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

Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) have earned a consensus recommendation of “Hold” from the fourteen analysts that are covering the company, MarketBeat Ratings reports. Two investment 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 twelve-month price objective among brokerages that have covered the stock in the last year is $11.61.

AVDX has been the subject of a number of research reports. KeyCorp increased their target price on shares of AvidXchange from $12.00 to $13.00 and gave the stock an “overweight” rating in a report on Thursday, December 5th. BMO Capital Markets raised their target price on shares of AvidXchange from $10.00 to $11.00 and gave the company a “market perform” rating in a research report on Friday, November 8th. UBS Group upped their price target on shares of AvidXchange from $10.00 to $10.50 and gave the stock a “neutral” rating in a report on Thursday, November 7th. Barclays raised their price objective on AvidXchange from $11.00 to $13.00 and gave the company an “overweight” rating in a report on Monday, November 18th. Finally, Compass Point raised AvidXchange from a “neutral” rating to a “buy” rating and upped their target price for the stock from $8.00 to $15.00 in a report on Thursday, November 7th.

AvidXchange Price Performance

Shares of AVDX stock opened at $9.77 on Thursday. The business has a fifty day simple moving average of $10.41 and a 200 day simple moving average of $9.38. The company has a market cap of $2.01 billion, a P/E ratio of 502.50 and a beta of 1.22. 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.

Insider Activity at AvidXchange

In other AvidXchange news, Director James E. Hausman sold 25,000 shares of the stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $11.25, for a total transaction of $281,250.00. Following the completion of the sale, the director now directly owns 2,112,232 shares in the company, valued at approximately $23,762,610. This trade represents a 1.17 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Michael Praeger sold 42,377 shares of the business’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $11.40, for a total value of $483,097.80. Following the completion of the transaction, the chief executive officer now directly owns 10,381,033 shares in the company, valued at $118,343,776.20. This represents a 0.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 80,693 shares of company stock worth $916,683 over the last ninety days. Insiders own 10.40% of the company’s stock.

Institutional Investors Weigh In On AvidXchange

A number of hedge funds have recently added to or reduced their stakes in the business. Xponance Inc. grew its position in shares of AvidXchange by 9.2% during the 4th quarter. Xponance Inc. now owns 12,459 shares of the company’s stock worth $129,000 after buying an additional 1,045 shares during the period. Captrust Financial Advisors boosted its stake in AvidXchange by 6.2% during the fourth quarter. Captrust Financial Advisors now owns 18,434 shares of the company’s stock worth $191,000 after acquiring an additional 1,084 shares in the last quarter. Summit Investment Advisors Inc. grew its holdings in AvidXchange by 6.8% in the fourth quarter. Summit Investment Advisors Inc. now owns 18,182 shares of the company’s stock worth $188,000 after purchasing an additional 1,155 shares during the period. Blue Trust Inc. increased its stake in AvidXchange by 90.1% in the fourth quarter. Blue Trust Inc. now owns 2,697 shares of the company’s stock valued at $28,000 after purchasing an additional 1,278 shares in the last quarter. Finally, Rhumbline Advisers raised its holdings in shares of AvidXchange by 1.0% during the fourth quarter. Rhumbline Advisers now owns 234,738 shares of the company’s stock valued at $2,427,000 after purchasing an additional 2,391 shares during the period. 80.58% of the stock is currently 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.