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

AvidXchange Holdings, Inc. (NASDAQ:AVDX - Get Free Report) has been assigned an average recommendation of "Hold" from the fourteen research firms that are covering the stock, MarketBeat.com reports. Two analysts have rated the stock with a sell recommendation, six have assigned a hold recommendation and six have given a buy recommendation to the company. The average 1 year price target among brokers that have covered the stock in the last year is $11.61.

A number of equities research analysts recently weighed in on AVDX shares. Compass Point upgraded AvidXchange from a "neutral" rating to a "buy" rating and boosted their price objective for the stock from $8.00 to $15.00 in a research report on Thursday, November 7th. Piper Sandler boosted their price objective on AvidXchange from $9.00 to $10.00 and gave the stock a "neutral" rating in a research report on Thursday, November 7th. KeyCorp boosted their price objective on AvidXchange from $12.00 to $13.00 and gave the stock an "overweight" rating in a research report on Thursday, December 5th. Barclays boosted their price objective on AvidXchange from $11.00 to $13.00 and gave the stock an "overweight" rating in a research report on Monday, November 18th. Finally, BTIG Research initiated coverage on AvidXchange in a research report on Wednesday, December 11th. They set a "buy" rating and a $14.00 price objective on the stock.

Insider Activity

In other news, CEO Michael Praeger sold 42,377 shares of the business's stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $11.40, for a total value of $483,097.80. Following the transaction, the chief executive officer now directly owns 10,381,033 shares of the company's stock, valued at $118,343,776.20. The trade was a 0.41 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Teresa Mackintosh sold 13,316 shares of the business's stock in a transaction dated Friday, December 6th. The shares were 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 $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 have sold 80,693 shares of company stock valued at $916,683 in the last ninety days. 10.40% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. lifted its stake in shares of AvidXchange by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 18,110,051 shares of the company's stock valued at $187,258,000 after purchasing an additional 116,410 shares during the period. FMR LLC raised its stake in AvidXchange by 8.4% during the 4th quarter. FMR LLC now owns 14,889,282 shares of the company's stock worth $153,955,000 after buying an additional 1,155,513 shares during the period. North Reef Capital Management LP raised its stake in AvidXchange by 2.5% during the 4th quarter. North Reef Capital Management LP now owns 7,994,000 shares of the company's stock worth $82,658,000 after buying an additional 194,000 shares during the period. Azora Capital LP acquired a new position in AvidXchange during the 4th quarter worth approximately $45,067,000. Finally, Geode Capital Management LLC raised its stake in AvidXchange by 5.0% during the 3rd quarter. Geode Capital Management LLC now owns 4,266,265 shares of the company's stock worth $34,607,000 after buying an additional 201,847 shares during the period. 80.58% of the stock is owned by institutional investors and hedge funds.

AvidXchange Price Performance

Shares of AVDX traded down $0.31 during midday trading on Thursday, hitting $9.19. The company's stock had a trading volume of 585,471 shares, compared to its average volume of 1,396,441. The stock has a market capitalization of $1.89 billion, a price-to-earnings ratio of 488.50 and a beta of 1.22. AvidXchange has a one year low of $7.38 and a one year 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 company's fifty day simple moving average is $10.35 and its two-hundred day simple moving average is $9.38.

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.