Keefe, Bruyette & Woods Raises AvidXchange (NASDAQ:AVDX) Price Target to $12.00

AvidXchange (NASDAQ:AVDX) had its price target hoisted by stock analysts at Keefe, Bruyette & Woods from $10.00 to $12.00 in a research note issued to investors on Monday,Benzinga reports. The firm currently has a “market perform” rating on the stock. Keefe, Bruyette & Woods’ price target points to a potential upside of 8.01% from the company’s previous close.

A number of other research analysts have also recently weighed in on AVDX. KeyCorp raised their price objective on shares of AvidXchange from $12.00 to $13.00 and gave the stock an “overweight” rating in a research note on Thursday, December 5th. Compass Point raised AvidXchange from a “neutral” rating to a “buy” rating and raised their price target for the stock from $8.00 to $15.00 in a research report on Thursday, November 7th. UBS Group upped their price objective on AvidXchange from $10.00 to $10.50 and gave the company a “neutral” rating in a research report on Thursday, November 7th. The Goldman Sachs Group lifted their price objective on AvidXchange from $9.00 to $10.00 and gave the stock a “sell” rating in a research report on Monday, December 2nd. Finally, Bank of America decreased their price target on shares of AvidXchange from $12.00 to $8.00 and set an “underperform” rating on the stock in a research note on Tuesday, October 15th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, AvidXchange currently has a consensus rating of “Hold” and a consensus target price of $11.50.

AvidXchange Stock Performance

Shares of AVDX stock opened at $11.11 on Monday. The stock has a fifty day moving average price of $9.50 and a 200 day moving average price of $9.73. 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 $2.29 billion, a PE ratio of 578.00 and a beta of 1.19. AvidXchange has a 1 year low of $7.38 and a 1 year high of $13.56.

Insider Transactions at AvidXchange

In other AvidXchange news, Director Teresa Mackintosh sold 13,316 shares of the firm’s stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $11.44, for a total value of $152,335.04. Following the transaction, the director now directly owns 47,388 shares of the company’s stock, valued at $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 is available through this hyperlink. Also, CEO Michael Praeger sold 42,377 shares of the business’s stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $11.40, for a total value of $483,097.80. Following the transaction, the chief executive officer now directly owns 10,381,033 shares in the company, valued at $118,343,776.20. This trade represents a 0.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 73,390 shares of company stock worth $781,698 in the last ninety days. Insiders own 10.40% of the company’s stock.

Hedge Funds Weigh In On AvidXchange

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. FMR LLC raised its stake in shares of AvidXchange by 272.5% in the 3rd quarter. FMR LLC now owns 13,733,769 shares of the company’s stock valued at $111,381,000 after purchasing an additional 10,046,893 shares in the last quarter. Jacobs Levy Equity Management Inc. acquired a new stake in AvidXchange during the third quarter valued at approximately $25,339,000. American Century Companies Inc. lifted its holdings in AvidXchange by 54.2% during the 2nd quarter. American Century Companies Inc. now owns 4,515,719 shares of the company’s stock worth $54,460,000 after buying an additional 1,586,510 shares during the last quarter. Point72 Asset Management L.P. acquired a new position in shares of AvidXchange in the 3rd quarter worth approximately $7,920,000. Finally, Providence Capital Advisors LLC increased its holdings in shares of AvidXchange by 709.6% in the 3rd quarter. Providence Capital Advisors LLC now owns 649,565 shares of the company’s stock valued at $5,268,000 after acquiring an additional 569,328 shares during the last quarter. 80.58% of the stock is owned by hedge funds and other 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.