AvidXchange (NASDAQ:AVDX) Given New $13.00 Price Target at Barclays

AvidXchange (NASDAQ:AVDX) had its target price raised by Barclays from $11.00 to $13.00 in a research note issued to investors on Monday morning,Benzinga reports. They currently have an overweight rating on the stock.

A number of other equities analysts have also weighed in on AVDX. 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 research report on Friday, November 8th. KeyCorp reduced their price target on shares of AvidXchange from $15.00 to $12.00 and set an “overweight” rating for the company in a research report on Thursday, August 1st. Bank of America reduced their price target on shares of AvidXchange from $12.00 to $8.00 and set an “underperform” rating for the company in a research report on Tuesday, October 15th. The Goldman Sachs Group increased their target price on shares of AvidXchange from $7.00 to $9.00 and gave the stock a “sell” rating in a report on Thursday, November 7th. Finally, Compass Point upgraded AvidXchange from a “neutral” rating to a “buy” rating and upped their price target for the stock from $8.00 to $15.00 in a research note on Thursday, November 7th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $11.39.

AvidXchange Stock Performance

Shares of AvidXchange stock opened at $10.55 on Monday. The stock has a market cap of $2.17 billion, a price-to-earnings ratio of 522.00 and a beta of 1.00. The firm’s 50-day moving average is $8.44 and its 200 day moving average is $9.76. AvidXchange has a 1 year low of $7.38 and a 1 year high of $13.56. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.32 and a quick ratio of 1.36.

Insider Buying and Selling at AvidXchange

In other news, insider Joel Wilhite sold 47,308 shares of the stock in a transaction 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 completion of the transaction, the insider now directly owns 413,687 shares in the company, valued at approximately $3,350,864.70. This represents a 10.26 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Michael Praeger sold 37,225 shares of the stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $7.98, for a total value of $297,055.50. Following the transaction, the chief executive officer now owns 10,453,786 shares of the company’s stock, valued at approximately $83,421,212.28. This represents a 0.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 166,386 shares of company stock worth $1,343,044 in the last three months. 10.40% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On AvidXchange

A number of hedge funds and other institutional investors have recently bought and sold shares of AVDX. SG Americas Securities LLC boosted its holdings in AvidXchange by 84.9% during the 1st quarter. SG Americas Securities LLC now owns 28,978 shares of the company’s stock valued at $381,000 after acquiring an additional 13,302 shares during the period. Swiss National Bank raised its position in AvidXchange by 7.4% in the 1st quarter. Swiss National Bank now owns 320,900 shares of the company’s stock valued at $4,220,000 after purchasing an additional 22,100 shares in the last quarter. ProShare Advisors LLC raised its position in AvidXchange by 9.7% in the 1st quarter. ProShare Advisors LLC now owns 27,135 shares of the company’s stock valued at $357,000 after purchasing an additional 2,396 shares in the last quarter. Natixis acquired a new stake in AvidXchange in the 1st quarter valued at about $203,000. Finally, Advisors Asset Management Inc. raised its position in AvidXchange by 96.3% in the 1st quarter. Advisors Asset Management Inc. now owns 4,309 shares of the company’s stock valued at $57,000 after purchasing an additional 2,114 shares in the last quarter. 80.58% of the stock is currently owned by hedge funds and other institutional investors.

About AvidXchange

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.