Barclays Issues Positive Forecast for AvidXchange (NASDAQ:AVDX) Stock Price

AvidXchange (NASDAQ:AVDX) had its target price hoisted by Barclays from $11.00 to $13.00 in a research report sent to investors on Monday,Benzinga reports. The brokerage currently has an overweight rating on the stock.

Other equities analysts have also issued research reports about the company. Bank of America dropped their target price on AvidXchange from $12.00 to $8.00 and set an “underperform” rating on the stock in a report on Tuesday, October 15th. Keefe, Bruyette & Woods raised their price objective on AvidXchange from $9.00 to $10.00 and gave the stock a “market perform” rating in a report on Thursday, November 7th. Susquehanna dropped their price objective on AvidXchange from $16.00 to $14.00 and set a “positive” rating on the stock in a report on Thursday, August 1st. Piper Sandler raised their price objective on AvidXchange from $9.00 to $10.00 and gave the stock a “neutral” rating in a report on Thursday, November 7th. Finally, KeyCorp dropped their price objective on AvidXchange from $15.00 to $12.00 and set an “overweight” rating on the stock in a report on Thursday, August 1st. 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. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $11.39.

AvidXchange Stock Performance

NASDAQ:AVDX opened at $10.87 on Monday. The firm has a market capitalization of $2.24 billion, a PE ratio of 532.00 and a beta of 1.00. The business’s fifty day moving average price is $8.61 and its 200 day moving average price is $9.74. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.32 and a quick ratio of 1.32. AvidXchange has a 12 month low of $7.38 and a 12 month high of $13.56.

Insider Activity at AvidXchange

In other news, insider Ryan Stahl sold 7,427 shares of AvidXchange stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $8.58, for a total transaction of $63,723.66. Following the completion of the sale, the insider now directly owns 369,603 shares in the company, valued at approximately $3,171,193.74. This trade represents a 1.97 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Michael Praeger sold 6,701 shares of AvidXchange stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $8.17, for a total transaction of $54,747.17. Following the sale, the chief executive officer now owns 10,410,983 shares of the company’s stock, valued at approximately $85,057,731.11. The trade was a 0.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 119,078 shares of company stock worth $959,850 over the last 90 days. Company insiders own 10.40% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. US Bancorp DE grew its stake in AvidXchange by 111,114.9% in the 3rd quarter. US Bancorp DE now owns 52,271 shares of the company’s stock worth $424,000 after acquiring an additional 52,224 shares during the period. Lazard Asset Management LLC purchased a new stake in AvidXchange in the 1st quarter worth approximately $7,621,000. Entropy Technologies LP purchased a new stake in AvidXchange in the 3rd quarter worth approximately $447,000. State of New Jersey Common Pension Fund D grew its stake in AvidXchange by 39.3% in the 3rd quarter. State of New Jersey Common Pension Fund D now owns 247,947 shares of the company’s stock worth $2,011,000 after acquiring an additional 69,971 shares during the period. Finally, California State Teachers Retirement System grew its stake in AvidXchange by 1.0% in the 1st quarter. California State Teachers Retirement System now owns 161,292 shares of the company’s stock worth $2,121,000 after acquiring an additional 1,656 shares during the period. 80.58% of the stock is 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.