Analysts Set AvidXchange Holdings, Inc. (NASDAQ:AVDX) PT at $11.18

Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) have received an average recommendation of “Hold” from the fourteen ratings firms that are covering the firm, MarketBeat Ratings reports. Two investment analysts have rated the stock with a sell recommendation, six have given a hold recommendation and six have assigned a buy recommendation to the company. The average 1-year price objective among brokerages that have updated their coverage on the stock in the last year is $11.18.

Several research analysts have recently weighed in on the stock. Susquehanna decreased their price target on shares of AvidXchange from $16.00 to $14.00 and set a “positive” rating on the stock in a report on Thursday, August 1st. Keefe, Bruyette & Woods upped their target price on AvidXchange from $9.00 to $10.00 and gave the stock a “market perform” rating in a research note on Thursday, November 7th. Bank of America lowered their price target on AvidXchange from $12.00 to $8.00 and set an “underperform” rating on the stock in a report on Tuesday, October 15th. Compass Point raised AvidXchange from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $8.00 to $15.00 in a report on Thursday, November 7th. Finally, The Goldman Sachs Group raised their target price on shares of AvidXchange from $7.00 to $9.00 and gave the company a “sell” rating in a research note on Thursday, November 7th.

Insider Transactions at AvidXchange

In related news, insider Joel Wilhite sold 47,308 shares of the firm’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $8.10, for a total transaction of $383,194.80. Following the transaction, the insider now directly owns 413,687 shares in the company, valued at $3,350,864.70. This trade represents a 10.26 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Michael Praeger sold 6,701 shares of the business’s stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $8.17, for a total value of $54,747.17. Following the completion of the sale, the chief executive officer now owns 10,410,983 shares of the company’s stock, valued at $85,057,731.11. The trade was a 0.06 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 166,386 shares of company stock worth $1,343,044. 10.40% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in AVDX. PDT Partners LLC purchased a new stake in AvidXchange during the 3rd quarter valued at $1,836,000. Verition Fund Management LLC bought a new position in shares of AvidXchange during the third quarter valued at about $804,000. Captrust Financial Advisors boosted its holdings in shares of AvidXchange by 9.2% during the third quarter. Captrust Financial Advisors now owns 17,350 shares of the company’s stock worth $141,000 after purchasing an additional 1,465 shares during the period. Rockefeller Capital Management L.P. grew its stake in shares of AvidXchange by 30.4% in the third quarter. Rockefeller Capital Management L.P. now owns 2,314,653 shares of the company’s stock worth $18,779,000 after purchasing an additional 538,956 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of AvidXchange by 5.1% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 422,697 shares of the company’s stock worth $3,428,000 after purchasing an additional 20,665 shares during the last quarter. Institutional investors own 80.58% of the company’s stock.

AvidXchange Stock Performance

AvidXchange stock opened at $10.74 on Tuesday. AvidXchange has a 1-year low of $7.38 and a 1-year high of $13.56. The company has a current ratio of 1.32, a quick ratio of 1.36 and a debt-to-equity ratio of 0.11. The firm has a market capitalization of $2.21 billion, a PE ratio of 533.00 and a beta of 1.00. The firm’s 50 day simple moving average is $8.33 and its 200 day simple moving average is $9.79.

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.