AvidXchange Holdings, Inc. (NASDAQ:AVDX) Receives $11.35 Average PT from Brokerages

Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) have been given an average rating of “Hold” by the thirteen brokerages that are currently covering the firm, MarketBeat reports. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and five have issued a buy rating on the company. The average 12 month target price among analysts that have issued a report on the stock in the last year is $11.50.

A number of research analysts have recently issued reports on the stock. Compass Point upgraded shares of AvidXchange from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $8.00 to $15.00 in a report on Thursday, November 7th. UBS Group lifted their price target on AvidXchange from $10.00 to $10.50 and gave the company a “neutral” rating in a research note on Thursday, November 7th. Piper Sandler increased their price objective on AvidXchange from $9.00 to $10.00 and gave the stock a “neutral” rating in a research note on Thursday, November 7th. Barclays raised their target price on AvidXchange from $11.00 to $13.00 and gave the company an “overweight” rating in a report on Monday, November 18th. Finally, KeyCorp upped their price target on AvidXchange from $12.00 to $13.00 and gave the stock an “overweight” rating in a report on Thursday, December 5th.

AvidXchange Stock Performance

NASDAQ AVDX opened at $11.18 on Friday. The company has a market cap of $2.30 billion, a P/E ratio of 578.00 and a beta of 1.19. The company has a fifty day simple moving average of $9.50 and a 200 day simple moving average of $9.73. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.11. AvidXchange has a 12-month low of $7.38 and a 12-month high of $13.56.

Insider Transactions at AvidXchange

In other AvidXchange news, CEO Michael Praeger sold 42,377 shares of the stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $11.40, for a total transaction of $483,097.80. Following the completion of the transaction, the chief executive officer now directly owns 10,381,033 shares of the company’s stock, valued at approximately $118,343,776.20. This represents a 0.41 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Ryan Stahl sold 7,427 shares of the business’s stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $8.58, for a total value of $63,723.66. Following the completion of the sale, the insider now owns 369,603 shares in the company, valued at approximately $3,171,193.74. The trade was a 1.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 60,074 shares of company stock worth $629,363 in the last ninety days. Company insiders own 10.40% of the company’s stock.

Institutional Investors Weigh In On AvidXchange

Institutional investors have recently added to or reduced their stakes in the business. FMR LLC increased its position in shares of AvidXchange by 272.5% during the third quarter. FMR LLC now owns 13,733,769 shares of the company’s stock valued at $111,381,000 after buying an additional 10,046,893 shares during the period. American Century Companies Inc. grew its stake in AvidXchange by 54.2% in 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 in the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of AvidXchange by 5.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 4,317,134 shares of the company’s stock worth $52,062,000 after buying an additional 230,777 shares during the last quarter. Geode Capital Management LLC raised its position in AvidXchange by 5.0% during the third quarter. Geode Capital Management LLC now owns 4,266,265 shares of the company’s stock valued at $34,607,000 after purchasing an additional 201,847 shares in the last quarter. Finally, State Street Corp raised its holdings in shares of AvidXchange by 1.5% during the 3rd quarter. State Street Corp now owns 3,763,694 shares of the company’s stock valued at $30,524,000 after buying an additional 54,403 shares in 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.