Piper Sandler Boosts AvidXchange (NASDAQ:AVDX) Price Target to $10.00

AvidXchange (NASDAQ:AVDX - Free Report) had its price target boosted by Piper Sandler from $9.00 to $10.00 in a research report report published on Thursday,Benzinga reports. They currently have a neutral rating on the stock.

Several other analysts have also recently issued reports on the stock. Bank of America dropped their price objective on shares of AvidXchange from $12.00 to $8.00 and set an "underperform" rating for the company in a research note on Tuesday, October 15th. Barclays cut their price target on AvidXchange from $14.00 to $10.00 and set an "overweight" rating for the company in a report on Monday, August 5th. Keefe, Bruyette & Woods dropped their target price on AvidXchange from $13.50 to $11.00 and set a "market perform" rating for the company in a report on Thursday, August 1st. BMO Capital Markets reduced their price target on AvidXchange from $13.00 to $10.00 and set a "market perform" rating on the stock in a report on Thursday, August 1st. Finally, The Goldman Sachs Group cut their price objective on shares of AvidXchange from $9.00 to $7.00 and set a "sell" rating for the company in a research report on Monday, October 14th. Two investment 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. Based on data from MarketBeat.com, AvidXchange presently has an average rating of "Hold" and an average target price of $11.11.

AvidXchange Price Performance

AVDX stock traded up $0.27 during midday trading on Thursday, reaching $9.95. The stock had a trading volume of 2,275,197 shares, compared to its average volume of 2,067,753. AvidXchange has a 52-week low of $7.38 and a 52-week high of $13.56. The company has a market cap of $2.07 billion, a price-to-earnings ratio of -165.17 and a beta of 1.00. The company's fifty day simple moving average is $8.10 and its 200 day simple moving average is $9.84. The company has a current ratio of 1.36, a quick 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 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 $143,863.44. Following the completion of the transaction, the insider now owns 419,636 shares in the company, valued at $3,348,695.28. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, insider Joel Wilhite sold 18,028 shares of the firm's stock in a transaction that occurred on Tuesday, August 27th. The shares were 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Ryan Stahl sold 7,427 shares of the stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $8.58, for a total transaction of $63,723.66. Following the sale, the insider now owns 369,603 shares of the company's stock, valued at approximately $3,171,193.74. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 166,386 shares of company stock worth $1,343,044 in the last three months. 10.40% of the stock is owned by company insiders.

Institutional Trading of AvidXchange

Several hedge funds have recently made changes to their positions in the company. TimesSquare Capital Management LLC grew its holdings in shares of AvidXchange by 6.8% in the 1st quarter. TimesSquare Capital Management LLC now owns 1,970,837 shares of the company's stock worth $25,917,000 after acquiring an additional 124,988 shares during the period. Lisanti Capital Growth LLC boosted its holdings in shares of AvidXchange by 58.3% during the first quarter. Lisanti Capital Growth LLC now owns 167,715 shares of the company's stock worth $2,205,000 after purchasing an additional 61,795 shares during the last quarter. Lazard Asset Management LLC purchased a new stake in AvidXchange in the 1st quarter valued at about $7,621,000. California State Teachers Retirement System increased its stake 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 acquiring an additional 1,656 shares during the last quarter. Finally, American Century Companies Inc. lifted its holdings 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 acquiring an additional 1,586,510 shares during the period. 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.