Equities researchers at BTIG Research began coverage on shares of AvidXchange (NASDAQ:AVDX - Get Free Report) in a research note issued on Wednesday. The firm set a "buy" rating and a $14.00 price target on the stock. BTIG Research's target price would indicate a potential upside of 24.22% from the stock's previous close.
AVDX has been the topic of several other reports. The Goldman Sachs Group raised their price objective on AvidXchange from $9.00 to $10.00 and gave the company a "sell" rating in a research report on Monday, December 2nd. Barclays boosted 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. KeyCorp lifted their price objective on shares of AvidXchange from $12.00 to $13.00 and gave the company an "overweight" rating in a research note on Thursday, December 5th. Wells Fargo & Company upped their target price on shares of AvidXchange from $9.00 to $10.00 and gave the company an "equal weight" rating in a research note on Thursday, November 7th. Finally, UBS Group lifted their price target on shares of AvidXchange from $10.00 to $10.50 and gave the stock a "neutral" rating in a research note on Thursday, November 7th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $11.68.
Check Out Our Latest Stock Analysis on AvidXchange
AvidXchange Trading Up 1.4 %
AVDX stock traded up $0.16 during midday trading on Wednesday, reaching $11.27. 1,214,137 shares of the company's stock traded hands, compared to its average volume of 2,045,941. AvidXchange has a fifty-two week low of $7.38 and a fifty-two week high of $13.56. The business has a 50-day moving average price of $9.63 and a two-hundred day moving average price of $9.75. The company has a market capitalization of $2.32 billion, a P/E ratio of 578.00 and a beta of 1.19. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.32 and a quick ratio of 1.32.
Insiders Place Their Bets
In other 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 transaction of $61,958.73. Following the completion of the transaction, the insider now directly owns 377,030 shares of the company's stock, valued at approximately $3,065,253.90. This represents a 1.98 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Michael Praeger sold 42,377 shares of the stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $11.40, for a total value of $483,097.80. Following the completion of the sale, the chief executive officer now directly owns 10,381,033 shares in the company, valued at $118,343,776.20. This represents a 0.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 98,390 shares of company stock valued at $1,062,948. Company insiders own 10.40% of the company's stock.
Institutional Inflows and Outflows
A number of institutional investors have recently added to or reduced their stakes in AVDX. Point72 DIFC Ltd bought a new stake in shares of AvidXchange during the third quarter valued at about $37,000. Allspring Global Investments Holdings LLC bought a new stake in shares of AvidXchange during the 3rd quarter worth about $38,000. CWM LLC lifted its stake in shares of AvidXchange by 7,259.8% in the 3rd quarter. CWM LLC now owns 6,771 shares of the company's stock worth $55,000 after acquiring an additional 6,679 shares during the period. nVerses Capital LLC bought a new position in shares of AvidXchange in the second quarter valued at approximately $66,000. Finally, Y Intercept Hong Kong Ltd bought a new stake in AvidXchange during the third quarter worth approximately $86,000. Institutional investors and hedge funds own 80.58% of the company's stock.
AvidXchange Company Profile
(
Get Free Report)
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.
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