AvidXchange Holdings, Inc. (NASDAQ:AVDX) Given Average Recommendation of "Hold" by Brokerages

Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX - Get Free Report) have received an average rating of "Hold" from the fourteen brokerages that are covering the firm, Marketbeat Ratings reports. Two investment analysts have rated the stock with a sell recommendation, six have assigned a hold recommendation and six have assigned a buy recommendation to the company. The average 12 month target price among brokers that have issued ratings on the stock in the last year is $11.18.

A number of equities research analysts have recently commented on the company. Susquehanna cut their target price on AvidXchange from $16.00 to $14.00 and set a "positive" rating on the stock in a research note on Thursday, August 1st. KeyCorp decreased their target price on AvidXchange from $15.00 to $12.00 and set an "overweight" rating on the stock in a research note on Thursday, August 1st. Robert W. Baird dropped their target price on AvidXchange from $16.00 to $14.00 and set an "outperform" rating for the company in a report on Thursday, August 1st. BMO Capital Markets boosted their price objective on AvidXchange from $10.00 to $11.00 and gave the company a "market perform" rating in a report on Friday. Finally, Wells Fargo & Company boosted their price objective on AvidXchange from $9.00 to $10.00 and gave the company an "equal weight" rating in a report on Thursday, November 7th.

Insider Activity

In related news, CEO Michael Praeger sold 6,701 shares of AvidXchange stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $8.17, for a total value of $54,747.17. Following the transaction, the chief executive officer now owns 10,410,983 shares in the company, valued at approximately $85,057,731.11. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other AvidXchange news, insider Ryan Stahl sold 7,427 shares of the company's stock in a transaction dated Wednesday, October 16th. The shares were 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 directly owns 369,603 shares of the company's stock, valued at approximately $3,171,193.74. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Michael Praeger sold 6,701 shares of the company's stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $8.17, for a total value of $54,747.17. Following the completion of the transaction, the chief executive officer now owns 10,410,983 shares in the company, valued at $85,057,731.11. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 166,386 shares of company stock valued at $1,343,044 over the last quarter. Company insiders own 10.40% of the company's stock.

Hedge Funds Weigh In On AvidXchange

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Allspring Global Investments Holdings LLC acquired a new position in AvidXchange during the third quarter worth $38,000. CWM LLC boosted its holdings in AvidXchange by 7,259.8% during the third quarter. CWM LLC now owns 6,771 shares of the company's stock worth $55,000 after buying an additional 6,679 shares during the last quarter. Advisors Asset Management Inc. boosted its holdings in AvidXchange by 96.3% during the first quarter. Advisors Asset Management Inc. now owns 4,309 shares of the company's stock worth $57,000 after buying an additional 2,114 shares during the last quarter. nVerses Capital LLC bought a new position in shares of AvidXchange during the 2nd quarter valued at about $66,000. Finally, Arbor Investment Advisors LLC bought a new position in shares of AvidXchange during the 3rd quarter valued at about $98,000. Institutional investors and hedge funds own 80.58% of the company's stock.

AvidXchange Trading Up 1.7 %

Shares of AvidXchange stock traded up $0.18 during midday trading on Tuesday, reaching $10.66. 728,527 shares of the company's stock traded hands, compared to its average volume of 2,078,001. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.36 and a current ratio of 1.36. The company has a market cap of $2.22 billion, a PE ratio of 503.50 and a beta of 1.00. The stock has a 50 day moving average of $8.23 and a 200-day moving average of $9.79. AvidXchange has a 12 month low of $7.38 and a 12 month high of $13.56.

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.