Barclays Forecasts Strong Price Appreciation for AvidXchange (NASDAQ:AVDX) Stock

AvidXchange (NASDAQ:AVDX) had its price target lifted by equities research analysts at Barclays from $11.00 to $13.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Barclays‘s price objective would indicate a potential upside of 22.18% from the stock’s previous close.

Several other research firms also recently issued reports on AVDX. Piper Sandler upped their target price on AvidXchange from $9.00 to $10.00 and gave the company a “neutral” rating in a research report on Thursday, November 7th. Keefe, Bruyette & Woods raised their price objective on AvidXchange from $9.00 to $10.00 and gave the stock a “market perform” rating in a research note on Thursday, November 7th. KeyCorp decreased their target price on AvidXchange from $15.00 to $12.00 and set an “overweight” rating for the company in a report on Thursday, August 1st. Bank of America cut their price target 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, The Goldman Sachs Group lifted their price objective on shares of AvidXchange from $7.00 to $9.00 and gave the company a “sell” rating in a research note on Thursday, November 7th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $11.39.

AvidXchange Stock Up 0.9 %

NASDAQ:AVDX opened at $10.64 on Monday. 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 twelve month low of $7.38 and a twelve month high of $13.56. The company has a market cap of $2.19 billion, a PE ratio of 522.00 and a beta of 1.00. The company’s 50 day moving average is $8.49 and its two-hundred day moving average is $9.75.

Insider Activity at AvidXchange

In other news, insider Joel Wilhite sold 19,358 shares of the company’s stock in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $8.15, for a total value of $157,767.70. Following the transaction, the insider now directly owns 400,278 shares in the company, valued at approximately $3,262,265.70. This represents a 4.61 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Ryan Stahl sold 7,621 shares of the business’s stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $8.13, for a total value of $61,958.73. Following the completion of the sale, the insider now directly owns 377,030 shares in the company, valued at approximately $3,065,253.90. The trade was a 1.98 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 166,386 shares of company stock valued at $1,343,044. 10.40% of the stock is owned by company insiders.

Institutional Investors Weigh In On AvidXchange

Institutional investors have recently modified their holdings of the company. US Bancorp DE grew its stake in shares of AvidXchange by 111,114.9% in the third quarter. US Bancorp DE now owns 52,271 shares of the company’s stock worth $424,000 after acquiring an additional 52,224 shares in the last quarter. Lazard Asset Management LLC purchased a new position in AvidXchange in the first quarter valued at $7,621,000. Entropy Technologies LP acquired a new position in AvidXchange during the 3rd quarter worth $447,000. State of New Jersey Common Pension Fund D increased its holdings in AvidXchange by 39.3% during the 3rd quarter. State of New Jersey Common Pension Fund D now owns 247,947 shares of the company’s stock worth $2,011,000 after purchasing an additional 69,971 shares during the period. Finally, California State Teachers Retirement System raised its position in AvidXchange by 1.0% in the 1st quarter. California State Teachers Retirement System now owns 161,292 shares of the company’s stock valued at $2,121,000 after purchasing an additional 1,656 shares in the last quarter. 80.58% of the stock is owned by institutional investors and hedge funds.

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.