AvidXchange Holdings, Inc. (NASDAQ:AVDX) Receives Consensus Recommendation of "Hold" from Brokerages

AvidXchange Holdings, Inc. (NASDAQ:AVDX - Get Free Report) has been assigned an average recommendation of "Hold" from the fourteen ratings firms that are currently covering the firm, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a sell recommendation, six have given a hold recommendation and six have given a buy recommendation to the company. The average twelve-month price target among brokers that have issued ratings on the stock in the last year is $11.68.

A number of equities analysts have weighed in on the stock. BTIG Research started coverage on shares of AvidXchange in a research note on Wednesday, December 11th. They set a "buy" rating and a $14.00 target price for the company. Keefe, Bruyette & Woods raised their price objective on AvidXchange from $10.00 to $12.00 and gave the company a "market perform" rating in a research report on Monday, December 9th. BMO Capital Markets increased their target price on AvidXchange from $10.00 to $11.00 and gave the stock a "market perform" rating in a research note on Friday, November 8th. Barclays lifted their price target on AvidXchange from $11.00 to $13.00 and gave the stock an "overweight" rating in a research report on Monday, November 18th. Finally, Compass Point raised shares of AvidXchange from a "neutral" rating to a "buy" rating and increased their price objective for the company from $8.00 to $15.00 in a research report on Thursday, November 7th.

AvidXchange Stock Up 1.2 %

Shares of AvidXchange stock traded up $0.12 during trading on Wednesday, hitting $10.34. The company's stock had a trading volume of 1,650,278 shares, compared to its average volume of 2,005,036. AvidXchange has a 52 week low of $7.38 and a 52 week high of $13.56. The company has a market capitalization of $2.13 billion, a PE ratio of 525.50 and a beta of 1.20. The company has a fifty day simple moving average of $10.38 and a two-hundred day simple moving average of $9.74. 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

In other news, Director Teresa Mackintosh sold 13,316 shares of AvidXchange stock in a transaction that occurred 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 owns 47,388 shares in the company, valued at $542,118.72. This trade represents a 21.94 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Ryan Stahl sold 7,427 shares of the business's stock in a transaction on 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. The trade was a 1.97 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 88,120 shares of company stock valued at $980,407. 10.40% of the stock is owned by company insiders.

Hedge Funds Weigh In On AvidXchange

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Captrust Financial Advisors raised its position in shares of AvidXchange by 9.2% during the 3rd quarter. Captrust Financial Advisors now owns 17,350 shares of the company's stock valued at $141,000 after buying an additional 1,465 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its holdings in shares of AvidXchange by 29.6% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 13,211 shares of the company's stock worth $107,000 after buying an additional 3,019 shares during the period. Principal Financial Group Inc. raised its holdings in shares of AvidXchange by 17.1% in the second quarter. Principal Financial Group Inc. now owns 23,479 shares of the company's stock worth $283,000 after buying an additional 3,421 shares during the period. Point72 DIFC Ltd bought a new stake in shares of AvidXchange during the 3rd quarter worth approximately $37,000. Finally, Allspring Global Investments Holdings LLC purchased a new position in AvidXchange during the 3rd quarter valued at $38,000. 80.58% of the stock is owned by institutional investors.

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.