AvidXchange (NASDAQ:AVDX) Price Target Raised to $10.00 at Wells Fargo & Company

AvidXchange (NASDAQ:AVDX) had its price target raised by Wells Fargo & Company from $9.00 to $10.00 in a research report sent to investors on Thursday,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the stock.

Other equities analysts have also recently issued research reports about the stock. BMO Capital Markets lowered their price objective on shares of AvidXchange from $13.00 to $10.00 and set a “market perform” rating on the stock in a research note on Thursday, August 1st. Piper Sandler increased their price target on shares of AvidXchange from $9.00 to $10.00 and gave the stock a “neutral” rating in a research report on Thursday. KeyCorp cut their price objective on shares of AvidXchange from $15.00 to $12.00 and set an “overweight” rating for the company in a research report on Thursday, August 1st. Robert W. Baird reduced their price objective on AvidXchange from $16.00 to $14.00 and set an “outperform” rating for the company in a research note on Thursday, August 1st. Finally, The Goldman Sachs Group lowered their target price on AvidXchange from $9.00 to $7.00 and set a “sell” rating on the stock in a research report on Monday, October 14th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $11.18.

AvidXchange Price Performance

NASDAQ AVDX opened at $10.07 on Thursday. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.36 and a quick ratio of 1.36. AvidXchange has a 1-year low of $7.38 and a 1-year high of $13.56. The stock has a market capitalization of $2.09 billion, a price-to-earnings ratio of 484.00 and a beta of 1.00. The business’s fifty day moving average price is $8.18 and its 200-day moving average price is $9.83.

Insider Buying and Selling at AvidXchange

In related news, CEO Michael Praeger sold 6,701 shares of the company’s stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $8.17, for a total transaction of $54,747.17. Following the completion of the transaction, the chief executive officer now owns 10,410,983 shares in the company, valued at approximately $85,057,731.11. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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 sale, the insider now directly owns 369,603 shares of the company’s stock, valued at approximately $3,171,193.74. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Michael Praeger sold 6,701 shares of the stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $8.17, for a total value of $54,747.17. Following the transaction, the chief executive officer now directly owns 10,410,983 shares of the company’s stock, valued at approximately $85,057,731.11. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 166,386 shares of company stock valued at $1,343,044 in the last three months. 10.40% of the stock is currently owned by corporate insiders.

Institutional Trading of AvidXchange

A number of large investors have recently added to or reduced their stakes in the company. SG Americas Securities LLC boosted its position in shares of AvidXchange by 84.9% during the 1st quarter. SG Americas Securities LLC now owns 28,978 shares of the company’s stock valued at $381,000 after acquiring an additional 13,302 shares during the last quarter. Lisanti Capital Growth LLC lifted its position in AvidXchange by 58.3% during the first quarter. Lisanti Capital Growth LLC now owns 167,715 shares of the company’s stock valued at $2,205,000 after purchasing an additional 61,795 shares during the last quarter. TimesSquare Capital Management LLC grew its stake in shares of AvidXchange by 6.8% in the 1st quarter. TimesSquare Capital Management LLC now owns 1,970,837 shares of the company’s stock worth $25,917,000 after buying an additional 124,988 shares in the last quarter. Swiss National Bank increased its holdings in shares of AvidXchange by 7.4% in the 1st quarter. Swiss National Bank now owns 320,900 shares of the company’s stock worth $4,220,000 after buying an additional 22,100 shares during the last quarter. Finally, Susquehanna Fundamental Investments LLC purchased a new stake in shares of AvidXchange during the 1st quarter valued at about $1,848,000. Institutional investors own 80.58% of the company’s stock.

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.