AvidXchange Holdings, Inc. (NASDAQ:AVDX) Receives $11.68 Consensus Price Target from Analysts

AvidXchange Holdings, Inc. (NASDAQ:AVDX) has been assigned an average recommendation of “Hold” from the fourteen brokerages that are currently covering the stock, MarketBeat reports. Two investment analysts have rated the stock with a sell recommendation, six have given a hold recommendation and six have given a buy recommendation to the company. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $11.68.

Several research analysts have issued reports on the company. The Goldman Sachs Group increased their price target on AvidXchange from $9.00 to $10.00 and gave the stock a “sell” rating in a report on Monday, December 2nd. Piper Sandler lifted their price target on shares of AvidXchange from $9.00 to $10.00 and gave the company a “neutral” rating in a research report on Thursday, November 7th. Barclays upped their price objective on shares of AvidXchange from $11.00 to $13.00 and gave the stock an “overweight” rating in a report on Monday, November 18th. Bank of America reduced their price objective on shares of AvidXchange from $12.00 to $8.00 and set an “underperform” rating for the company in a report on Tuesday, October 15th. Finally, Keefe, Bruyette & Woods upped their target price on shares of AvidXchange from $10.00 to $12.00 and gave the stock a “market perform” rating in a report on Monday, December 9th.

AvidXchange Trading Up 3.1 %

NASDAQ AVDX opened at $10.69 on Wednesday. The stock has a market capitalization of $2.20 billion, a P/E ratio of 511.00 and a beta of 1.20. The business has a 50 day simple moving average of $10.48 and a 200 day simple moving average of $9.74. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.32 and a quick ratio of 1.32. AvidXchange has a one year low of $7.38 and a one year high of $13.56.

Insider Transactions at AvidXchange

In related news, Director James E. Hausman sold 25,000 shares of the business’s stock in a transaction dated 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 in the company, valued at $23,762,610. The trade was a 1.17 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Teresa Mackintosh sold 13,316 shares of AvidXchange stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $11.44, for a total value of $152,335.04. Following the sale, the director now owns 47,388 shares of the company’s stock, valued at approximately $542,118.72. This trade represents a 21.94 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 88,120 shares of company stock valued at $980,407. 10.40% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On AvidXchange

A number of large investors have recently added to or reduced their stakes in AVDX. Geode Capital Management LLC grew its position in AvidXchange by 5.0% during the third quarter. Geode Capital Management LLC now owns 4,266,265 shares of the company’s stock valued at $34,607,000 after acquiring an additional 201,847 shares during the last quarter. Barclays PLC boosted its stake in shares of AvidXchange by 239.8% in the 3rd quarter. Barclays PLC now owns 285,768 shares of the company’s stock valued at $2,318,000 after purchasing an additional 201,679 shares in the last quarter. Y Intercept Hong Kong Ltd purchased a new stake in shares of AvidXchange in the 3rd quarter valued at $86,000. State Street Corp grew its holdings in shares of AvidXchange by 1.5% during the 3rd quarter. State Street Corp now owns 3,763,694 shares of the company’s stock valued at $30,524,000 after purchasing an additional 54,403 shares during the last quarter. Finally, Point72 DIFC Ltd purchased a new position in AvidXchange in the 3rd quarter worth $37,000. 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.