AvidXchange (NASDAQ:AVDX) Rating Increased to Buy at Compass Point

AvidXchange (NASDAQ:AVDX - Get Free Report) was upgraded by stock analysts at Compass Point from a "neutral" rating to a "buy" rating in a report issued on Thursday, Marketbeat reports. The brokerage currently has a $15.00 price objective on the stock, up from their previous price objective of $8.00. Compass Point's target price would suggest a potential upside of 51.52% from the stock's previous close.

AVDX has been the topic of a number of other research reports. The Goldman Sachs Group reduced their price target on AvidXchange from $9.00 to $7.00 and set a "sell" rating on the stock in a research report on Monday, October 14th. KeyCorp cut their target price on AvidXchange from $15.00 to $12.00 and set an "overweight" rating on the stock in a research report on Thursday, August 1st. Wells Fargo & Company cut their target price on AvidXchange from $10.00 to $9.00 and set an "equal weight" rating on the stock in a research report on Monday, October 21st. Susquehanna cut their target price on AvidXchange from $16.00 to $14.00 and set a "positive" rating on the stock in a research report on Thursday, August 1st. Finally, JPMorgan Chase & Co. lowered AvidXchange from an "overweight" rating to a "neutral" rating and cut their target price for the company from $11.00 to $9.00 in a research report on Tuesday, August 20th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $11.11.

AvidXchange Trading Up 2.3 %

Shares of NASDAQ AVDX traded up $0.22 during trading on Thursday, reaching $9.90. The company had a trading volume of 1,160,612 shares, compared to its average volume of 2,065,052. The company's fifty day moving average price is $8.10 and its 200-day moving average price is $9.84. AvidXchange has a 12 month low of $7.38 and a 12 month high of $13.56. The stock has a market cap of $2.06 billion, a P/E ratio of -165.17 and a beta of 1.00. The company has a quick ratio of 1.36, a current ratio of 1.36 and a debt-to-equity ratio of 0.19.

Insider Activity at AvidXchange

In other AvidXchange news, insider Joel Wilhite sold 18,028 shares of the firm's stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $7.98, for a total transaction of $143,863.44. Following the transaction, the insider now directly owns 419,636 shares in the company, valued at approximately $3,348,695.28. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other AvidXchange news, insider Joel Wilhite sold 18,028 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 value of $143,863.44. Following the completion of the sale, the insider now directly owns 419,636 shares of the company's stock, valued at approximately $3,348,695.28. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, President Daniel Drees sold 20,069 shares of the business's stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $7.98, for a total value of $160,150.62. Following the completion of the transaction, the president now 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 a total of 166,386 shares of company stock valued at $1,343,044 over the last 90 days. Insiders own 10.40% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. SG Americas Securities LLC raised its holdings in shares of AvidXchange by 2.9% in the 2nd quarter. SG Americas Securities LLC now owns 29,813 shares of the company's stock worth $360,000 after purchasing an additional 835 shares during the period. California State Teachers Retirement System lifted its position in shares of AvidXchange by 1.0% during the 1st quarter. California State Teachers Retirement System now owns 161,292 shares of the company's stock valued at $2,121,000 after buying an additional 1,656 shares during the last quarter. Advisors Asset Management Inc. grew its stake in shares of AvidXchange by 96.3% during the 1st quarter. Advisors Asset Management Inc. now owns 4,309 shares of the company's stock worth $57,000 after acquiring an additional 2,114 shares during the period. ProShare Advisors LLC grew its stake in shares of AvidXchange by 9.7% during the 1st quarter. ProShare Advisors LLC now owns 27,135 shares of the company's stock worth $357,000 after acquiring an additional 2,396 shares during the period. Finally, Wealth Enhancement Advisory Services LLC increased its holdings in AvidXchange by 29.6% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 13,211 shares of the company's stock worth $107,000 after acquiring an additional 3,019 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.