AvidXchange (NASDAQ:AVDX) Stock Price Expected to Rise, BMO Capital Markets Analyst Says

AvidXchange (NASDAQ:AVDX) had its price target boosted by equities researchers at BMO Capital Markets from $10.00 to $11.00 in a research note issued on Friday,Benzinga reports. The brokerage currently has a “market perform” rating on the stock. BMO Capital Markets’ price objective would indicate a potential upside of 9.24% from the company’s previous close.

A number of other equities research analysts have also recently issued reports on AVDX. Compass Point raised shares of AvidXchange from a “neutral” rating to a “buy” rating and upped their target price for the company from $8.00 to $15.00 in a report on Thursday. Keefe, Bruyette & Woods raised their price objective on AvidXchange from $9.00 to $10.00 and gave the company a “market perform” rating in a research report on Thursday. Wells Fargo & Company lifted their target price on AvidXchange from $9.00 to $10.00 and gave the stock an “equal weight” rating in a research note on Thursday. KeyCorp cut their price target on AvidXchange from $15.00 to $12.00 and set an “overweight” rating for the company in a report on Thursday, August 1st. Finally, Barclays decreased their price objective on shares of AvidXchange from $14.00 to $10.00 and set an “overweight” rating on the stock in a report on Monday, August 5th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $11.18.

AvidXchange Trading Up 0.7 %

Shares of NASDAQ:AVDX opened at $10.07 on Friday. The company’s 50-day moving average price is $8.18 and its two-hundred day moving average price is $9.83. AvidXchange has a one year low of $7.38 and a one year high of $13.56. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.36 and a quick ratio of 1.36. The stock has a market capitalization of $2.09 billion, a PE ratio of 484.00 and a beta of 1.00.

Insider Buying and Selling at AvidXchange

In other news, insider Joel Wilhite sold 47,308 shares of the firm’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $8.10, for a total transaction of $383,194.80. Following the transaction, the insider now directly owns 413,687 shares of the company’s stock, valued at approximately $3,350,864.70. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other AvidXchange news, insider Ryan Stahl sold 7,427 shares of AvidXchange stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $8.58, for a total value of $63,723.66. Following the completion of the transaction, the insider now directly owns 369,603 shares of the company’s stock, valued at $3,171,193.74. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Joel Wilhite sold 47,308 shares of the stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $8.10, for a total value of $383,194.80. Following the sale, the insider now directly owns 413,687 shares in the company, valued at approximately $3,350,864.70. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 166,386 shares of company stock valued at $1,343,044 in the last quarter. Company insiders own 10.40% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. SG Americas Securities LLC increased its holdings in AvidXchange by 84.9% in the 1st quarter. SG Americas Securities LLC now owns 28,978 shares of the company’s stock valued at $381,000 after buying an additional 13,302 shares during the period. TimesSquare Capital Management LLC raised its position in AvidXchange by 6.8% during the first quarter. TimesSquare Capital Management LLC now owns 1,970,837 shares of the company’s stock valued at $25,917,000 after purchasing an additional 124,988 shares in the last quarter. Swiss National Bank lifted its stake in AvidXchange by 7.4% during the first quarter. Swiss National Bank now owns 320,900 shares of the company’s stock worth $4,220,000 after purchasing an additional 22,100 shares during the last quarter. Susquehanna Fundamental Investments LLC bought a new stake in AvidXchange during the first quarter worth $1,848,000. Finally, ProShare Advisors LLC boosted its holdings in shares of AvidXchange by 9.7% in the 1st quarter. ProShare Advisors LLC now owns 27,135 shares of the company’s stock valued at $357,000 after purchasing an additional 2,396 shares in the last quarter. Institutional investors and hedge funds own 80.58% of the company’s stock.

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.