AvidXchange (NASDAQ:AVDX) Given New $13.00 Price Target at KeyCorp

AvidXchange (NASDAQ:AVDX) had its target price boosted by KeyCorp from $12.00 to $13.00 in a research note published on Thursday morning,Benzinga reports. They currently have an overweight rating on the stock.

Other research analysts have also recently issued reports about the company. Bank of America lowered their price target on AvidXchange from $12.00 to $8.00 and set an “underperform” rating on the stock in a report on Tuesday, October 15th. Wells Fargo & Company lifted their price objective on AvidXchange from $9.00 to $10.00 and gave the stock an “equal weight” rating in a research note on Thursday, November 7th. Keefe, Bruyette & Woods lifted their price objective on AvidXchange from $9.00 to $10.00 and gave the stock a “market perform” rating in a research note on Thursday, November 7th. BMO Capital Markets boosted their target price on AvidXchange from $10.00 to $11.00 and gave the company a “market perform” rating in a research report on Friday, November 8th. Finally, JPMorgan Chase & Co. downgraded AvidXchange from an “overweight” rating to a “neutral” rating and cut their price objective for the company from $11.00 to $9.00 in a research report on Tuesday, August 20th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $11.54.

AvidXchange Stock Down 1.8 %

AVDX stock opened at $11.25 on Thursday. The business’s 50-day moving average price is $9.37 and its 200-day moving average price is $9.74. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.11. AvidXchange has a twelve month low of $7.38 and a twelve month high of $13.56. The stock has a market cap of $2.31 billion, a P/E ratio of 565.50 and a beta of 1.20.

Insider Activity

In other AvidXchange news, CEO Michael Praeger sold 42,377 shares of AvidXchange stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $11.40, for a total transaction of $483,097.80. Following the completion of the sale, the chief executive officer now directly owns 10,381,033 shares of the company’s stock, valued at $118,343,776.20. The trade was a 0.41 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Ryan Stahl sold 7,427 shares of AvidXchange stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $8.58, for a total value of $63,723.66. Following the sale, the insider now directly owns 369,603 shares of the company’s stock, valued at $3,171,193.74. This trade represents a 1.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 60,074 shares of company stock valued at $629,363. 10.40% of the stock is currently owned by corporate insiders.

Institutional Trading of AvidXchange

Several institutional investors and hedge funds have recently made changes to their positions in the company. SG Americas Securities LLC increased its position in AvidXchange by 2.9% in the 2nd quarter. SG Americas Securities LLC now owns 29,813 shares of the company’s stock valued at $360,000 after acquiring an additional 835 shares during the period. Captrust Financial Advisors increased its position in AvidXchange by 9.2% in the 3rd quarter. Captrust Financial Advisors now owns 17,350 shares of the company’s stock valued at $141,000 after acquiring an additional 1,465 shares during the period. California State Teachers Retirement System increased its position in AvidXchange by 1.0% in the 1st quarter. California State Teachers Retirement System now owns 161,292 shares of the company’s stock valued at $2,121,000 after acquiring an additional 1,656 shares during the period. Wealth Enhancement Advisory Services LLC increased its position in AvidXchange by 29.6% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 13,211 shares of the company’s stock valued at $107,000 after acquiring an additional 3,019 shares during the period. Finally, Principal Financial Group Inc. increased its position in AvidXchange by 17.1% in the 2nd quarter. Principal Financial Group Inc. now owns 23,479 shares of the company’s stock valued at $283,000 after acquiring an additional 3,421 shares during the period. 80.58% of the stock is owned by hedge funds and other institutional investors.

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.