AvidXchange (NASDAQ:AVDX) Given New $11.00 Price Target at BMO Capital Markets

AvidXchange (NASDAQ:AVDX - Get Free Report) had its price target hoisted by equities researchers at BMO Capital Markets from $10.00 to $11.00 in a report released on Friday,Benzinga reports. The firm currently has a "market perform" rating on the stock. BMO Capital Markets' target price indicates a potential upside of 9.24% from the stock's previous close.

Other equities analysts have also issued reports about the stock. Keefe, Bruyette & Woods lifted their target price on shares of AvidXchange from $9.00 to $10.00 and gave the company a "market perform" rating in a report on Thursday. JPMorgan Chase & Co. lowered shares of AvidXchange from an "overweight" rating to a "neutral" rating and lowered their target price for the stock from $11.00 to $9.00 in a research note on Tuesday, August 20th. KeyCorp cut their price target on AvidXchange from $15.00 to $12.00 and set an "overweight" rating for the company in a research note on Thursday, August 1st. Wells Fargo & Company upped their price target on AvidXchange from $9.00 to $10.00 and gave the stock an "equal weight" rating in a report on Thursday. Finally, The Goldman Sachs Group raised their price objective on AvidXchange from $7.00 to $9.00 and gave the company a "sell" rating in a report on Thursday. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $11.18.

AvidXchange Stock Performance

AVDX traded up $0.07 during midday trading on Friday, hitting $10.07. 3,213,919 shares of the company were exchanged, compared to its average volume of 2,082,455. The company's 50 day simple moving average is $8.14 and its 200 day simple moving average is $9.84. The firm has a market capitalization of $2.09 billion, a price-to-earnings ratio of -166.00 and a beta of 1.00. AvidXchange has a 1-year low of $7.38 and a 1-year high of $13.56. The company has a current ratio of 1.36, a quick ratio of 1.36 and a debt-to-equity ratio of 0.19.

Insiders Place Their Bets

In related news, insider Ryan Stahl sold 7,427 shares of AvidXchange stock in a transaction that occurred 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 transaction, the insider now owns 369,603 shares in the company, valued at approximately $3,171,193.74. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, insider Ryan Stahl sold 7,427 shares of AvidXchange stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $8.58, for a total transaction of $63,723.66. Following the sale, the insider now owns 369,603 shares of the company's stock, valued at approximately $3,171,193.74. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, President Daniel Drees sold 20,069 shares of the company's stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $7.98, for a total transaction of $160,150.62. Following the completion of the transaction, the president now directly owns 753,644 shares in the company, valued at $6,014,079.12. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 166,386 shares of company stock valued at $1,343,044 in the last ninety days. 10.40% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On AvidXchange

Several large investors have recently added to or reduced their stakes in AVDX. TimesSquare Capital Management LLC lifted its stake in AvidXchange by 6.8% in the first quarter. TimesSquare Capital Management LLC now owns 1,970,837 shares of the company's stock worth $25,917,000 after acquiring an additional 124,988 shares during the last quarter. Lazard Asset Management LLC purchased a new position in AvidXchange during the 1st quarter worth $7,621,000. California State Teachers Retirement System boosted its stake in shares of AvidXchange by 1.0% during the first quarter. California State Teachers Retirement System now owns 161,292 shares of the company's stock worth $2,121,000 after buying an additional 1,656 shares during the period. American Century Companies Inc. increased its position in AvidXchange by 54.2% in the 2nd quarter. American Century Companies Inc. now owns 4,515,719 shares of the company's stock valued at $54,460,000 after acquiring an additional 1,586,510 shares during the period. Finally, Interval Partners LP purchased a new stake in AvidXchange during the 2nd quarter valued at approximately $1,833,000. 80.58% of the stock is owned by hedge funds and other institutional investors.

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.