The Goldman Sachs Group Raises AvidXchange (NASDAQ:AVDX) Price Target to $9.00

AvidXchange (NASDAQ:AVDX) had its price target raised by The Goldman Sachs Group from $7.00 to $9.00 in a report issued on Thursday morning,Benzinga reports. The brokerage currently has a sell rating on the stock.

A number of other brokerages have also issued reports on AVDX. Robert W. Baird decreased their price target on AvidXchange from $16.00 to $14.00 and set an “outperform” rating on the stock in a research note on Thursday, August 1st. Compass Point raised shares of AvidXchange from a “neutral” rating to a “buy” rating and increased their price target for the stock from $8.00 to $15.00 in a research note on Thursday. Barclays lowered their price objective on shares of AvidXchange from $14.00 to $10.00 and set an “overweight” rating for the company in a research note on Monday, August 5th. Bank of America cut their target price on AvidXchange from $12.00 to $8.00 and set an “underperform” rating on the stock in a research report on Tuesday, October 15th. Finally, KeyCorp cut 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 given a hold rating and six have given a buy rating to the company. According to MarketBeat, AvidXchange currently has an average rating of “Hold” and a consensus price target of $11.18.

AvidXchange Stock Up 0.7 %

Shares of NASDAQ:AVDX opened at $10.07 on Thursday. The company has a market capitalization of $2.09 billion, a P/E ratio of 484.00 and a beta of 1.00. The stock’s fifty day simple moving average is $8.18 and its 200-day simple moving average is $9.82. AvidXchange has a 52-week low of $7.38 and a 52-week high of $13.56. The company has a quick ratio of 1.36, a current ratio of 1.36 and a debt-to-equity ratio of 0.19.

Insider Buying and Selling

In other news, insider Joel Wilhite sold 47,308 shares of the stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $8.10, for a total transaction of $383,194.80. Following the sale, the insider now directly owns 413,687 shares in the company, valued at approximately $3,350,864.70. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other AvidXchange news, insider Joel Wilhite sold 47,308 shares of the stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $8.10, for a total value of $383,194.80. Following the sale, the insider now directly owns 413,687 shares of the company’s stock, valued at $3,350,864.70. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Michael Praeger sold 37,225 shares of the business’s stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $7.98, for a total transaction of $297,055.50. Following the transaction, the chief executive officer now directly owns 10,453,786 shares of the company’s stock, valued at approximately $83,421,212.28. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 166,386 shares of company stock worth $1,343,044 over the last quarter. 10.40% of the stock is owned by company insiders.

Hedge Funds Weigh In On AvidXchange

Several hedge funds and other institutional investors have recently made changes to their positions in AVDX. Intech Investment Management LLC bought a new stake in AvidXchange during the 3rd quarter valued at $396,000. Connor Clark & Lunn Investment Management Ltd. grew its position in AvidXchange by 52.1% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 801,087 shares of the company’s stock valued at $6,497,000 after buying an additional 274,375 shares in the last quarter. Quest Partners LLC increased its stake in AvidXchange by 46.0% during the 3rd quarter. Quest Partners LLC now owns 22,289 shares of the company’s stock valued at $181,000 after buying an additional 7,027 shares during the period. Sumitomo Mitsui Trust Group Inc. lifted its stake in shares of AvidXchange by 9.1% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,862,225 shares of the company’s stock worth $15,103,000 after acquiring an additional 155,008 shares during the period. Finally, GSA Capital Partners LLP bought a new position in shares of AvidXchange in the third quarter valued at approximately $1,393,000. 80.58% of the stock is currently owned by institutional investors and hedge funds.

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.