AvidXchange Holdings, Inc. (NASDAQ:AVDX) Given Average Rating of “Hold” by Analysts

AvidXchange Holdings, Inc. (NASDAQ:AVDX) has earned an average rating of “Hold” from the fourteen brokerages that are covering the stock, Marketbeat Ratings reports. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and six have issued a buy rating on the company. The average 1 year price target among analysts that have covered the stock in the last year is $11.68.

Several research analysts recently commented on AVDX shares. Compass Point upgraded AvidXchange from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $8.00 to $15.00 in a research report on Thursday, November 7th. 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 report on Thursday, November 7th. The Goldman Sachs Group increased their price target on AvidXchange from $9.00 to $10.00 and gave the company a “sell” rating in a report on Monday, December 2nd. Piper Sandler lifted their price objective on shares of AvidXchange from $9.00 to $10.00 and gave the stock a “neutral” rating in a research note on Thursday, November 7th. Finally, Keefe, Bruyette & Woods increased their target price on shares of AvidXchange from $10.00 to $12.00 and gave the company a “market perform” rating in a research note on Monday, December 9th.

Insider Activity at AvidXchange

In other news, Director Teresa Mackintosh sold 13,316 shares of the company’s stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $11.44, for a total value of $152,335.04. Following the completion of the sale, the director now owns 47,388 shares of the company’s stock, valued at approximately $542,118.72. This represents a 21.94 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director James E. Hausman sold 25,000 shares of AvidXchange stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $11.25, for a total transaction of $281,250.00. Following the transaction, the director now directly owns 2,112,232 shares in the company, valued at approximately $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 quarter, insiders sold 88,120 shares of company stock worth $980,407. Company insiders own 10.40% of the company’s stock.

Institutional Trading of AvidXchange

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. FMR LLC lifted its stake in shares of AvidXchange by 272.5% during the 3rd quarter. FMR LLC now owns 13,733,769 shares of the company’s stock worth $111,381,000 after purchasing an additional 10,046,893 shares during the last quarter. American Century Companies Inc. lifted its position in shares of AvidXchange by 54.2% during the second quarter. American Century Companies Inc. now owns 4,515,719 shares of the company’s stock valued at $54,460,000 after buying an additional 1,586,510 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of AvidXchange by 5.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 4,317,134 shares of the company’s stock valued at $52,062,000 after buying an additional 230,777 shares in the last quarter. Geode Capital Management LLC grew its position in shares of AvidXchange by 5.0% in the 3rd quarter. Geode Capital Management LLC now owns 4,266,265 shares of the company’s stock worth $34,607,000 after buying an additional 201,847 shares during the last quarter. Finally, State Street Corp raised its stake in shares of AvidXchange by 1.5% during the 3rd quarter. State Street Corp now owns 3,763,694 shares of the company’s stock worth $30,524,000 after acquiring an additional 54,403 shares in the last quarter. Institutional investors own 80.58% of the company’s stock.

AvidXchange Stock Performance

Shares of NASDAQ:AVDX opened at $10.34 on Wednesday. The firm has a fifty day simple moving average of $10.34 and a two-hundred day simple moving average of $9.74. AvidXchange has a 52 week low of $7.38 and a 52 week 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 stock has a market capitalization of $2.13 billion, a P/E ratio of 525.50 and a beta of 1.20.

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.