Keefe, Bruyette & Woods Cuts AvidXchange (NASDAQ:AVDX) Price Target to $11.00

AvidXchange (NASDAQ:AVDX) had its price target decreased by equities research analysts at Keefe, Bruyette & Woods from $12.00 to $11.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage currently has a “market perform” rating on the stock. Keefe, Bruyette & Woods’ target price points to a potential upside of 4.17% from the stock’s current price.

A number of other research analysts have also recently commented on AVDX. BTIG Research started coverage on AvidXchange in a research report on Wednesday, December 11th. They issued a “buy” rating and a $14.00 price target on the stock. The Goldman Sachs Group upped their price target on shares of AvidXchange from $9.00 to $10.00 and gave the stock a “sell” rating in a report on Monday, December 2nd. KeyCorp lifted their price objective on shares of AvidXchange from $12.00 to $13.00 and gave the company an “overweight” rating in a research note on Thursday, December 5th. Wells Fargo & Company raised their target price on AvidXchange from $9.00 to $10.00 and gave the company an “equal weight” rating in a report on Thursday, November 7th. Finally, UBS Group boosted their price target on AvidXchange from $10.00 to $10.50 and gave the stock a “neutral” rating in a report on Thursday, November 7th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $11.61.

AvidXchange Stock Performance

Shares of AvidXchange stock traded down $0.13 during trading on Monday, reaching $10.56. The company’s stock had a trading volume of 120,091 shares, compared to its average volume of 774,557. 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 business’s 50-day moving average price is $10.48 and its 200-day moving average price is $9.73. AvidXchange has a 52 week low of $7.38 and a 52 week high of $13.56. The firm has a market cap of $2.17 billion, a PE ratio of 511.00 and a beta of 1.20.

Insiders Place Their Bets

In other AvidXchange news, CEO Michael Praeger sold 42,377 shares of AvidXchange stock in a transaction dated 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 in the company, valued at approximately $118,343,776.20. The trade was a 0.41 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Ryan Stahl sold 7,427 shares of the stock in a transaction that occurred 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 sale, the insider now directly owns 369,603 shares of the company’s stock, valued at approximately $3,171,193.74. This trade represents a 1.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 88,120 shares of company stock worth $980,407. Corporate insiders own 10.40% of the company’s stock.

Institutional Investors Weigh In On AvidXchange

Several institutional investors have recently bought and sold shares of AVDX. Point72 DIFC Ltd bought a new stake in shares of AvidXchange in the 3rd quarter worth $37,000. Allspring Global Investments Holdings LLC bought a new stake in AvidXchange in the 3rd quarter worth about $38,000. CWM LLC increased its stake in AvidXchange by 7,259.8% in the 3rd quarter. CWM LLC now owns 6,771 shares of the company’s stock valued at $55,000 after buying an additional 6,679 shares during the last quarter. Y Intercept Hong Kong Ltd purchased a new stake in AvidXchange in the 3rd quarter valued at about $86,000. Finally, Xponance Inc. bought a new position in shares of AvidXchange during the 2nd quarter worth approximately $133,000. 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.