AvidXchange Holdings, Inc. (NASDAQ:AVDX) Receives $11.61 Consensus PT from Brokerages

Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) have earned an average rating of “Hold” from the fourteen research firms that are presently covering the firm, Marketbeat.com reports. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and six have issued a buy rating on the company. The average 1-year target price among brokerages that have updated their coverage on the stock in the last year is $11.61.

AVDX has been the topic of several research reports. UBS Group lifted their target price on AvidXchange from $10.00 to $10.50 and gave the stock a “neutral” rating in a report on Thursday, November 7th. Wells Fargo & Company lifted their target price on AvidXchange from $9.00 to $10.00 and gave the stock an “equal weight” rating in a report on Thursday, November 7th. BTIG Research initiated coverage on AvidXchange in a report on Wednesday, December 11th. They issued a “buy” rating and a $14.00 target price on the stock. BMO Capital Markets lifted their target price on AvidXchange from $10.00 to $11.00 and gave the stock a “market perform” rating in a report on Friday, November 8th. Finally, Compass Point raised AvidXchange from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $8.00 to $15.00 in a report on Thursday, November 7th.

Insider Buying and Selling at AvidXchange

In other AvidXchange news, Director James E. Hausman sold 25,000 shares of the business’s stock in a transaction that occurred on 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 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Michael Praeger sold 42,377 shares of the business’s stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $11.40, for a total value of $483,097.80. Following the transaction, the chief executive officer now owns 10,381,033 shares of the company’s stock, valued at $118,343,776.20. This trade represents a 0.41 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 80,693 shares of company stock worth $916,683 over the last 90 days. Company insiders own 10.40% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the business. Xponance Inc. raised its stake in shares of AvidXchange by 9.2% during the fourth quarter. Xponance Inc. now owns 12,459 shares of the company’s stock valued at $129,000 after acquiring an additional 1,045 shares in the last quarter. Captrust Financial Advisors raised its stake in shares of AvidXchange by 6.2% during the fourth quarter. Captrust Financial Advisors now owns 18,434 shares of the company’s stock valued at $191,000 after acquiring an additional 1,084 shares in the last quarter. Summit Investment Advisors Inc. raised its stake in shares of AvidXchange by 6.8% during the fourth quarter. Summit Investment Advisors Inc. now owns 18,182 shares of the company’s stock valued at $188,000 after acquiring an additional 1,155 shares in the last quarter. Blue Trust Inc. raised its stake in shares of AvidXchange by 90.1% during the fourth quarter. Blue Trust Inc. now owns 2,697 shares of the company’s stock valued at $28,000 after acquiring an additional 1,278 shares in the last quarter. Finally, Rhumbline Advisers raised its stake in shares of AvidXchange by 1.0% during the fourth quarter. Rhumbline Advisers now owns 234,738 shares of the company’s stock valued at $2,427,000 after acquiring an additional 2,391 shares in the last quarter. Hedge funds and other institutional investors own 80.58% of the company’s stock.

AvidXchange Trading Down 2.8 %

Shares of AVDX stock opened at $9.22 on Thursday. AvidXchange has a 12-month low of $7.38 and a 12-month high of $13.56. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.11. The stock’s 50-day moving average price is $10.31 and its 200-day moving average price is $9.39. The stock has a market capitalization of $1.90 billion, a price-to-earnings ratio of 474.50 and a beta of 1.22.

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.