AvidXchange (NASDAQ:AVDX) Now Covered by BTIG Research

Equities researchers at BTIG Research initiated coverage on shares of AvidXchange (NASDAQ:AVDX) in a note issued to investors on Wednesday. The firm set a “buy” rating and a $14.00 price target on the stock. BTIG Research’s price objective suggests a potential upside of 26.01% from the company’s previous close.

Several other brokerages also recently commented on AVDX. Keefe, Bruyette & Woods raised their price target on shares of AvidXchange from $10.00 to $12.00 and gave the company a “market perform” rating in a report on Monday. BMO Capital Markets boosted their target price on AvidXchange from $10.00 to $11.00 and gave the stock a “market perform” rating in a research report on Friday, November 8th. Wells Fargo & Company raised their price target on AvidXchange from $9.00 to $10.00 and gave the company an “equal weight” rating in a report on Thursday, November 7th. UBS Group boosted their price objective on AvidXchange from $10.00 to $10.50 and gave the stock a “neutral” rating in a report on Thursday, November 7th. Finally, JPMorgan Chase & Co. downgraded shares of AvidXchange from an “overweight” rating to a “neutral” rating and lowered their target price for the company from $11.00 to $9.00 in a research note on Tuesday, August 20th. Two analysts have rated the stock with a sell rating, six have given a hold rating and six have issued a buy rating to the company. According to MarketBeat, AvidXchange has an average rating of “Hold” and a consensus price target of $11.68.

AvidXchange Price Performance

AVDX stock opened at $11.11 on Wednesday. The firm has a 50 day moving average of $9.50 and a 200-day moving average of $9.73. The firm has a market capitalization of $2.29 billion, a P/E ratio of 578.00 and a beta of 1.19. AvidXchange has a 12 month low of $7.38 and a 12 month high of $13.56. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.11.

Insider Transactions at AvidXchange

In other news, insider Ryan Stahl sold 7,427 shares of AvidXchange stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $8.58, for a total value of $63,723.66. Following the transaction, the insider now owns 369,603 shares in the company, valued at approximately $3,171,193.74. The trade was a 1.97 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Michael Praeger sold 42,377 shares of the stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $11.40, for a total value 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 disclosure for this sale can be found here. In the last ninety days, insiders sold 73,390 shares of company stock worth $781,698. 10.40% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. SG Americas Securities LLC boosted its position in AvidXchange by 2.9% during the 2nd quarter. SG Americas Securities LLC now owns 29,813 shares of the company’s stock valued at $360,000 after buying an additional 835 shares during the period. Assenagon Asset Management S.A. purchased a new stake in shares of AvidXchange during the second quarter worth about $557,000. Principal Financial Group Inc. boosted its holdings in shares of 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 purchasing an additional 3,421 shares during the period. nVerses Capital LLC bought a new stake in shares of AvidXchange in the second quarter worth about $66,000. Finally, Rhumbline Advisers increased its holdings in AvidXchange by 15.2% during the 2nd quarter. Rhumbline Advisers now owns 242,533 shares of the company’s stock valued at $2,925,000 after purchasing an additional 32,085 shares during the period. Institutional investors own 80.58% of the company’s stock.

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.