Brokerages Set AvidXchange Holdings, Inc. (NASDAQ:AVDX) PT at $11.68

Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) have been assigned a consensus rating of “Hold” from the fourteen research firms that are presently covering the company, Marketbeat reports. Two research analysts have rated the stock with a sell recommendation, six have given a hold recommendation and six have issued a buy recommendation on the company. The average 1 year price target among brokerages that have issued a report on the stock in the last year is $11.68.

Several research firms have commented on AVDX. Compass Point raised shares of AvidXchange from a “neutral” rating to a “buy” rating and raised their target price for the company from $8.00 to $15.00 in a research note on Thursday, November 7th. Piper Sandler raised their price objective on shares of AvidXchange from $9.00 to $10.00 and gave the company a “neutral” rating in a research note on Thursday, November 7th. Bank of America cut their target price on AvidXchange from $12.00 to $8.00 and set an “underperform” rating for the company in a research report on Tuesday, October 15th. Barclays lifted their price target on AvidXchange from $11.00 to $13.00 and gave the company an “overweight” rating in a research report on Monday, November 18th. Finally, BMO Capital Markets upped their price objective on AvidXchange from $10.00 to $11.00 and gave the company a “market perform” rating in a report on Friday, November 8th.

AvidXchange Trading Up 3.1 %

NASDAQ:AVDX opened at $10.69 on Wednesday. AvidXchange has a 1 year low of $7.38 and a 1 year high of $13.56. The business has a fifty day moving average of $10.48 and a 200-day moving average of $9.74. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.32 and a current ratio of 1.32. The stock has a market cap of $2.20 billion, a price-to-earnings ratio of 511.00 and a beta of 1.20.

Insider Transactions at AvidXchange

In related news, Director Teresa Mackintosh sold 13,316 shares of the firm’s stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $11.44, for a total transaction of $152,335.04. Following the completion of the sale, the director now directly owns 47,388 shares in the company, valued at approximately $542,118.72. This trade represents a 21.94 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Ryan Stahl sold 7,427 shares of the stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $8.58, for a total transaction of $63,723.66. Following the completion of the sale, the insider now owns 369,603 shares of the company’s stock, valued at approximately $3,171,193.74. The trade was a 1.97 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 88,120 shares of company stock valued at $980,407 over the last ninety days. Corporate insiders own 10.40% of the company’s stock.

Hedge Funds Weigh In On AvidXchange

A number of hedge funds have recently added to or reduced their stakes in the company. Geode Capital Management LLC increased its stake in shares of AvidXchange by 5.0% during the 3rd quarter. Geode Capital Management LLC now owns 4,266,265 shares of the company’s stock worth $34,607,000 after purchasing an additional 201,847 shares during the last quarter. Barclays PLC lifted its position in shares of AvidXchange by 239.8% in the third quarter. Barclays PLC now owns 285,768 shares of the company’s stock worth $2,318,000 after buying an additional 201,679 shares during the last quarter. Y Intercept Hong Kong Ltd bought a new stake in shares of AvidXchange during the 3rd quarter worth about $86,000. State Street Corp increased its holdings in shares of AvidXchange by 1.5% during the 3rd quarter. State Street Corp now owns 3,763,694 shares of the company’s stock valued at $30,524,000 after acquiring an additional 54,403 shares during the last quarter. Finally, Point72 DIFC Ltd acquired a new position in AvidXchange in the 3rd quarter valued at $37,000. Institutional investors and hedge funds 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.