AvidXchange Holdings, Inc. (NASDAQ:AVDX) Receives $11.18 Consensus Target Price from Brokerages

AvidXchange Holdings, Inc. (NASDAQ:AVDX) has been assigned a consensus rating of “Hold” from the fourteen analysts that are presently covering the company, MarketBeat Ratings reports. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and six have issued a buy rating on the company. The average 12-month price objective among analysts that have covered the stock in the last year is $11.18.

Several research firms have weighed in on AVDX. Susquehanna decreased their price target on shares of AvidXchange from $16.00 to $14.00 and set a “positive” rating for the company in a research note on Thursday, August 1st. The Goldman Sachs Group boosted their target price on AvidXchange from $7.00 to $9.00 and gave the company a “sell” rating in a research report on Thursday, November 7th. JPMorgan Chase & Co. lowered AvidXchange from an “overweight” rating to a “neutral” rating and cut their price target for the stock from $11.00 to $9.00 in a report on Tuesday, August 20th. Barclays decreased their price objective on AvidXchange from $14.00 to $10.00 and set an “overweight” rating for the company in a report on Monday, August 5th. Finally, BMO Capital Markets increased 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.

Insiders Place Their Bets

In other news, insider Joel Wilhite sold 18,028 shares of the company’s stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $7.98, for a total transaction of $143,863.44. Following the transaction, the insider now owns 419,636 shares of the company’s stock, valued at $3,348,695.28. This represents a 4.12 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Michael Praeger sold 6,701 shares of AvidXchange stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $8.17, for a total value of $54,747.17. Following the completion of the sale, the chief executive officer now directly owns 10,410,983 shares of the company’s stock, valued at approximately $85,057,731.11. This trade represents a 0.06 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 166,386 shares of company stock valued at $1,343,044. Company insiders own 10.40% of the company’s stock.

Hedge Funds Weigh In On AvidXchange

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Allspring Global Investments Holdings LLC purchased a new stake in shares of AvidXchange during the 3rd quarter valued at approximately $38,000. CWM LLC lifted its position in shares of AvidXchange by 7,259.8% during the third quarter. CWM LLC now owns 6,771 shares of the company’s stock worth $55,000 after acquiring an additional 6,679 shares in the last quarter. Advisors Asset Management Inc. lifted its position in shares of AvidXchange by 96.3% during the first quarter. Advisors Asset Management Inc. now owns 4,309 shares of the company’s stock worth $57,000 after acquiring an additional 2,114 shares in the last quarter. nVerses Capital LLC bought a new position in shares of AvidXchange in the second quarter worth $66,000. Finally, Arbor Investment Advisors LLC purchased a new position in shares of AvidXchange in the third quarter valued at $98,000. Institutional investors own 80.58% of the company’s stock.

AvidXchange Stock Performance

Shares of AVDX stock opened at $10.74 on Tuesday. The firm has a 50 day moving average of $8.33 and a 200-day moving average of $9.79. The company has a market cap of $2.21 billion, a price-to-earnings ratio of 533.00 and a beta of 1.00. The company has a quick ratio of 1.36, a current ratio of 1.32 and a debt-to-equity ratio of 0.11. AvidXchange has a 52 week low of $7.38 and a 52 week high of $13.56.

AvidXchange Company Profile

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.