AvidXchange (NASDAQ:AVDX) Price Target Raised to $9.00

AvidXchange (NASDAQ:AVDX) had its price target upped by The Goldman Sachs Group from $7.00 to $9.00 in a research note issued to investors on Thursday morning,Benzinga reports. The Goldman Sachs Group currently has a sell rating on the stock.

Several other research firms also recently weighed in on AVDX. Barclays dropped their target price on shares of AvidXchange from $14.00 to $10.00 and set an “overweight” rating for the company in a report on Monday, August 5th. JPMorgan Chase & Co. cut AvidXchange from an “overweight” rating to a “neutral” rating and dropped their price objective for the stock from $11.00 to $9.00 in a research report on Tuesday, August 20th. Piper Sandler raised their target price on shares of AvidXchange from $9.00 to $10.00 and gave the stock a “neutral” rating in a research report on Thursday. KeyCorp cut their price target on AvidXchange from $15.00 to $12.00 and set an “overweight” rating for the company in a report on Thursday, August 1st. Finally, Robert W. Baird decreased their price objective on AvidXchange from $16.00 to $14.00 and set an “outperform” rating on the stock in a report on Thursday, August 1st. Two research analysts have rated the stock with a sell rating, six have given a hold rating and six have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $11.18.

AvidXchange Trading Up 0.7 %

NASDAQ AVDX opened at $10.07 on Thursday. The company has a quick ratio of 1.36, a current ratio of 1.36 and a debt-to-equity ratio of 0.19. The stock has a market capitalization of $2.09 billion, a P/E ratio of 484.00 and a beta of 1.00. AvidXchange has a 52-week low of $7.38 and a 52-week high of $13.56. The firm has a 50-day moving average price of $8.18 and a 200 day moving average price of $9.83.

Insider Activity at AvidXchange

In related news, insider Ryan Stahl sold 7,427 shares of the stock in a transaction on Wednesday, October 16th. The stock was 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 directly owns 369,603 shares in the company, valued at approximately $3,171,193.74. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CEO Michael Praeger sold 6,701 shares of the business’s stock in a transaction 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 of the company’s stock, valued at approximately $85,057,731.11. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Ryan Stahl sold 7,427 shares of the firm’s stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $8.58, for a total transaction of $63,723.66. Following the sale, the insider now directly owns 369,603 shares of the company’s stock, valued at approximately $3,171,193.74. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 166,386 shares of company stock worth $1,343,044. 10.40% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On AvidXchange

Institutional investors have recently added to or reduced their stakes in the company. TimesSquare Capital Management LLC grew its stake in shares of AvidXchange by 6.8% during the first quarter. TimesSquare Capital Management LLC now owns 1,970,837 shares of the company’s stock valued at $25,917,000 after acquiring an additional 124,988 shares in the last quarter. Lisanti Capital Growth LLC boosted its holdings in AvidXchange by 58.3% in the first quarter. Lisanti Capital Growth LLC now owns 167,715 shares of the company’s stock valued at $2,205,000 after purchasing an additional 61,795 shares during the last quarter. Lazard Asset Management LLC acquired a new stake in AvidXchange during the 1st quarter valued at approximately $7,621,000. California State Teachers Retirement System increased its holdings in AvidXchange by 1.0% during the 1st quarter. California State Teachers Retirement System now owns 161,292 shares of the company’s stock worth $2,121,000 after purchasing an additional 1,656 shares during the last quarter. Finally, American Century Companies Inc. raised its position in shares of AvidXchange by 54.2% in the 2nd quarter. American Century Companies Inc. now owns 4,515,719 shares of the company’s stock valued at $54,460,000 after purchasing an additional 1,586,510 shares in the last quarter. Institutional investors and hedge funds 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.