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

AvidXchange Holdings, Inc. (NASDAQ:AVDX) has received an average rating of “Hold” from the fourteen brokerages that are presently covering the company, MarketBeat.com reports. Two research 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. The average 1-year price objective among brokers that have issued ratings on the stock in the last year is $11.61.

A number of research analysts have commented on the stock. Piper Sandler increased their price target on shares of AvidXchange from $9.00 to $10.00 and gave the company a “neutral” rating in a research report on Thursday, November 7th. The Goldman Sachs Group increased their target price on shares of AvidXchange from $9.00 to $10.00 and gave the company a “sell” rating in a report on Monday, December 2nd. Wells Fargo & Company lifted their target price on shares of AvidXchange from $9.00 to $10.00 and gave the stock an “equal weight” rating in a research report on Thursday, November 7th. Bank of America cut their price target on shares of AvidXchange from $12.00 to $8.00 and set an “underperform” rating for the company in a research report on Tuesday, October 15th. Finally, Compass Point upgraded AvidXchange from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $8.00 to $15.00 in a report on Thursday, November 7th.

AvidXchange Trading Down 0.9 %

NASDAQ AVDX opened at $10.66 on Friday. The stock’s 50-day simple moving average is $10.70 and its two-hundred day simple moving average is $9.53. AvidXchange has a twelve month low of $7.38 and a twelve month high of $13.56. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.11. The company has a market capitalization of $2.19 billion, a price-to-earnings ratio of 518.50 and a beta of 1.22.

Insider Buying and Selling at AvidXchange

In related news, CEO Michael Praeger sold 42,377 shares of the firm’s stock in a transaction that occurred on 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 transaction, the chief executive officer now owns 10,381,033 shares of the company’s stock, valued at $118,343,776.20. This trade represents a 0.41 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director James E. Hausman sold 25,000 shares of the firm’s stock in a transaction on Monday, December 9th. The shares were sold at an average price of $11.25, for a total value of $281,250.00. Following the transaction, the director now owns 2,112,232 shares of the company’s stock, valued at $23,762,610. The trade was a 1.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 80,693 shares of company stock valued at $916,683. 10.40% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On AvidXchange

Institutional investors have recently made changes to their positions in the company. Blue Trust Inc. boosted its position in shares of AvidXchange by 90.1% during the fourth quarter. Blue Trust Inc. now owns 2,697 shares of the company’s stock valued at $28,000 after buying an additional 1,278 shares during the last quarter. Captrust Financial Advisors lifted its stake in AvidXchange by 9.2% during 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. Rhumbline Advisers boosted its holdings in shares of AvidXchange by 1.0% during the 4th quarter. Rhumbline Advisers now owns 234,738 shares of the company’s stock valued at $2,427,000 after acquiring an additional 2,391 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its stake in shares of AvidXchange by 29.6% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 13,211 shares of the company’s stock worth $107,000 after acquiring an additional 3,019 shares during the period. Finally, KBC Group NV raised its holdings in shares of AvidXchange by 60.9% during the fourth quarter. KBC Group NV now owns 8,836 shares of the company’s stock valued at $91,000 after purchasing an additional 3,344 shares during the last quarter. Hedge funds and other institutional investors own 80.58% of the company’s stock.

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.