AvidXchange (NASDAQ:AVDX) Price Target Raised to $13.00

AvidXchange (NASDAQ:AVDX) had its target price increased by Barclays from $11.00 to $13.00 in a research report report published on Monday morning,Benzinga reports. The brokerage currently has an overweight rating on the stock.

Other analysts have also recently issued research reports about the stock. Piper Sandler increased their price target 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. Wells Fargo & Company increased their price objective on shares of AvidXchange from $9.00 to $10.00 and gave the company an “equal weight” rating in a research report on Thursday, November 7th. Robert W. Baird dropped their price objective on shares of AvidXchange from $16.00 to $14.00 and set an “outperform” rating on the stock in a research report on Thursday, August 1st. Keefe, Bruyette & Woods increased their price objective on shares of AvidXchange from $9.00 to $10.00 and gave the company a “market perform” rating in a research report on Thursday, November 7th. Finally, Susquehanna lowered their price target on shares of AvidXchange from $16.00 to $14.00 and set a “positive” rating on the stock in a research report on Thursday, August 1st. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and six have issued a buy rating to the stock. According to MarketBeat, AvidXchange currently has an average rating of “Hold” and a consensus price target of $11.39.

AvidXchange Stock Up 0.7 %

AvidXchange stock opened at $10.71 on Monday. The stock has a market capitalization of $2.20 billion, a PE ratio of 522.00 and a beta of 1.00. AvidXchange has a twelve month low of $7.38 and a twelve month high of $13.56. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.11. The company has a 50 day moving average of $8.55 and a 200-day moving average of $9.74.

Insider Buying and Selling at AvidXchange

In other AvidXchange news, CEO Michael Praeger sold 37,225 shares of the business’s stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $7.98, for a total transaction of $297,055.50. Following the completion of the sale, the chief executive officer now directly owns 10,453,786 shares in the company, valued at $83,421,212.28. The trade was a 0.35 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Joel Wilhite sold 18,028 shares of the business’s stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $7.98, for a total value of $143,863.44. Following the transaction, the insider now owns 419,636 shares of the company’s stock, valued at approximately $3,348,695.28. This trade represents a 4.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 166,386 shares of company stock valued at $1,343,044. 10.40% of the stock is currently owned by company insiders.

Institutional Trading of AvidXchange

Hedge funds and other institutional investors have recently bought and sold shares of the stock. SG Americas Securities LLC raised its stake in AvidXchange by 2.9% in the second 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 last quarter. Captrust Financial Advisors raised its holdings in AvidXchange by 9.2% in the 3rd quarter. Captrust Financial Advisors now owns 17,350 shares of the company’s stock valued at $141,000 after acquiring an additional 1,465 shares during the last quarter. California State Teachers Retirement System raised its holdings in AvidXchange by 1.0% in the 1st quarter. California State Teachers Retirement System now owns 161,292 shares of the company’s stock valued at $2,121,000 after acquiring an additional 1,656 shares during the last quarter. Advisors Asset Management Inc. raised its holdings in AvidXchange by 96.3% in the 1st quarter. Advisors Asset Management Inc. now owns 4,309 shares of the company’s stock valued at $57,000 after acquiring an additional 2,114 shares during the last quarter. Finally, ProShare Advisors LLC raised its holdings in AvidXchange by 9.7% in the 1st quarter. ProShare Advisors LLC now owns 27,135 shares of the company’s stock valued at $357,000 after acquiring an additional 2,396 shares during the last quarter. Hedge funds and other 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.