Barclays Boosts AvidXchange (NASDAQ:AVDX) Price Target to $13.00

AvidXchange (NASDAQ:AVDX - Free Report) had its price target hoisted by Barclays from $11.00 to $13.00 in a research report report published on Monday morning,Benzinga reports. Barclays currently has an overweight rating on the stock.

Several other research analysts also recently commented on AVDX. Piper Sandler boosted their target price on AvidXchange from $9.00 to $10.00 and gave the stock a "neutral" rating in a report on Thursday, November 7th. Bank of America reduced their target price on AvidXchange from $12.00 to $8.00 and set an "underperform" rating on the stock in a report on Tuesday, October 15th. Keefe, Bruyette & Woods upped their price objective on AvidXchange from $9.00 to $10.00 and gave the stock a "market perform" rating in a report on Thursday, November 7th. Susquehanna reduced their price objective on AvidXchange from $16.00 to $14.00 and set a "positive" rating on the stock in a report on Thursday, August 1st. Finally, The Goldman Sachs Group upped their price objective on AvidXchange from $7.00 to $9.00 and gave the stock a "sell" rating in a report on Thursday, November 7th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, AvidXchange presently has a consensus rating of "Hold" and a consensus price target of $11.39.

AvidXchange Stock Performance

Shares of AvidXchange stock traded up $0.11 during trading on Monday, reaching $10.55. The company's stock had a trading volume of 1,723,068 shares, compared to its average volume of 2,077,452. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.36 and a current ratio of 1.32. The business's fifty day moving average price is $8.44 and its 200-day moving average price is $9.76. The firm has a market cap of $2.17 billion, a price-to-earnings ratio of 522.00 and a beta of 1.00. AvidXchange has a one year low of $7.38 and a one year high of $13.56.

Insider Buying and Selling at AvidXchange

In related news, CEO Michael Praeger sold 37,225 shares of the company's stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $7.98, for a total value of $297,055.50. Following the completion of the sale, the chief executive officer now owns 10,453,786 shares in the company, valued at $83,421,212.28. This represents a 0.35 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Joel Wilhite sold 47,308 shares of the company's stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $8.10, for a total transaction of $383,194.80. Following the completion of the sale, the insider now owns 413,687 shares of the company's stock, valued at approximately $3,350,864.70. This represents a 10.26 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 166,386 shares of company stock worth $1,343,044. Insiders own 10.40% of the company's stock.

Institutional Trading of AvidXchange

Large investors have recently made changes to their positions in the company. FMR LLC boosted its stake in AvidXchange by 272.5% in the 3rd quarter. FMR LLC now owns 13,733,769 shares of the company's stock worth $111,381,000 after purchasing an additional 10,046,893 shares during the period. American Century Companies Inc. boosted its stake in shares of AvidXchange by 54.2% during the 2nd quarter. American Century Companies Inc. now owns 4,515,719 shares of the company's stock worth $54,460,000 after buying an additional 1,586,510 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in AvidXchange by 5.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 4,317,134 shares of the company's stock valued at $52,062,000 after purchasing an additional 230,777 shares during the last quarter. Geode Capital Management LLC lifted its stake in AvidXchange by 5.0% in the 3rd quarter. Geode Capital Management LLC now owns 4,266,265 shares of the company's stock valued at $34,607,000 after purchasing an additional 201,847 shares during the last quarter. Finally, State Street Corp lifted its stake in AvidXchange by 1.5% in the 3rd quarter. State Street Corp now owns 3,763,694 shares of the company's stock valued at $30,524,000 after purchasing an additional 54,403 shares during the last quarter. Institutional investors own 80.58% of the company's stock.

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.