Brokerages Set AvidXchange Holdings, Inc. (NASDAQ:AVDX) Target Price at $11.61

AvidXchange Holdings, Inc. (NASDAQ:AVDX) has been given a consensus recommendation of “Hold” by the fourteen brokerages that are presently covering the stock, Marketbeat.com reports. Two equities research 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 twelve-month price objective among brokerages that have covered the stock in the last year is $11.61.

AVDX has been the subject of a number of recent research reports. The Goldman Sachs Group boosted their price objective on shares of AvidXchange from $9.00 to $10.00 and gave the stock a “sell” rating in a research note on Monday, December 2nd. Wells Fargo & Company boosted their price objective 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 boosted their price objective on shares of AvidXchange from $9.00 to $10.00 and gave the stock a “neutral” rating in a research note on Thursday, November 7th. Keefe, Bruyette & Woods reduced their price objective on shares of AvidXchange from $12.00 to $11.00 and set a “market perform” rating for the company in a research note on Monday, January 6th. Finally, Compass Point raised AvidXchange from a “neutral” rating to a “buy” rating and upped their price target for the stock from $8.00 to $15.00 in a research report on Thursday, November 7th.

Insider Activity

In other news, Director Teresa Mackintosh sold 13,316 shares of the business’s stock in a transaction on Friday, December 6th. The shares were sold at an average price of $11.44, for a total transaction of $152,335.04. Following the sale, the director now directly owns 47,388 shares of the company’s stock, valued at $542,118.72. The trade was a 21.94 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Michael Praeger sold 42,377 shares of the business’s stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $11.40, for a total transaction 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 trade represents a 0.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 80,693 shares of company stock valued at $916,683 over the last ninety days. 10.40% of the stock is currently owned by insiders.

Institutional Investors Weigh In On AvidXchange

Several hedge funds have recently added to or reduced their stakes in AVDX. CWM LLC boosted its holdings in AvidXchange by 7,259.8% in the third quarter. CWM LLC now owns 6,771 shares of the company’s stock valued at $55,000 after purchasing an additional 6,679 shares during the last quarter. Allspring Global Investments Holdings LLC purchased a new stake in AvidXchange in the third quarter valued at $38,000. Wealth Enhancement Advisory Services LLC boosted its holdings in AvidXchange by 29.6% in the third 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. Arbor Investment Advisors LLC purchased a new stake in AvidXchange in the third quarter valued at $98,000. Finally, Horrell Capital Management Inc. purchased a new stake in AvidXchange in the third quarter valued at $2,230,000. 80.58% of the stock is owned by hedge funds and other institutional investors.

AvidXchange Stock Performance

Shares of NASDAQ:AVDX opened at $9.22 on Thursday. The company has a market capitalization of $1.90 billion, a price-to-earnings ratio of 474.50 and a beta of 1.22. AvidXchange has a 52 week low of $7.38 and a 52 week high of $13.56. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.11. The firm has a 50 day moving average of $10.31 and a 200 day moving average of $9.39.

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.