Wells Fargo & Company Boosts AvidXchange (NASDAQ:AVDX) Price Target to $10.00

AvidXchange (NASDAQ:AVDX) had its price target upped by analysts at Wells Fargo & Company from $9.00 to $10.00 in a report released on Thursday, Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price target indicates a potential upside of 1.83% from the stock’s current price.

Other equities research analysts have also recently issued research reports about the stock. UBS Group cut shares of AvidXchange from a “buy” rating to a “neutral” rating and decreased their target price for the company from $15.00 to $10.00 in a research report on Thursday, August 1st. Compass Point raised AvidXchange from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $8.00 to $15.00 in a research report on Thursday. Barclays reduced their target price on AvidXchange from $14.00 to $10.00 and set an “overweight” rating on the stock in a research report on Monday, August 5th. Piper Sandler raised their price target on AvidXchange from $9.00 to $10.00 and gave the stock a “neutral” rating in a report on Thursday. Finally, Susquehanna cut their price objective on shares of AvidXchange from $16.00 to $14.00 and set a “positive” rating on the stock in a report on Thursday, August 1st. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and six have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $10.93.

AvidXchange Stock Up 1.4 %

NASDAQ AVDX traded up $0.14 during midday trading on Thursday, hitting $9.82. 269,781 shares of the company traded hands, compared to its average volume of 2,060,928. AvidXchange has a 52 week low of $7.38 and a 52 week high of $13.56. The company’s 50-day simple moving average is $8.10 and its 200-day simple moving average is $9.84. The company has a market cap of $2.04 billion, a PE ratio of -163.67 and a beta of 1.00. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.36 and a quick ratio of 1.36.

Insider Activity at AvidXchange

In other news, insider Ryan Stahl sold 7,427 shares of the firm’s stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $8.58, for a total transaction of $63,723.66. Following the sale, the insider now owns 369,603 shares of the company’s stock, valued at $3,171,193.74. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, insider Joel Wilhite sold 19,358 shares of the firm’s stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $8.15, for a total value of $157,767.70. Following the transaction, the insider now owns 400,278 shares in the company, valued at $3,262,265.70. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Ryan Stahl sold 7,427 shares of the firm’s stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $8.58, for a total value of $63,723.66. Following the completion of the transaction, the insider now owns 369,603 shares in the company, valued at $3,171,193.74. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 166,386 shares of company stock worth $1,343,044 over the last three months. Company insiders own 10.40% of the company’s stock.

Institutional Investors Weigh In On AvidXchange

Several hedge funds and other institutional investors have recently added to or reduced their stakes in AVDX. American Century Companies Inc. grew its holdings in shares of AvidXchange by 54.2% during the 2nd quarter. American Century Companies Inc. now owns 4,515,719 shares of the company’s stock worth $54,460,000 after purchasing an additional 1,586,510 shares during the period. Kodai Capital Management LP boosted its stake in AvidXchange by 872.9% during the first quarter. Kodai Capital Management LP now owns 1,581,667 shares of the company’s stock worth $20,799,000 after buying an additional 1,419,099 shares during the period. Lazard Asset Management LLC acquired a new stake in shares of AvidXchange during the first quarter valued at about $7,621,000. Healthcare of Ontario Pension Plan Trust Fund lifted its holdings in shares of AvidXchange by 142.2% in the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 581,300 shares of the company’s stock worth $7,010,000 after acquiring an additional 341,300 shares during the last quarter. Finally, Tremblant Capital Group boosted its position in shares of AvidXchange by 14.7% during the 1st quarter. Tremblant Capital Group now owns 2,164,143 shares of the company’s stock worth $28,458,000 after purchasing an additional 277,109 shares during the period. Institutional investors and hedge funds 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.