Credit Suisse Group Increases AvidXchange (NASDAQ:AVDX) Price Target to $11.00

AvidXchange (NASDAQ:AVDXGet Rating) had its target price hoisted by research analysts at Credit Suisse Group from $10.50 to $11.00 in a research report issued to clients and investors on Thursday, Marketbeat.com reports. The brokerage presently has an “outperform” rating on the stock.

AVDX has been the subject of a number of other reports. Deutsche Bank Aktiengesellschaft decreased their target price on AvidXchange from $16.00 to $13.00 in a research report on Monday, May 9th. Morgan Stanley began coverage on AvidXchange in a report on Thursday, April 28th. They issued an “equal weight” rating and a $9.00 price target on the stock. The Goldman Sachs Group downgraded AvidXchange from a “buy” rating to a “neutral” rating and cut their price target for the company from $13.00 to $10.00 in a report on Friday, April 8th. KeyCorp cut their price target on AvidXchange from $14.00 to $10.00 and set an “overweight” rating on the stock in a report on Thursday, July 7th. Finally, Piper Sandler lifted their price target on AvidXchange from $11.00 to $12.00 and gave the company an “overweight” rating in a report on Thursday. Two research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of 16.27.

AvidXchange Stock Down 0.7 %

Shares of NASDAQ AVDX opened at 7.98 on Thursday. The company has a quick ratio of 1.49, a current ratio of 1.49 and a debt-to-equity ratio of 0.26. The business has a fifty day simple moving average of 7.22 and a two-hundred day simple moving average of 8.32. AvidXchange has a twelve month low of 5.86 and a twelve month high of 27.43.

AvidXchange (NASDAQ:AVDXGet Rating) last issued its earnings results on Wednesday, August 3rd. The company reported -0.07 earnings per share for the quarter, beating analysts’ consensus estimates of -0.13 by 0.06. AvidXchange had a negative return on equity of 33.45% and a negative net margin of 56.17%. Equities research analysts predict that AvidXchange will post -0.68 earnings per share for the current fiscal year.

Institutional Trading of AvidXchange

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Canada Pension Plan Investment Board lifted its position in AvidXchange by 7.1% during the 1st quarter. Canada Pension Plan Investment Board now owns 4,886,508 shares of the company’s stock worth $39,336,000 after acquiring an additional 322,000 shares during the period. Neuberger Berman Group LLC lifted its holdings in shares of AvidXchange by 31.6% in the 1st quarter. Neuberger Berman Group LLC now owns 4,324,233 shares of the company’s stock valued at $34,647,000 after buying an additional 1,039,536 shares during the period. Biltmore Family Office LLC acquired a new position in shares of AvidXchange in the 2nd quarter valued at about $23,017,000. HarbourVest Partners LLC acquired a new position in shares of AvidXchange in the 1st quarter valued at about $27,272,000. Finally, Tikvah Management LLC lifted its holdings in shares of AvidXchange by 24.9% in the 1st quarter. Tikvah Management LLC now owns 2,817,798 shares of the company’s stock valued at $22,683,000 after buying an additional 561,280 shares during the period. Institutional investors and hedge funds own 64.58% of the company’s stock.

AvidXchange Company Profile

(Get Rating)

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 cash flow manager that provides cash management solutions.

Read More

Analyst Recommendations for AvidXchange (NASDAQ:AVDX)

Receive News & Ratings for AvidXchange Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for AvidXchange and related companies with MarketBeat.com's FREE daily email newsletter.