AvidXchange Holdings, Inc. (NASDAQ:AVDX) Receives $13.14 Consensus Price Target from Brokerages

Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDXGet Free Report) have earned a consensus rating of “Hold” from the eleven brokerages that are presently covering the stock, Marketbeat reports. One analyst has rated the stock with a sell recommendation, five have given a hold recommendation and five have assigned a buy recommendation to the company. The average twelve-month price target among brokers that have issued a report on the stock in the last year is $13.14.

A number of equities analysts have recently commented on the stock. Susquehanna increased their price objective on shares of AvidXchange from $15.00 to $16.00 and gave the stock a “positive” rating in a research note on Thursday, February 29th. Barclays dropped their target price on shares of AvidXchange from $16.00 to $14.00 and set an “overweight” rating on the stock in a report on Monday, May 13th. Keefe, Bruyette & Woods started coverage on AvidXchange in a research note on Tuesday, April 9th. They set a “market perform” rating and a $13.50 target price for the company. The Goldman Sachs Group reaffirmed a “sell” rating and set a $11.50 price target (down previously from $13.00) on shares of AvidXchange in a report on Monday, April 15th. Finally, JPMorgan Chase & Co. upped their price objective on shares of AvidXchange from $14.00 to $15.00 and gave the company an “overweight” rating in a report on Thursday, February 29th.

View Our Latest Report on AvidXchange

Insider Buying and Selling

In related news, insider Ryan Stahl sold 4,217 shares of the business’s stock in a transaction on Monday, March 18th. The stock was sold at an average price of $12.43, for a total transaction of $52,417.31. Following the sale, the insider now owns 384,588 shares in the company, valued at approximately $4,780,428.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, insider Ryan Stahl sold 4,217 shares of the firm’s stock in a transaction dated Monday, March 18th. The stock was sold at an average price of $12.43, for a total transaction of $52,417.31. Following the completion of the transaction, the insider now directly owns 384,588 shares in the company, valued at $4,780,428.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Todd Alan Cunningham sold 11,340 shares of the business’s stock in a transaction that occurred on Wednesday, February 28th. The stock was sold at an average price of $13.00, for a total transaction of $147,420.00. Following the completion of the transaction, the insider now owns 173,019 shares in the company, valued at approximately $2,249,247. The disclosure for this sale can be found here. Insiders sold a total of 3,105,448 shares of company stock worth $40,142,462 in the last ninety days. 10.30% of the stock is owned by insiders.

Institutional Trading of AvidXchange

A number of hedge funds and other institutional investors have recently bought and sold shares of AVDX. Federated Hermes Inc. grew its position in AvidXchange by 9.9% in the 3rd quarter. Federated Hermes Inc. now owns 1,250,506 shares of the company’s stock worth $11,855,000 after purchasing an additional 112,887 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. boosted its position in AvidXchange by 24.7% in the fourth quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,877,536 shares of the company’s stock worth $23,263,000 after purchasing an additional 372,291 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its position in shares of AvidXchange by 212.6% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 229,716 shares of the company’s stock valued at $2,178,000 after purchasing an additional 156,236 shares during the last quarter. ARK Investment Management LLC boosted its holdings in shares of AvidXchange by 10.1% in the 4th quarter. ARK Investment Management LLC now owns 1,109,512 shares of the company’s stock worth $13,747,000 after buying an additional 101,878 shares during the last quarter. Finally, Vanguard Group Inc. grew its position in AvidXchange by 5.2% during the third quarter. Vanguard Group Inc. now owns 18,482,011 shares of the company’s stock valued at $175,209,000 after buying an additional 907,305 shares during the period. Institutional investors own 80.58% of the company’s stock.

AvidXchange Stock Down 0.5 %

Shares of AVDX stock opened at $10.88 on Tuesday. The company has a market capitalization of $2.25 billion, a price-to-earnings ratio of -72.53 and a beta of 1.07. AvidXchange has a 12-month low of $6.88 and a 12-month high of $13.56. The firm has a fifty day moving average of $11.98 and a 200-day moving average of $11.58. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.20.

AvidXchange Company Profile

(Get Free Report

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.

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Analyst Recommendations for AvidXchange (NASDAQ:AVDX)

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