Keefe, Bruyette & Woods Lowers AvidXchange (NASDAQ:AVDX) Price Target to $11.00

AvidXchange (NASDAQ:AVDX - Get Free Report) had its target price cut by stock analysts at Keefe, Bruyette & Woods from $12.00 to $11.00 in a research report issued on Monday,Benzinga reports. The brokerage presently has a "market perform" rating on the stock. Keefe, Bruyette & Woods' price objective points to a potential upside of 7.11% from the company's current price.

A number of other equities research analysts have also recently weighed in on AVDX. UBS Group boosted their price target on shares of AvidXchange from $10.00 to $10.50 and gave the company a "neutral" rating in a research report on Thursday, November 7th. KeyCorp boosted their target price on AvidXchange from $12.00 to $13.00 and gave the company an "overweight" rating in a report on Thursday, December 5th. Bank of America cut their price target on AvidXchange from $12.00 to $8.00 and set an "underperform" rating on the stock in a research report on Tuesday, October 15th. Wells Fargo & Company increased their price objective on AvidXchange from $9.00 to $10.00 and gave the company an "equal weight" rating in a report on Thursday, November 7th. Finally, BTIG Research assumed coverage on shares of AvidXchange in a report on Wednesday, December 11th. They issued a "buy" rating and a $14.00 target price on the stock. Two analysts have rated the stock with a sell rating, six have given a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $11.61.

AvidXchange Stock Down 3.9 %

AVDX stock traded down $0.42 during midday trading on Monday, reaching $10.27. 2,197,089 shares of the company were exchanged, compared to its average volume of 1,499,429. The company has a market cap of $2.11 billion, a price-to-earnings ratio of 518.50 and a beta of 1.22. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.32 and a current ratio of 1.32. AvidXchange has a 1-year low of $7.38 and a 1-year high of $13.56. The stock's 50-day simple moving average is $10.48 and its 200 day simple moving average is $9.73.

Insider Activity

In related news, Director Teresa Mackintosh sold 13,316 shares of the business's stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $11.44, for a total transaction of $152,335.04. Following the sale, the director now owns 47,388 shares of the company's stock, valued at approximately $542,118.72. The trade was a 21.94 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Ryan Stahl sold 7,427 shares of the stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $8.58, for a total transaction of $63,723.66. Following the completion of the transaction, the insider now directly owns 369,603 shares of the company's stock, valued at approximately $3,171,193.74. This trade represents a 1.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 88,120 shares of company stock valued at $980,407 in the last three months. 10.40% of the stock is currently owned by company insiders.

Institutional Trading of AvidXchange

Several large investors have recently bought and sold shares of AVDX. Point72 DIFC Ltd acquired a new stake in AvidXchange in the 3rd quarter valued at about $37,000. Allspring Global Investments Holdings LLC purchased a new position in shares of AvidXchange during the 3rd quarter worth approximately $38,000. CWM LLC raised its position in shares of AvidXchange by 7,259.8% during the 3rd quarter. CWM LLC now owns 6,771 shares of the company's stock worth $55,000 after purchasing an additional 6,679 shares during the last quarter. Y Intercept Hong Kong Ltd purchased a new stake in AvidXchange in the 3rd quarter valued at approximately $86,000. Finally, Xponance Inc. acquired a new stake in AvidXchange during the 2nd quarter valued at $133,000. Institutional investors and hedge funds 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.