Wells Fargo & Company Issues Positive Forecast for AvidXchange (NASDAQ:AVDX) Stock Price

AvidXchange (NASDAQ:AVDX) had its price objective boosted by Wells Fargo & Company from $9.00 to $10.00 in a research note issued to investors on Thursday,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the stock.

A number of other research firms have also issued reports on AVDX. UBS Group lowered shares of AvidXchange from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $15.00 to $10.00 in a research report on Thursday, August 1st. The Goldman Sachs Group cut their price objective on AvidXchange from $9.00 to $7.00 and set a “sell” rating for the company in a report on Monday, October 14th. Barclays dropped their target price on AvidXchange from $14.00 to $10.00 and set an “overweight” rating on the stock in a research report on Monday, August 5th. Keefe, Bruyette & Woods reduced their price target on AvidXchange from $13.50 to $11.00 and set a “market perform” rating for the company in a report on Thursday, August 1st. Finally, KeyCorp decreased their target price on AvidXchange from $15.00 to $12.00 and set an “overweight” rating for the company in a research report on Thursday, August 1st. 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 stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $11.18.

AvidXchange Trading Up 0.6 %

AvidXchange stock traded up $0.06 during midday trading on Thursday, reaching $10.06. The stock had a trading volume of 1,941,479 shares, compared to its average volume of 2,074,532. The firm has a market cap of $2.09 billion, a price-to-earnings ratio of -166.00 and a beta of 1.00. AvidXchange has a twelve month low of $7.38 and a twelve month high of $13.56. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.36 and a quick ratio of 1.36. The firm’s fifty day simple moving average is $8.14 and its two-hundred day simple moving average is $9.84.

Insiders Place Their Bets

In other news, CEO Michael Praeger sold 6,701 shares of the company’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 transaction of $54,747.17. Following the transaction, the chief executive officer now directly owns 10,410,983 shares in the company, valued at approximately $85,057,731.11. This represents a 0.00 % 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. In other AvidXchange news, CEO Michael Praeger sold 6,701 shares of the company’s stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $8.17, for a total transaction of $54,747.17. Following the transaction, the chief executive officer now directly owns 10,410,983 shares in the company, valued at approximately $85,057,731.11. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Ryan Stahl sold 7,427 shares of the 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 transaction, the insider now directly owns 369,603 shares in the company, valued at approximately $3,171,193.74. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 166,386 shares of company stock valued at $1,343,044 in the last 90 days. 10.40% of the stock is currently owned by insiders.

Institutional Trading of AvidXchange

A number of large investors have recently made changes to their positions in AVDX. Quest Partners LLC raised its position in shares of AvidXchange by 46.0% during the third quarter. Quest Partners LLC now owns 22,289 shares of the company’s stock worth $181,000 after purchasing an additional 7,027 shares during the period. Sumitomo Mitsui Trust Group Inc. lifted its stake in AvidXchange by 9.1% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,862,225 shares of the company’s stock valued at $15,103,000 after buying an additional 155,008 shares in the last quarter. GSA Capital Partners LLP bought a new stake in shares of AvidXchange during the third quarter worth $1,393,000. Entropy Technologies LP acquired a new stake in shares of AvidXchange during the third quarter worth $447,000. Finally, Versor Investments LP acquired a new position in AvidXchange in the 3rd quarter worth $216,000. Institutional investors own 80.58% of the company’s stock.

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.