The Goldman Sachs Group Issues Positive Forecast for AvidXchange (NASDAQ:AVDX) Stock Price

AvidXchange (NASDAQ:AVDX) had its target price upped by The Goldman Sachs Group from $9.00 to $10.00 in a research report report published on Monday morning,Benzinga reports. The firm currently has a sell rating on the stock.

A number of other equities research analysts also recently issued reports on the stock. UBS Group boosted their target price on shares of AvidXchange from $10.00 to $10.50 and gave the company a “neutral” rating in a report on Thursday, November 7th. BMO Capital Markets upped their price objective on AvidXchange from $10.00 to $11.00 and gave the stock a “market perform” rating in a report on Friday, November 8th. JPMorgan Chase & Co. cut AvidXchange from an “overweight” rating to a “neutral” rating and reduced their target price for the company from $11.00 to $9.00 in a report on Tuesday, August 20th. Barclays upped their price target on AvidXchange from $11.00 to $13.00 and gave the stock an “overweight” rating in a research note on Monday, November 18th. Finally, Piper Sandler lifted their price objective on AvidXchange from $9.00 to $10.00 and gave the company a “neutral” rating in a research note on Thursday, November 7th. Two equities research 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. According to data from MarketBeat.com, AvidXchange has an average rating of “Hold” and an average price target of $11.46.

AvidXchange Stock Down 0.6 %

Shares of NASDAQ:AVDX opened at $11.37 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. The firm has a market cap of $2.34 billion, a price-to-earnings ratio of 572.00 and a beta of 1.00. The stock’s 50-day moving average price is $9.18 and its two-hundred day moving average price is $9.72. AvidXchange has a 12-month low of $7.38 and a 12-month high of $13.56.

Insider Activity

In other AvidXchange news, insider Ryan Stahl sold 7,621 shares of AvidXchange stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $8.13, for a total transaction of $61,958.73. Following the sale, the insider now directly owns 377,030 shares in the company, valued at $3,065,253.90. The trade was a 1.98 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Over the last three months, insiders sold 17,697 shares of company stock worth $146,265. 10.40% of the stock is currently owned by company insiders.

Institutional Trading of AvidXchange

A number of hedge funds have recently made changes to their positions in the stock. Point72 DIFC Ltd bought a new position in AvidXchange during the 3rd quarter valued at $37,000. Allspring Global Investments Holdings LLC bought a new position in shares of AvidXchange during the third quarter worth about $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 purchasing an additional 6,679 shares during the last quarter. nVerses Capital LLC acquired a new position in AvidXchange in the second quarter worth about $66,000. Finally, Y Intercept Hong Kong Ltd bought a new stake in AvidXchange in the third quarter valued at about $86,000. Institutional investors and hedge funds own 80.58% of the company’s stock.

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.