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

Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) have earned an average rating of “Hold” from the fourteen research firms that are presently covering the stock, MarketBeat Ratings reports. Two research analysts have rated the stock with a sell recommendation, six have issued a hold recommendation and six have given a buy recommendation to the company. The average 1 year target price among brokers that have updated their coverage on the stock in the last year is $11.61.

A number of research analysts have recently issued reports on AVDX shares. UBS Group lifted their price objective on shares of AvidXchange from $10.00 to $10.50 and gave the company a “neutral” rating in a report on Thursday, November 7th. Compass Point upgraded AvidXchange from a “neutral” rating to a “buy” rating and lifted their price target for the company from $8.00 to $15.00 in a research note on Thursday, November 7th. Keefe, Bruyette & Woods lowered their price objective 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. KeyCorp lifted their target price on AvidXchange from $12.00 to $13.00 and gave the company an “overweight” rating in a research report on Thursday, December 5th. Finally, The Goldman Sachs Group increased their price target on AvidXchange from $9.00 to $10.00 and gave the company a “sell” rating in a research report on Monday, December 2nd.

AvidXchange Price Performance

Shares of AVDX opened at $9.77 on Thursday. The stock has a market cap of $2.01 billion, a P/E ratio of 502.50 and a beta of 1.22. The business’s fifty day moving average is $10.41 and its 200 day moving average is $9.38. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.11. AvidXchange has a 12-month low of $7.38 and a 12-month high of $13.56.

Insider Activity at AvidXchange

In related news, 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 transaction of $483,097.80. Following the sale, the chief executive officer now owns 10,381,033 shares of the company’s stock, valued at $118,343,776.20. This represents a 0.41 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Teresa Mackintosh sold 13,316 shares of AvidXchange stock in a transaction on Friday, December 6th. The stock was sold at an average price of $11.44, for a total transaction of $152,335.04. Following the completion of the transaction, the director now directly owns 47,388 shares of the company’s stock, 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. Over the last three months, insiders sold 80,693 shares of company stock valued at $916,683. Insiders own 10.40% of the company’s stock.

Institutional Investors Weigh In On AvidXchange

A number of institutional investors and hedge funds have recently modified their holdings of AVDX. Blue Trust Inc. increased its stake in AvidXchange by 90.1% in the fourth quarter. Blue Trust Inc. now owns 2,697 shares of the company’s stock worth $28,000 after purchasing an additional 1,278 shares during the period. R Squared Ltd bought a new position in shares of AvidXchange in the fourth quarter worth about $41,000. Point72 DIFC Ltd purchased a new position in AvidXchange in the 3rd quarter worth about $37,000. Allspring Global Investments Holdings LLC bought a new stake in AvidXchange during the 3rd quarter valued at about $38,000. Finally, Quarry LP boosted its position in AvidXchange by 126.6% in the 4th quarter. Quarry LP now owns 5,518 shares of the company’s stock valued at $57,000 after buying an additional 3,083 shares during the period. 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.