AvidXchange (NASDAQ:AVDX) Price Target Raised to $10.50

AvidXchange (NASDAQ:AVDX) had its price target upped by UBS Group from $10.00 to $10.50 in a report issued on Thursday,Benzinga reports. UBS Group currently has a neutral rating on the stock.

AVDX has been the topic of a number of other reports. Piper Sandler raised their price target on AvidXchange from $9.00 to $10.00 and gave the stock a “neutral” rating in a research note on Thursday. JPMorgan Chase & Co. lowered shares of AvidXchange from an “overweight” rating to a “neutral” rating and cut their price objective for the stock from $11.00 to $9.00 in a report on Tuesday, August 20th. Barclays lowered their target price on shares of AvidXchange from $14.00 to $10.00 and set an “overweight” rating for the company in a report on Monday, August 5th. Wells Fargo & Company increased their price target on shares of AvidXchange from $9.00 to $10.00 and gave the stock an “equal weight” rating in a research note on Thursday. Finally, Bank of America lowered their price objective on shares of AvidXchange from $12.00 to $8.00 and set an “underperform” rating for the company in a research note on Tuesday, October 15th. 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’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $11.18.

AvidXchange Price Performance

AVDX stock opened at $10.07 on Thursday. The stock has a market capitalization of $2.09 billion, a price-to-earnings ratio of 484.00 and a beta of 1.00. The company has a quick ratio of 1.36, a current ratio of 1.36 and a debt-to-equity ratio of 0.19. AvidXchange has a 52-week low of $7.38 and a 52-week high of $13.56. The stock’s fifty day simple moving average is $8.18 and its 200-day simple moving average is $9.83.

Insider Activity

In related news, insider Ryan Stahl sold 7,427 shares of the business’s stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $8.58, for a total transaction of $63,723.66. Following the transaction, the insider now directly owns 369,603 shares of the company’s stock, valued at approximately $3,171,193.74. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other AvidXchange news, insider Ryan Stahl sold 7,427 shares of the business’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 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 sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Michael Praeger sold 37,225 shares of the firm’s stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $7.98, for a total value of $297,055.50. Following the sale, the chief executive officer now owns 10,453,786 shares of the company’s stock, valued at $83,421,212.28. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 166,386 shares of company stock worth $1,343,044. 10.40% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On AvidXchange

Institutional investors and hedge funds have recently made changes to their positions in the business. Advisors Asset Management Inc. raised its holdings in AvidXchange by 96.3% in the first quarter. Advisors Asset Management Inc. now owns 4,309 shares of the company’s stock valued at $57,000 after acquiring an additional 2,114 shares in the last quarter. Allspring Global Investments Holdings LLC bought a new stake in shares of AvidXchange in the 3rd quarter worth about $38,000. nVerses Capital LLC acquired a new stake in shares of AvidXchange in the 2nd quarter valued at about $66,000. CWM LLC lifted its position in shares of AvidXchange by 7,259.8% during the third quarter. CWM LLC now owns 6,771 shares of the company’s stock worth $55,000 after purchasing an additional 6,679 shares during the last quarter. Finally, Xponance Inc. acquired a new position in AvidXchange in the second quarter worth about $133,000. 80.58% of the stock is currently 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.