BMO Capital Markets Forecasts Strong Price Appreciation for AvidXchange (NASDAQ:AVDX) Stock

AvidXchange (NASDAQ:AVDX) had its target price increased by BMO Capital Markets from $10.00 to $11.00 in a research report released on Friday morning,Benzinga reports. The brokerage currently has a market perform rating on the stock.

Several other equities analysts have also commented on AVDX. Compass Point upgraded 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 research report on Thursday, November 7th. The Goldman Sachs Group raised their price target on shares of AvidXchange from $7.00 to $9.00 and gave the stock a “sell” rating in a research note on Thursday, November 7th. Keefe, Bruyette & Woods raised their price target on shares of AvidXchange from $9.00 to $10.00 and gave the stock a “market perform” rating in a research note on Thursday, November 7th. Bank of America cut their target price on shares of AvidXchange from $12.00 to $8.00 and set an “underperform” rating on the stock in a research report on Tuesday, October 15th. Finally, Wells Fargo & Company raised their price target on shares of AvidXchange from $9.00 to $10.00 and gave the company an “equal weight” rating in a report on Thursday, November 7th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $11.18.

AvidXchange Price Performance

Shares of NASDAQ:AVDX opened at $10.48 on Friday. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.36 and a current ratio of 1.36. The firm has a fifty day moving average price of $8.18 and a 200 day moving average price of $9.80. AvidXchange has a fifty-two week low of $7.38 and a fifty-two week high of $13.56. The firm has a market cap of $2.18 billion, a price-to-earnings ratio of 503.50 and a beta of 1.00.

Insiders Place Their Bets

In other AvidXchange news, President Daniel Drees sold 20,069 shares of the business’s stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $7.98, for a total transaction of $160,150.62. Following the sale, the president now directly owns 753,644 shares in the company, valued at $6,014,079.12. 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 available at the SEC website. In other AvidXchange news, President Daniel Drees sold 20,069 shares of the stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $7.98, for a total value of $160,150.62. Following the transaction, the president now directly owns 753,644 shares in the company, valued at $6,014,079.12. This represents a 0.00 % decrease in their ownership of the stock. The sale 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 stock in a transaction that occurred 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 sale, the insider now directly owns 369,603 shares of the company’s stock, valued at $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. Insiders have sold 166,386 shares of company stock worth $1,343,044 over the last three months. Company insiders own 10.40% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. American Century Companies Inc. increased its position in shares of AvidXchange by 54.2% in the second quarter. American Century Companies Inc. now owns 4,515,719 shares of the company’s stock valued at $54,460,000 after buying an additional 1,586,510 shares in the last quarter. Kodai Capital Management LP increased its position in shares of AvidXchange by 872.9% in the first quarter. Kodai Capital Management LP now owns 1,581,667 shares of the company’s stock valued at $20,799,000 after buying an additional 1,419,099 shares in the last quarter. Lazard Asset Management LLC purchased a new position in shares of AvidXchange in the first quarter valued at $7,621,000. Healthcare of Ontario Pension Plan Trust Fund increased its position in shares of AvidXchange by 142.2% in the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 581,300 shares of the company’s stock valued at $7,010,000 after buying an additional 341,300 shares in the last quarter. Finally, Tremblant Capital Group increased its position in shares of AvidXchange by 14.7% in the first quarter. Tremblant Capital Group now owns 2,164,143 shares of the company’s stock valued at $28,458,000 after buying an additional 277,109 shares in the last quarter. Hedge funds and other 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.