AvidXchange (NASDAQ:AVDX) Now Covered by BTIG Research

BTIG Research started coverage on shares of AvidXchange (NASDAQ:AVDX) in a research report sent to investors on Wednesday morning, MarketBeat.com reports. The brokerage issued a buy rating and a $14.00 price objective on the stock.

AVDX has been the topic of several other reports. BMO Capital Markets boosted their target price on AvidXchange from $10.00 to $11.00 and gave the stock a “market perform” rating in a report on Friday, November 8th. Keefe, Bruyette & Woods lifted their price objective on AvidXchange from $10.00 to $12.00 and gave the stock a “market perform” rating in a research report on Monday, December 9th. Wells Fargo & Company upped their target price on AvidXchange from $9.00 to $10.00 and gave the company an “equal weight” rating in a report on Thursday, November 7th. Barclays lifted their price target on AvidXchange from $11.00 to $13.00 and gave the stock an “overweight” rating in a report on Monday, November 18th. Finally, Piper Sandler upped their price objective on shares of AvidXchange from $9.00 to $10.00 and gave the company a “neutral” rating in a report on Thursday, November 7th. Two 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 company presently has a consensus rating of “Hold” and an average target price of $11.68.

AvidXchange Stock Performance

NASDAQ:AVDX opened at $11.15 on Wednesday. The company has a market cap of $2.29 billion, a P/E ratio of 563.50 and a beta of 1.20. AvidXchange has a twelve month low of $7.38 and a twelve month high of $13.56. The company’s 50-day moving average price is $9.70 and its 200-day moving average price is $9.76. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.11.

Insider Buying and Selling

In related news, insider Ryan Stahl sold 7,427 shares of the stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $8.58, for a total transaction of $63,723.66. Following the transaction, 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Michael Praeger sold 42,377 shares of AvidXchange stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $11.40, for a total value 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 disclosure for this sale can be found here. In the last quarter, insiders sold 95,741 shares of company stock valued at $1,042,365. Company insiders own 10.40% of the company’s stock.

Institutional Investors Weigh In On AvidXchange

Several large investors have recently added to or reduced their stakes in the business. SG Americas Securities LLC grew its stake in shares of AvidXchange by 2.9% in the second quarter. SG Americas Securities LLC now owns 29,813 shares of the company’s stock worth $360,000 after acquiring an additional 835 shares in the last quarter. Captrust Financial Advisors increased its holdings in AvidXchange by 9.2% during the 3rd 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. Wealth Enhancement Advisory Services LLC raised its position in AvidXchange by 29.6% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 13,211 shares of the company’s stock valued at $107,000 after purchasing an additional 3,019 shares in the last quarter. Principal Financial Group Inc. boosted its stake in shares of AvidXchange by 17.1% in the 2nd quarter. Principal Financial Group Inc. now owns 23,479 shares of the company’s stock valued at $283,000 after buying an additional 3,421 shares during the period. Finally, Point72 DIFC Ltd acquired a new position in shares of AvidXchange during the third quarter worth about $37,000. 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.