AvidXchange Holdings, Inc. (NASDAQ:AVDX) Given Average Recommendation of “Hold” by Analysts

Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) have been assigned a consensus rating of “Hold” from the fourteen brokerages that are covering the stock, MarketBeat Ratings reports. Two analysts have rated the stock with a sell recommendation, six have issued a hold recommendation and six have assigned a buy recommendation to the company. The average 12 month price objective among brokers that have issued ratings on the stock in the last year is $11.68.

Several research analysts have weighed in on AVDX shares. BMO Capital Markets lifted their target price on AvidXchange from $10.00 to $11.00 and gave the company a “market perform” rating in a research note on Friday, November 8th. BTIG Research began coverage on shares of AvidXchange in a research note on Wednesday. They issued a “buy” rating and a $14.00 target price for the company. Compass Point upgraded shares of AvidXchange from a “neutral” rating to a “buy” rating and raised their price objective for the company from $8.00 to $15.00 in a research report on Thursday, November 7th. Bank of America dropped 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 lifted their price target on AvidXchange from $12.00 to $13.00 and gave the company an “overweight” rating in a research note on Thursday, December 5th.

AvidXchange Trading Down 0.1 %

NASDAQ AVDX opened at $11.15 on Friday. AvidXchange has a one year low of $7.38 and a one year high of $13.56. The firm has a market cap of $2.29 billion, a PE ratio of 563.50 and a beta of 1.20. The firm’s fifty day moving average is $9.70 and its two-hundred day moving average is $9.76. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.32 and a current ratio of 1.32.

Insider Buying and Selling at AvidXchange

In other news, CEO Michael Praeger sold 42,377 shares of the company’s stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $11.40, for a total value of $483,097.80. Following the sale, the chief executive officer now directly owns 10,381,033 shares in the company, valued at $118,343,776.20. This represents a 0.41 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director James E. Hausman sold 25,000 shares of AvidXchange stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $11.25, for a total value of $281,250.00. Following the sale, the director now owns 2,112,232 shares of the company’s stock, valued at approximately $23,762,610. This represents a 1.17 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 95,741 shares of company stock valued at $1,042,365 over the last quarter. Corporate insiders own 10.40% of the company’s stock.

Institutional Investors Weigh In On AvidXchange

Hedge funds have recently modified their holdings of the company. Point72 DIFC Ltd acquired a new position in shares of AvidXchange in the third quarter valued at approximately $37,000. Allspring Global Investments Holdings LLC acquired a new position in AvidXchange in the 3rd quarter valued at $38,000. CWM LLC lifted its stake in shares of AvidXchange by 7,259.8% during the 3rd quarter. CWM LLC now owns 6,771 shares of the company’s stock worth $55,000 after purchasing an additional 6,679 shares during the period. nVerses Capital LLC acquired a new stake in shares of AvidXchange during the second quarter worth $66,000. Finally, Y Intercept Hong Kong Ltd acquired a new stake in shares of AvidXchange during the third quarter worth $86,000. 80.58% of the stock is owned by institutional investors and hedge funds.

About AvidXchange

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.