Keefe, Bruyette & Woods Cuts AvidXchange (NASDAQ:AVDX) Price Target to $11.00

AvidXchange (NASDAQ:AVDX) had its price target cut by Keefe, Bruyette & Woods from $12.00 to $11.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage presently has a “market perform” rating on the stock. Keefe, Bruyette & Woods’ target price points to a potential upside of 4.17% from the stock’s previous close.

Several other research analysts have also recently weighed in on AVDX. Piper Sandler upped their price objective on shares of AvidXchange from $9.00 to $10.00 and gave the stock a “neutral” rating in a research report on Thursday, November 7th. Wells Fargo & Company raised their price objective on AvidXchange from $9.00 to $10.00 and gave the company an “equal weight” rating in a research note on Thursday, November 7th. BMO Capital Markets raised their target price on AvidXchange from $10.00 to $11.00 and gave the stock a “market perform” rating in a research note on Friday, November 8th. UBS Group lifted their price target on shares of AvidXchange from $10.00 to $10.50 and gave the company a “neutral” rating in a report on Thursday, November 7th. Finally, Barclays increased their price objective on AvidXchange from $11.00 to $13.00 and gave the stock an “overweight” rating in a report on Monday, November 18th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $11.61.

AvidXchange Price Performance

NASDAQ:AVDX traded down $0.13 during trading hours on Monday, hitting $10.56. 120,091 shares of the company’s stock traded hands, compared to its average volume of 774,557. The firm has a market cap of $2.17 billion, a P/E ratio of 511.00 and a beta of 1.20. 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 business’s fifty day simple moving average is $10.48 and its two-hundred day simple moving average is $9.73. AvidXchange has a 52 week low of $7.38 and a 52 week high of $13.56.

Insider Transactions at AvidXchange

In other news, Director James E. Hausman sold 25,000 shares of the stock in a transaction on Monday, December 9th. The stock was sold at an average price of $11.25, for a total transaction of $281,250.00. Following the transaction, the director now owns 2,112,232 shares of the company’s stock, valued at approximately $23,762,610. This represents a 1.17 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Ryan Stahl sold 7,427 shares of the company’s stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $8.58, for a total value of $63,723.66. Following the sale, the insider now owns 369,603 shares of the company’s stock, 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. Over the last three months, insiders have sold 88,120 shares of company stock valued at $980,407. 10.40% of the stock is currently owned by insiders.

Hedge Funds Weigh In On AvidXchange

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Point72 DIFC Ltd bought a new stake in shares of AvidXchange in the 3rd quarter valued at about $37,000. Allspring Global Investments Holdings LLC purchased a new stake in AvidXchange during the third quarter valued at approximately $38,000. CWM LLC boosted its stake in AvidXchange by 7,259.8% in the third quarter. CWM LLC now owns 6,771 shares of the company’s stock valued at $55,000 after acquiring an additional 6,679 shares in the last quarter. Y Intercept Hong Kong Ltd acquired a new position in shares of AvidXchange during the third quarter worth $86,000. Finally, Xponance Inc. purchased a new stake in shares of AvidXchange during the 2nd quarter valued at $133,000. Hedge funds and other institutional investors own 80.58% of the company’s stock.

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.