AvidXchange Holdings, Inc. (NASDAQ:AVDX) Receives $11.18 Consensus Price Target from Analysts

Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) have been given an average recommendation of “Hold” by the fourteen research firms that are covering the stock, Marketbeat Ratings reports. Two analysts have rated the stock with a sell rating, six have issued a hold rating and six have assigned a buy rating to the company. The average 1 year price target among brokers that have issued a report on the stock in the last year is $11.39.

Several brokerages recently weighed in on AVDX. The Goldman Sachs Group lifted their price target on AvidXchange from $7.00 to $9.00 and gave the company a “sell” rating in a research note on Thursday, November 7th. BMO Capital Markets upped their target price on AvidXchange from $10.00 to $11.00 and gave the stock a “market perform” rating in a research note on Friday, November 8th. JPMorgan Chase & Co. lowered AvidXchange from an “overweight” rating to a “neutral” rating and decreased their target price for the company from $11.00 to $9.00 in a research report on Tuesday, August 20th. Wells Fargo & Company boosted their price target on shares of AvidXchange from $9.00 to $10.00 and gave the stock an “equal weight” rating in a report on Thursday, November 7th. Finally, Piper Sandler increased their price objective on shares of AvidXchange from $9.00 to $10.00 and gave the company a “neutral” rating in a report on Thursday, November 7th.

Insider Activity at AvidXchange

In other AvidXchange news, insider Joel Wilhite sold 47,308 shares of the company’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $8.10, for a total value of $383,194.80. Following the completion of the sale, the insider now directly owns 413,687 shares in the company, valued at $3,350,864.70. This represents a 10.26 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Michael Praeger sold 6,701 shares of the firm’s stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $8.17, for a total value of $54,747.17. Following the completion of the sale, the chief executive officer now directly owns 10,410,983 shares of the company’s stock, valued at $85,057,731.11. This trade represents a 0.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 166,386 shares of company stock valued at $1,343,044. Corporate insiders own 10.40% of the company’s stock.

Institutional Investors Weigh In On AvidXchange

A number of hedge funds have recently modified their holdings of AVDX. SG Americas Securities LLC raised its stake in AvidXchange by 84.9% during the first quarter. SG Americas Securities LLC now owns 28,978 shares of the company’s stock worth $381,000 after purchasing an additional 13,302 shares during the period. Swiss National Bank raised its position in shares of AvidXchange by 7.4% during the 1st quarter. Swiss National Bank now owns 320,900 shares of the company’s stock valued at $4,220,000 after buying an additional 22,100 shares during the period. ProShare Advisors LLC lifted its holdings in AvidXchange by 9.7% in the first quarter. ProShare Advisors LLC now owns 27,135 shares of the company’s stock valued at $357,000 after acquiring an additional 2,396 shares during the last quarter. Natixis purchased a new position in AvidXchange in the first quarter worth approximately $203,000. Finally, Advisors Asset Management Inc. increased its stake in AvidXchange by 96.3% during the first quarter. Advisors Asset Management Inc. now owns 4,309 shares of the company’s stock worth $57,000 after acquiring an additional 2,114 shares during the last quarter. Hedge funds and other institutional investors own 80.58% of the company’s stock.

AvidXchange Stock Up 1.1 %

AVDX opened at $10.55 on Tuesday. The company has a fifty day moving average of $8.44 and a two-hundred day moving average of $9.76. The stock has a market capitalization of $2.17 billion, a price-to-earnings ratio of 522.00 and a beta of 1.00. AvidXchange has a fifty-two week low of $7.38 and a fifty-two week high of $13.56. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.36 and a current ratio of 1.32.

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.