AvidXchange Holdings, Inc. (NASDAQ:AVDX) Given Average Recommendation of “Hold” by Analysts

AvidXchange Holdings, Inc. (NASDAQ:AVDXGet Free Report) has been assigned a consensus rating of “Hold” from the fourteen brokerages that are covering the firm, Marketbeat Ratings reports. Two investment analysts have rated the stock with a sell recommendation, six have issued a hold recommendation and six have assigned a buy recommendation to the company. The average twelve-month price objective among analysts that have issued a report on the stock in the last year is $11.18.

AVDX has been the subject of several research analyst reports. Keefe, Bruyette & Woods lifted 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. KeyCorp reduced their price objective on AvidXchange from $15.00 to $12.00 and set an “overweight” rating for the company in a report on Thursday, August 1st. Barclays reduced their price objective on AvidXchange from $14.00 to $10.00 and set an “overweight” rating for the company in a report on Monday, August 5th. Susquehanna reduced their price objective on AvidXchange from $16.00 to $14.00 and set a “positive” rating for the company in a report on Thursday, August 1st. Finally, UBS Group boosted their price target on AvidXchange from $10.00 to $10.50 and gave the company a “neutral” rating in a research note on Thursday, November 7th.

Get Our Latest Analysis on AVDX

AvidXchange Price Performance

AVDX opened at $10.44 on Tuesday. AvidXchange has a 1 year low of $7.38 and a 1 year high of $13.56. The stock has a 50-day moving average price of $8.44 and a 200-day moving average price of $9.79. The firm has a market cap of $2.15 billion, a PE ratio of 537.00 and a beta of 1.00. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.32 and a quick ratio of 1.36.

Insider Activity

In related news, 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 transaction, the president now directly owns 753,644 shares of the company’s stock, valued at approximately $6,014,079.12. The trade was a 2.59 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Joel Wilhite sold 47,308 shares of the business’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $8.10, for a total value of $383,194.80. Following the completion of the transaction, the insider now directly owns 413,687 shares in the company, valued at approximately $3,350,864.70. This represents a 10.26 % decrease in their ownership of the stock. 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 in the last ninety days. Corporate insiders own 10.40% of the company’s stock.

Institutional Trading of AvidXchange

Several hedge funds have recently modified their holdings of AVDX. FMR LLC raised its holdings in shares of AvidXchange by 272.5% during the 3rd quarter. FMR LLC now owns 13,733,769 shares of the company’s stock worth $111,381,000 after acquiring an additional 10,046,893 shares in the last quarter. Jacobs Levy Equity Management Inc. purchased a new stake in shares of AvidXchange during the 3rd quarter worth approximately $25,339,000. American Century Companies Inc. raised 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 in the last quarter. Kodai Capital Management LP raised its holdings in shares of AvidXchange by 872.9% during the 1st quarter. Kodai Capital Management LP now owns 1,581,667 shares of the company’s stock worth $20,799,000 after acquiring an additional 1,419,099 shares in the last quarter. Finally, Point72 Asset Management L.P. purchased a new stake in shares of AvidXchange during the 3rd quarter worth approximately $7,920,000. 80.58% of the stock is owned by hedge funds and other institutional investors.

AvidXchange Company Profile

(Get Free Report

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.

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Analyst Recommendations for AvidXchange (NASDAQ:AVDX)

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