Weekly Analysts’ Ratings Updates for AvidXchange (AVDX)

Several brokerages have updated their recommendations and price targets on shares of AvidXchange (NASDAQ: AVDX) in the last few weeks:

• 11/18/2024 – AvidXchange had its price target raised by analysts at Barclays PLC from $11.00 to $13.00. They now have an “overweight” rating on the stock.
• 11/8/2024 – AvidXchange had its price target raised by analysts at BMO Capital Markets from $10.00 to $11.00. They now have a “market perform” rating on the stock.
• 11/7/2024 – AvidXchange had its price target raised by analysts at The Goldman Sachs Group, Inc. from $7.00 to $9.00. They now have a “sell” rating on the stock.
• 11/7/2024 – AvidXchange had its price target raised by analysts at UBS Group AG from $10.00 to $10.50. They now have a “neutral” rating on the stock.
• 11/7/2024 – AvidXchange had its price target raised by analysts at Piper Sandler from $9.00 to $10.00. They now have a “neutral” rating on the stock.
• 11/7/2024 – AvidXchange had its price target raised by analysts at Keefe, Bruyette & Woods from $9.00 to $10.00. They now have a “market perform” rating on the stock.
• 11/7/2024 – AvidXchange had its price target raised by analysts at Wells Fargo & Company from $9.00 to $10.00. They now have an “equal weight” rating on the stock.
• 11/7/2024 – AvidXchange was upgraded by analysts at Compass Point from a “neutral” rating to a “buy” rating. They now have a $15.00 price target on the stock, up previously from $8.00.
• 10/21/2024 – AvidXchange had its price target lowered by analysts at Wells Fargo & Company from $10.00 to $9.00. They now have an “equal weight” rating on the stock.
• 10/15/2024 – AvidXchange had its price target lowered by analysts at Bank of America Co. from $12.00 to $8.00. They now have an “underperform” rating on the stock.
• 10/14/2024 – AvidXchange had its price target lowered by analysts at The Goldman Sachs Group, Inc. from $9.00 to $7.00. They now have a “sell” rating on the stock.

AvidXchange Stock Up 1.1 %

Shares of NASDAQ AVDX opened at $10.55 on Tuesday. 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 Holdings, Inc. has a 1 year low of $7.38 and a 1 year high of $13.56. The stock’s 50-day simple moving average is $8.44 and its 200-day simple moving average is $9.76. The firm has a market cap of $2.17 billion, a price-to-earnings ratio of 522.00 and a beta of 1.00.

Insiders Place Their Bets

In other news, President Daniel Drees sold 20,069 shares of the business’s stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $7.98, for a total value of $160,150.62. Following the completion of the sale, the president now directly owns 753,644 shares in the company, valued at approximately $6,014,079.12. The trade was a 2.59 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Joel Wilhite sold 47,308 shares of the firm’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 transaction, the insider now owns 413,687 shares in the company, valued at $3,350,864.70. This trade represents a 10.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 166,386 shares of company stock worth $1,343,044 in the last three months. 10.40% of the stock is owned by insiders.

Hedge Funds Weigh In On AvidXchange

Several institutional investors have recently made changes to their positions in the stock. US Bancorp DE raised its stake in AvidXchange by 111,114.9% during the 3rd quarter. US Bancorp DE now owns 52,271 shares of the company’s stock valued at $424,000 after acquiring an additional 52,224 shares in the last quarter. Lazard Asset Management LLC bought a new stake in shares of AvidXchange during the first quarter valued at about $7,621,000. Entropy Technologies LP acquired a new stake in AvidXchange in the third quarter worth about $447,000. State of New Jersey Common Pension Fund D grew its position in AvidXchange by 39.3% in the 3rd quarter. State of New Jersey Common Pension Fund D now owns 247,947 shares of the company’s stock valued at $2,011,000 after buying an additional 69,971 shares in the last quarter. Finally, California State Teachers Retirement System increased its stake in AvidXchange by 1.0% during the 1st quarter. California State Teachers Retirement System now owns 161,292 shares of the company’s stock valued at $2,121,000 after buying an additional 1,656 shares during the period. 80.58% of the stock is owned by institutional investors.

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.