AvidXchange Holdings, Inc. (NASDAQ:AVDX) Receives $11.68 Consensus Target Price from Analysts

Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) have received an average recommendation of “Hold” from the fourteen research firms that are covering the stock, Marketbeat.com reports. Two equities research analysts have rated the stock with a sell recommendation, six have issued a hold recommendation and six have given a buy recommendation to the company. The average twelve-month target price among brokerages that have updated their coverage on the stock in the last year is $11.68.

A number of research firms have commented on AVDX. Barclays upped their price target on AvidXchange from $11.00 to $13.00 and gave the company an “overweight” rating in a research report on Monday, November 18th. Piper Sandler raised their price target on AvidXchange from $9.00 to $10.00 and gave the stock a “neutral” rating in a research note on Thursday, November 7th. Wells Fargo & Company boosted 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. UBS Group raised their target price on shares of AvidXchange from $10.00 to $10.50 and gave the stock a “neutral” rating in a research report on Thursday, November 7th. Finally, Keefe, Bruyette & Woods lifted their target price on shares of AvidXchange from $10.00 to $12.00 and gave the company a “market perform” rating in a research note on Monday, December 9th.

AvidXchange Price Performance

Shares of AvidXchange stock opened at $10.69 on Wednesday. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.32 and a quick ratio of 1.32. AvidXchange has a one year low of $7.38 and a one year high of $13.56. The business’s 50 day simple moving average is $10.48 and its two-hundred day simple moving average is $9.74. The stock has a market capitalization of $2.20 billion, a P/E ratio of 511.00 and a beta of 1.20.

Insider Buying and Selling

In other AvidXchange news, Director Teresa Mackintosh sold 13,316 shares of the firm’s stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $11.44, for a total transaction of $152,335.04. Following the completion of the sale, the director now directly owns 47,388 shares in the company, valued at approximately $542,118.72. This trade represents a 21.94 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Ryan Stahl sold 7,427 shares of the company’s stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $8.58, for a total transaction of $63,723.66. Following the completion of the transaction, the insider now owns 369,603 shares in the company, valued at approximately $3,171,193.74. This represents a 1.97 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 88,120 shares of company stock worth $980,407 in the last 90 days. Insiders own 10.40% of the company’s stock.

Institutional Trading of AvidXchange

Several institutional investors have recently added to or reduced their stakes in the business. Point72 DIFC Ltd purchased a new stake in shares of AvidXchange during the 3rd quarter valued at about $37,000. Allspring Global Investments Holdings LLC bought a new position in AvidXchange during the third quarter valued at approximately $38,000. CWM LLC boosted its holdings in AvidXchange by 7,259.8% in the third quarter. CWM LLC now owns 6,771 shares of the company’s stock worth $55,000 after purchasing an additional 6,679 shares during the last quarter. nVerses Capital LLC bought a new stake in AvidXchange in the 2nd quarter worth approximately $66,000. Finally, Y Intercept Hong Kong Ltd purchased a new stake in AvidXchange during the 3rd quarter valued at $86,000. 80.58% of the stock is currently 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.