Wells Fargo & Company Raises AvidXchange (NASDAQ:AVDX) Price Target to $10.00

AvidXchange (NASDAQ:AVDX) had its price target increased by Wells Fargo & Company from $9.00 to $10.00 in a report published on Thursday morning,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the stock.

A number of other research firms also recently commented on AVDX. Bank of America reduced 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. BMO Capital Markets decreased their price target on AvidXchange from $13.00 to $10.00 and set a “market perform” rating for the company in a research note on Thursday, August 1st. KeyCorp dropped their price objective on AvidXchange from $15.00 to $12.00 and set an “overweight” rating on the stock in a research note on Thursday, August 1st. Susquehanna decreased their target price on shares of AvidXchange from $16.00 to $14.00 and set a “positive” rating for the company in a research note on Thursday, August 1st. Finally, Keefe, Bruyette & Woods dropped their price target on shares of AvidXchange from $13.50 to $11.00 and set a “market perform” rating on the stock in a research report on Thursday, August 1st. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $11.18.

AvidXchange Stock Performance

Shares of AVDX stock opened at $10.07 on Thursday. AvidXchange has a 12 month low of $7.38 and a 12 month high of $13.56. The company’s fifty day simple moving average is $8.18 and its 200-day simple moving average is $9.82. The firm has a market cap of $2.09 billion, a PE ratio of 484.00 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 Buying and Selling at AvidXchange

In other news, insider Ryan Stahl sold 7,427 shares of the company’s stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $8.58, for a total value of $63,723.66. Following the transaction, 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, insider Ryan Stahl sold 7,427 shares of AvidXchange stock in a transaction that occurred 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 completion of the sale, the insider now directly owns 369,603 shares of the company’s stock, valued at approximately $3,171,193.74. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Michael Praeger sold 37,225 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 $297,055.50. Following the completion of the transaction, the chief executive officer now directly owns 10,453,786 shares in the company, valued at approximately $83,421,212.28. This represents a 0.00 % 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 three months. 10.40% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On AvidXchange

A number of hedge funds have recently bought and sold shares of the business. Allspring Global Investments Holdings LLC acquired 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% in the third quarter. CWM LLC now owns 6,771 shares of the company’s stock valued at $55,000 after buying an additional 6,679 shares in the last quarter. Advisors Asset Management Inc. boosted its stake in shares of AvidXchange by 96.3% in the first quarter. Advisors Asset Management Inc. now owns 4,309 shares of the company’s stock valued at $57,000 after buying an additional 2,114 shares during the period. nVerses Capital LLC bought a new stake in shares of AvidXchange in the second quarter valued at approximately $66,000. Finally, Arbor Investment Advisors LLC acquired a new stake in AvidXchange during the third quarter worth approximately $98,000. 80.58% of the stock is owned by institutional investors.

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.