AvidXchange Holdings, Inc. (NASDAQ:AVDX) Receives Average Rating of “Hold” from Analysts

Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) have been given a consensus rating of “Hold” by the fourteen brokerages that are currently covering the stock, MarketBeat Ratings reports. Two 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 price target among brokerages that have covered the stock in the last year is $11.18.

Several equities analysts have weighed in on AVDX shares. Susquehanna dropped their price target on AvidXchange from $16.00 to $14.00 and set a “positive” rating for the company in a research report on Thursday, August 1st. Bank of America dropped their price target on AvidXchange from $12.00 to $8.00 and set an “underperform” rating for the company in a research report on Tuesday, October 15th. Keefe, Bruyette & Woods raised their price target on AvidXchange from $9.00 to $10.00 and gave the stock a “market perform” rating in a research report on Thursday, November 7th. Barclays lowered their price objective on AvidXchange from $14.00 to $10.00 and set an “overweight” rating for the company in a research report on Monday, August 5th. Finally, KeyCorp lowered their price objective on AvidXchange from $15.00 to $12.00 and set an “overweight” rating for the company in a research report on Thursday, August 1st.

AvidXchange Stock Performance

Shares of AVDX stock opened at $10.48 on Tuesday. The stock has a fifty day moving average price of $8.18 and a 200 day moving average price of $9.80. The stock has a market cap of $2.18 billion, a PE ratio of 503.50 and a beta of 1.00. AvidXchange has a 1 year low of $7.38 and a 1 year high of $13.56. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.36 and a current ratio of 1.36.

Insider Buying and Selling at AvidXchange

In related news, insider Ryan Stahl sold 7,621 shares of the business’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $8.13, for a total value of $61,958.73. Following the transaction, the insider now owns 377,030 shares in the company, valued at approximately $3,065,253.90. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In related 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 sale, the insider now directly owns 400,278 shares in the company, valued at $3,262,265.70. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Ryan Stahl sold 7,621 shares of the firm’s stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $8.13, for a total value of $61,958.73. Following the completion of the sale, the insider now owns 377,030 shares in the company, valued at approximately $3,065,253.90. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders 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 company. Advisors Asset Management Inc. boosted its stake in AvidXchange by 96.3% during the 1st quarter. Advisors Asset Management Inc. now owns 4,309 shares of the company’s stock valued at $57,000 after purchasing an additional 2,114 shares in the last quarter. Allspring Global Investments Holdings LLC bought a new stake in shares of AvidXchange during the 3rd quarter worth $38,000. nVerses Capital LLC bought a new stake in shares of AvidXchange during the 2nd quarter worth $66,000. CWM LLC boosted its stake in shares of AvidXchange by 7,259.8% during the 3rd 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. Finally, Xponance Inc. acquired a new stake in shares of AvidXchange in the second quarter worth $133,000. 80.58% of the stock is owned by institutional investors.

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.