Keefe, Bruyette & Woods Boosts AvidXchange (NASDAQ:AVDX) Price Target to $12.00

AvidXchange (NASDAQ:AVDX) had its target price upped by Keefe, Bruyette & Woods from $10.00 to $12.00 in a report published on Monday morning,Benzinga reports. They currently have a market perform rating on the stock.

Several other equities analysts have also recently weighed in on the stock. Compass Point upgraded shares of AvidXchange from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $8.00 to $15.00 in a research note on Thursday, November 7th. KeyCorp increased their target price on AvidXchange from $12.00 to $13.00 and gave the stock an “overweight” rating in a research report on Thursday, December 5th. Wells Fargo & Company boosted their price target on shares of AvidXchange from $9.00 to $10.00 and gave the stock an “equal weight” rating in a research note on Thursday, November 7th. Piper Sandler increased their target price on AvidXchange from $9.00 to $10.00 and gave the company a “neutral” rating in a research report on Thursday, November 7th. Finally, The Goldman Sachs Group boosted their price objective on AvidXchange from $9.00 to $10.00 and gave the stock a “sell” rating in a research note on Monday, December 2nd. Two research analysts have rated the stock with a sell rating, six have given a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $11.68.

AvidXchange Stock Up 1.4 %

AVDX opened at $11.27 on Monday. The firm has a 50 day moving average price of $9.63 and a 200-day moving average price of $9.75. The stock has a market capitalization of $2.32 billion, a price-to-earnings ratio of 578.00 and a beta of 1.19. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.11. AvidXchange has a twelve month low of $7.38 and a twelve month high of $13.56.

Insider Activity

In other news, Director Teresa Mackintosh sold 13,316 shares of AvidXchange stock in a transaction on Friday, December 6th. The stock was sold at an average price of $11.44, for a total value of $152,335.04. Following the transaction, the director now directly owns 47,388 shares in the company, valued at approximately $542,118.72. This trade represents a 21.94 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Ryan Stahl sold 7,427 shares of the stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $8.58, for a total transaction of $63,723.66. Following the sale, the insider now directly owns 369,603 shares of the company’s stock, valued at $3,171,193.74. The trade was a 1.97 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 98,390 shares of company stock valued at $1,062,948. Corporate insiders own 10.40% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of AVDX. SG Americas Securities LLC grew its position in AvidXchange by 2.9% during the second quarter. SG Americas Securities LLC now owns 29,813 shares of the company’s stock valued at $360,000 after buying an additional 835 shares during the period. Captrust Financial Advisors boosted its stake in shares of AvidXchange by 9.2% in the third quarter. Captrust Financial Advisors now owns 17,350 shares of the company’s stock worth $141,000 after acquiring an additional 1,465 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its stake in AvidXchange by 29.6% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 13,211 shares of the company’s stock valued at $107,000 after purchasing an additional 3,019 shares during the last quarter. Principal Financial Group Inc. grew its stake in AvidXchange by 17.1% during the 2nd quarter. Principal Financial Group Inc. now owns 23,479 shares of the company’s stock valued at $283,000 after acquiring an additional 3,421 shares in the last quarter. Finally, Point72 DIFC Ltd purchased a new position in AvidXchange in the 3rd quarter worth approximately $37,000. 80.58% of the stock is currently owned by hedge funds and other institutional investors.

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.