AvidXchange (NASDAQ:AVDX) Price Target Raised to $10.00

AvidXchange (NASDAQ:AVDX) had its price objective hoisted by The Goldman Sachs Group from $9.00 to $10.00 in a report published on Monday morning,Benzinga reports. They currently have a sell rating on the stock.

AVDX has been the topic of several other research reports. Wells Fargo & Company raised their price target on AvidXchange from $9.00 to $10.00 and gave the stock an “equal weight” rating in a report on Thursday, November 7th. Compass Point raised shares of AvidXchange from a “neutral” rating to a “buy” rating and boosted their price target for the company from $8.00 to $15.00 in a report on Thursday, November 7th. Bank of America dropped their price objective on shares of AvidXchange from $12.00 to $8.00 and set an “underperform” rating on the stock in a report on Tuesday, October 15th. JPMorgan Chase & Co. lowered shares of AvidXchange from an “overweight” rating to a “neutral” rating and reduced their target price for the company from $11.00 to $9.00 in a research note on Tuesday, August 20th. Finally, Barclays raised their price target on shares of AvidXchange from $11.00 to $13.00 and gave the company an “overweight” rating in a research note on Monday, November 18th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and six have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $11.46.

AvidXchange Stock Performance

Shares of NASDAQ AVDX opened at $11.37 on Monday. 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 firm’s 50-day moving average price is $9.18 and its two-hundred day moving average price is $9.72. AvidXchange has a 52-week low of $7.38 and a 52-week high of $13.56. The stock has a market capitalization of $2.34 billion, a P/E ratio of 572.00 and a beta of 1.00.

Insider Buying and Selling at AvidXchange

In related news, insider Ryan Stahl sold 7,621 shares of the business’s stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $8.13, for a total value of $61,958.73. Following the sale, the insider now directly owns 377,030 shares in the company, valued at $3,065,253.90. The trade was a 1.98 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In the last ninety days, insiders sold 17,697 shares of company stock valued at $146,265. 10.40% of the stock is owned by corporate insiders.

Institutional Trading of AvidXchange

Large investors have recently added to or reduced their stakes in the business. SG Americas Securities LLC lifted its position in shares of 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 acquiring an additional 835 shares during the last quarter. Captrust Financial Advisors boosted its position in shares of 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 purchasing an additional 1,465 shares during the period. California State Teachers Retirement System increased its stake in AvidXchange by 1.0% in the 1st quarter. California State Teachers Retirement System now owns 161,292 shares of the company’s stock worth $2,121,000 after purchasing an additional 1,656 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its holdings in AvidXchange by 29.6% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 13,211 shares of the company’s stock worth $107,000 after buying an additional 3,019 shares during the period. Finally, Principal Financial Group Inc. lifted its stake in AvidXchange by 17.1% during the second quarter. Principal Financial Group Inc. now owns 23,479 shares of the company’s stock valued at $283,000 after buying an additional 3,421 shares in the last quarter. 80.58% of the stock is currently owned by institutional investors.

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.