AvidXchange (NASDAQ:AVDX) Sees Strong Trading Volume - What's Next?

Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX - Get Free Report) saw unusually-high trading volume on Wednesday . Approximately 2,082,750 shares changed hands during trading, an increase of 23% from the previous session's volume of 1,695,284 shares.The stock last traded at $9.90 and had previously closed at $10.12.

Analyst Ratings Changes

A number of analysts recently commented on the stock. Piper Sandler upped their price objective on shares of AvidXchange from $9.00 to $10.00 and gave the company a "neutral" rating in a research report on Thursday, November 7th. Wells Fargo & Company increased their price target on AvidXchange from $9.00 to $10.00 and gave the stock an "equal weight" rating in a report on Thursday, November 7th. KeyCorp lifted their price objective on AvidXchange from $12.00 to $13.00 and gave the company an "overweight" rating in a report on Thursday, December 5th. Keefe, Bruyette & Woods decreased their price objective on AvidXchange from $12.00 to $11.00 and set a "market perform" rating for the company in a research report on Monday. Finally, BTIG Research started coverage on shares of AvidXchange in a report on Wednesday, December 11th. They set a "buy" rating and a $14.00 target price on the stock. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and six have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $11.61.

AvidXchange Stock Performance

The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.11. The stock's 50 day moving average price is $10.55 and its 200 day moving average price is $9.72. The company has a market capitalization of $2.02 billion, a price-to-earnings ratio of 518.50 and a beta of 1.22.

Insider Activity at AvidXchange

In other AvidXchange news, insider Ryan Stahl sold 7,427 shares of the stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $8.58, for a total value of $63,723.66. Following the completion of the sale, the insider now owns 369,603 shares in the company, valued at $3,171,193.74. This trade represents a 1.97 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director James E. Hausman sold 25,000 shares of AvidXchange stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $11.25, for a total transaction of $281,250.00. Following the completion of the transaction, the director now directly owns 2,112,232 shares of the company's stock, valued at approximately $23,762,610. This trade represents a 1.17 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 88,120 shares of company stock valued at $980,407. Insiders own 10.40% of the company's stock.

Institutional Trading of AvidXchange

Institutional investors and hedge funds have recently bought and sold shares of the business. US Bancorp DE boosted its stake in shares of AvidXchange by 111,114.9% during the 3rd quarter. US Bancorp DE now owns 52,271 shares of the company's stock worth $424,000 after acquiring an additional 52,224 shares during the period. Jacobs Levy Equity Management Inc. bought a new position in AvidXchange during the third quarter worth $25,339,000. Entropy Technologies LP bought a new position in AvidXchange during the third quarter worth $447,000. State of New Jersey Common Pension Fund D increased its holdings in shares of AvidXchange by 39.3% in the third quarter. State of New Jersey Common Pension Fund D now owns 247,947 shares of the company's stock valued at $2,011,000 after purchasing an additional 69,971 shares during the last quarter. Finally, Barclays PLC raised its position in shares of AvidXchange by 239.8% in the third quarter. Barclays PLC now owns 285,768 shares of the company's stock valued at $2,318,000 after purchasing an additional 201,679 shares during the period. 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.