Keefe, Bruyette & Woods Cuts AvidXchange (NASDAQ:AVDX) Price Target to $11.00

AvidXchange (NASDAQ:AVDX) had its price objective decreased by Keefe, Bruyette & Woods from $12.00 to $11.00 in a research note released on Monday,Benzinga reports. Keefe, Bruyette & Woods currently has a market perform rating on the stock.

A number of other equities research analysts have also commented on the company. Wells Fargo & Company raised their price target on AvidXchange from $9.00 to $10.00 and gave the stock an “equal weight” rating in a research report on Thursday, November 7th. Piper Sandler raised their price target on AvidXchange from $9.00 to $10.00 and gave the company a “neutral” rating in a research note on Thursday, November 7th. Barclays boosted their price target on AvidXchange from $11.00 to $13.00 and gave the company an “overweight” rating in a research note on Monday, November 18th. KeyCorp lifted their price objective on AvidXchange from $12.00 to $13.00 and gave the company an “overweight” rating in a report on Thursday, December 5th. Finally, Compass Point raised AvidXchange from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $8.00 to $15.00 in a report on Thursday, November 7th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $11.61.

AvidXchange Trading Down 3.2 %

NASDAQ:AVDX opened at $9.80 on Monday. The firm has a market capitalization of $2.02 billion, a price-to-earnings ratio of 518.50 and a beta of 1.22. 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 business’s 50-day moving average price is $10.58 and its two-hundred day moving average price is $9.72. AvidXchange has a 1-year low of $7.38 and a 1-year high of $13.56.

Insider Buying and Selling at AvidXchange

In related news, Director Teresa Mackintosh sold 13,316 shares of the company’s stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $11.44, for a total transaction of $152,335.04. Following the sale, the director now owns 47,388 shares in the company, valued at $542,118.72. This represents a 21.94 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director James E. Hausman sold 25,000 shares of the company’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $11.25, for a total value of $281,250.00. Following the sale, the director now owns 2,112,232 shares in the company, valued at approximately $23,762,610. The trade was a 1.17 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 88,120 shares of company stock worth $980,407. Insiders own 10.40% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in AVDX. FMR LLC raised its stake in shares of AvidXchange by 272.5% in the third quarter. FMR LLC now owns 13,733,769 shares of the company’s stock worth $111,381,000 after purchasing an additional 10,046,893 shares during the last quarter. Jacobs Levy Equity Management Inc. purchased a new stake in shares of AvidXchange in the third quarter worth approximately $25,339,000. American Century Companies Inc. raised its stake in shares of AvidXchange by 54.2% in the second 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 last quarter. Point72 Asset Management L.P. purchased a new stake in shares of AvidXchange during the third quarter valued at approximately $7,920,000. Finally, Providence Capital Advisors LLC increased its position in shares of AvidXchange by 709.6% during the third quarter. Providence Capital Advisors LLC now owns 649,565 shares of the company’s stock valued at $5,268,000 after acquiring an additional 569,328 shares during the last quarter. 80.58% of the stock is owned by institutional investors and hedge funds.

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.