Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX - Get Free Report) have received a consensus recommendation of "Hold" from the fourteen research firms that are presently covering the firm, Marketbeat Ratings reports. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and six have assigned a buy rating to the company. The average 12-month price target among brokers that have updated their coverage on the stock in the last year is $11.68.
AVDX has been the topic of a number of recent analyst reports. Keefe, Bruyette & Woods raised their price target on shares of AvidXchange from $10.00 to $12.00 and gave the company a "market perform" rating in a report on Monday, December 9th. UBS Group lifted their target price on shares of AvidXchange from $10.00 to $10.50 and gave the stock a "neutral" rating in a research report on Thursday, November 7th. KeyCorp raised their price target on AvidXchange from $12.00 to $13.00 and gave the stock an "overweight" rating in a research note on Thursday, December 5th. BMO Capital Markets lifted their price objective on AvidXchange from $10.00 to $11.00 and gave the stock a "market perform" rating in a report on Friday, November 8th. Finally, Wells Fargo & Company raised their target price on AvidXchange from $9.00 to $10.00 and gave the stock an "equal weight" rating in a research report on Thursday, November 7th.
Check Out Our Latest Stock Analysis on AVDX
AvidXchange stock opened at $10.34 on Wednesday. AvidXchange has a one year low of $7.38 and a one year high of $13.56. The business's fifty day moving average is $10.34 and its 200 day moving average is $9.74. The stock has a market capitalization of $2.13 billion, a PE ratio of 525.50 and a beta of 1.20. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.32 and a quick ratio of 1.32.
In related news, insider Ryan Stahl sold 7,427 shares of the stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $8.58, for a total transaction of $63,723.66. Following the completion of the sale, the insider now owns 369,603 shares in the company, valued at approximately $3,171,193.74. This trade represents a 1.97 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Teresa Mackintosh sold 13,316 shares of the business's stock in a transaction that occurred 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 completion of the transaction, the director now directly owns 47,388 shares in the company, valued at approximately $542,118.72. This represents a 21.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 88,120 shares of company stock valued at $980,407 over the last three months. Corporate insiders own 10.40% of the company's stock.
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. US Bancorp DE lifted its stake in AvidXchange by 111,114.9% in the 3rd quarter. US Bancorp DE now owns 52,271 shares of the company's stock worth $424,000 after purchasing an additional 52,224 shares in the last quarter. Entropy Technologies LP bought a new stake in shares of AvidXchange in the third quarter worth about $447,000. Jacobs Levy Equity Management Inc. bought a new stake in shares of AvidXchange in the third quarter worth about $25,339,000. State of New Jersey Common Pension Fund D lifted its position in shares of AvidXchange by 39.3% in the third quarter. State of New Jersey Common Pension Fund D now owns 247,947 shares of the company's stock worth $2,011,000 after buying an additional 69,971 shares in the last quarter. Finally, Barclays PLC boosted its stake in AvidXchange by 239.8% during the third quarter. Barclays PLC now owns 285,768 shares of the company's stock valued at $2,318,000 after buying an additional 201,679 shares during the last quarter. Institutional investors own 80.58% of the company's stock.
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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