Brokerages Set AvidXchange Holdings, Inc. (NASDAQ:AVDX) Price Target at $11.68

Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) have been given an average rating of “Hold” by the fourteen brokerages that are covering the stock, Marketbeat reports. Two research analysts have rated the stock with a sell recommendation, six have assigned a hold recommendation and six have assigned a buy recommendation to the company. The average 1-year target price among brokerages that have covered the stock in the last year is $11.61.

AVDX has been the topic of several research analyst reports. Wells Fargo & Company boosted their price objective on AvidXchange from $9.00 to $10.00 and gave the company an “equal weight” rating in a research report on Thursday, November 7th. Keefe, Bruyette & Woods lowered their price target on AvidXchange from $12.00 to $11.00 and set a “market perform” rating on the stock in a report on Monday. Compass Point raised shares of AvidXchange from a “neutral” rating to a “buy” rating and increased their price objective for the company from $8.00 to $15.00 in a report on Thursday, November 7th. Bank of America lowered their target price on shares of AvidXchange from $12.00 to $8.00 and set an “underperform” rating on the stock in a report on Tuesday, October 15th. Finally, Barclays upped their target price on shares of AvidXchange from $11.00 to $13.00 and gave the stock an “overweight” rating in a research report on Monday, November 18th.

AvidXchange Stock Down 1.5 %

Shares of AVDX stock opened at $10.12 on Wednesday. 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. The stock has a market cap of $2.08 billion, a P/E ratio of 518.50 and a beta of 1.22. The company has a 50 day simple moving average of $10.55 and a two-hundred day simple moving average of $9.72.

Insider Activity at AvidXchange

In other news, Director James E. Hausman sold 25,000 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the director now directly owns 2,112,232 shares of the company’s stock, valued at $23,762,610. This represents a 1.17 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Teresa Mackintosh sold 13,316 shares of AvidXchange stock in a transaction on Friday, December 6th. The shares were sold at an average price of $11.44, for a total transaction of $152,335.04. Following the completion of the sale, the director now directly owns 47,388 shares in the company, valued at $542,118.72. This represents a 21.94 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 88,120 shares of company stock worth $980,407 over the last three months. Company insiders own 10.40% of the company’s stock.

Hedge Funds Weigh In On AvidXchange

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Principal Financial Group Inc. lifted its stake in 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 in the last quarter. nVerses Capital LLC purchased a new position in shares of AvidXchange in the second quarter valued at approximately $66,000. Rhumbline Advisers boosted its stake in shares of AvidXchange by 15.2% in the second quarter. Rhumbline Advisers now owns 242,533 shares of the company’s stock worth $2,925,000 after acquiring an additional 32,085 shares during the last quarter. American Century Companies Inc. increased its position in shares of AvidXchange by 54.2% during the second quarter. American Century Companies Inc. now owns 4,515,719 shares of the company’s stock worth $54,460,000 after purchasing an additional 1,586,510 shares in the last quarter. Finally, Envestnet Asset Management Inc. raised its stake in AvidXchange by 3.2% in the 2nd quarter. Envestnet Asset Management Inc. now owns 310,999 shares of the company’s stock valued at $3,751,000 after purchasing an additional 9,585 shares during the last quarter. 80.58% of the stock is 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.