (NASDAQ:AVDX) Sees Strong Trading Volume – Should You Buy?

Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) saw unusually-strong trading volume on Wednesday . Approximately 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.

Analyst Ratings Changes

A number of research analysts recently commented on AVDX shares. Compass Point upgraded AvidXchange from a “neutral” rating to a “buy” rating and raised their price target for the stock from $8.00 to $15.00 in a research report on Thursday, November 7th. UBS Group increased their price target on shares of AvidXchange from $10.00 to $10.50 and gave the stock a “neutral” rating in a research report on Thursday, November 7th. Piper Sandler boosted their price objective on shares of AvidXchange from $9.00 to $10.00 and gave the company a “neutral” rating in a research report on Thursday, November 7th. Keefe, Bruyette & Woods reduced their target price on AvidXchange from $12.00 to $11.00 and set a “market perform” rating on the stock in a report on Monday. Finally, BMO Capital Markets boosted their price target on AvidXchange from $10.00 to $11.00 and gave the stock a “market perform” rating in a report on Friday, November 8th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $11.61.

AvidXchange Price Performance

The business has a 50-day simple moving average of $10.64 and a 200 day simple moving average of $9.71. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.11. The stock has a market cap of $1.98 billion, a P/E ratio of 490.00 and a beta of 1.22.

Insider Activity

In other AvidXchange news, insider Ryan Stahl sold 7,427 shares of the firm’s stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $8.58, for a total value of $63,723.66. Following the completion of the sale, the insider now directly owns 369,603 shares of the company’s stock, valued at $3,171,193.74. This trade represents a 1.97 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Michael Praeger sold 42,377 shares of the company’s stock in a transaction 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 transaction, the chief executive officer now directly owns 10,381,033 shares in the company, valued at $118,343,776.20. This represents a 0.41 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 88,120 shares of company stock worth $980,407 over the last quarter. 10.40% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On AvidXchange

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Point72 DIFC Ltd bought a new position in shares of AvidXchange in the third quarter worth $37,000. Allspring Global Investments Holdings LLC bought a new stake in shares of AvidXchange during the third quarter valued at about $38,000. CWM LLC lifted its holdings in shares of AvidXchange by 7,259.8% in the third quarter. CWM LLC now owns 6,771 shares of the company’s stock worth $55,000 after buying an additional 6,679 shares in the last quarter. Y Intercept Hong Kong Ltd bought a new position in shares of AvidXchange in the third quarter valued at approximately $86,000. Finally, Arbor Investment Advisors LLC purchased a new position in AvidXchange during the third quarter valued at approximately $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.