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

AvidXchange Holdings, Inc. (NASDAQ:AVDX - Get Free Report) has earned a consensus recommendation of "Hold" from the thirteen research firms that are currently covering the firm, MarketBeat Ratings reports. Two analysts have rated the stock with a sell recommendation, six have issued a hold recommendation and five have issued a buy recommendation on the company. The average 1-year price objective among brokerages that have issued a report on the stock in the last year is $11.35.

Several research analysts have recently issued reports on AVDX shares. Compass Point upgraded shares of AvidXchange from a "neutral" rating to a "buy" rating and upped their target price for the stock from $8.00 to $15.00 in a research note on Thursday, November 7th. The Goldman Sachs Group increased their target price on AvidXchange from $9.00 to $10.00 and gave the company a "sell" rating in a research note on Monday, December 2nd. JPMorgan Chase & Co. cut AvidXchange from an "overweight" rating to a "neutral" rating and decreased their price target for the stock from $11.00 to $9.00 in a research note on Tuesday, August 20th. Bank of America lowered their target price on shares of AvidXchange from $12.00 to $8.00 and set an "underperform" rating on the stock in a research note on Tuesday, October 15th. Finally, Barclays boosted their target price on shares of AvidXchange from $11.00 to $13.00 and gave the company an "overweight" rating in a research note on Monday, November 18th.

Insiders Place Their Bets

In other AvidXchange news, insider Ryan Stahl sold 7,621 shares of the company's stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $8.13, for a total value of $61,958.73. Following the completion of the transaction, the insider now directly owns 377,030 shares in the company, valued at $3,065,253.90. This represents a 1.98 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Michael Praeger sold 42,377 shares of AvidXchange stock in a transaction that occurred 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 owns 10,381,033 shares in the company, valued at approximately $118,343,776.20. The trade was a 0.41 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 60,074 shares of company stock worth $629,363 over the last three months. 10.40% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On AvidXchange

Several institutional investors have recently bought and sold shares of AVDX. Point72 DIFC Ltd purchased a new position in AvidXchange during the 3rd quarter valued at approximately $37,000. Allspring Global Investments Holdings LLC purchased a new position in shares of AvidXchange in the third quarter valued at $38,000. CWM LLC increased its position in AvidXchange by 7,259.8% in the third 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 last quarter. nVerses Capital LLC purchased a new stake in AvidXchange during the second quarter valued at $66,000. Finally, Y Intercept Hong Kong Ltd bought a new position in AvidXchange during the third quarter valued at $86,000. 80.58% of the stock is owned by hedge funds and other institutional investors.

AvidXchange Stock Up 2.8 %

Shares of AVDX traded up $0.31 during trading hours on Friday, hitting $11.56. The company had a trading volume of 1,854,339 shares, compared to its average volume of 1,806,328. AvidXchange has a 52-week low of $7.38 and a 52-week high of $13.56. The firm has a fifty day moving average price of $9.44 and a 200-day moving average price of $9.74. The stock has a market capitalization of $2.38 billion, a price-to-earnings ratio of 573.00 and a beta of 1.20. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.32 and a current ratio of 1.32.

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.