AvidXchange Holdings, Inc. (NASDAQ:AVDX) Receives $10.30 Average Target Price from Analysts

Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) have earned an average rating of “Reduce” from the seventeen analysts that are presently covering the company, MarketBeat.com reports. Two investment analysts have rated the stock with a sell recommendation, fourteen have issued a hold recommendation and one has issued a buy recommendation on the company. The average twelve-month price target among brokerages that have issued a report on the stock in the last year is $10.30.

Several equities analysts recently issued reports on the company. Keefe, Bruyette & Woods raised their price target on AvidXchange from $8.00 to $9.00 and gave the company a “market perform” rating in a report on Monday, March 31st. JPMorgan Chase & Co. decreased their price target on AvidXchange from $10.00 to $9.00 and set a “neutral” rating on the stock in a report on Thursday, February 27th. Morgan Stanley raised their price target on AvidXchange from $8.00 to $10.00 and gave the company an “equal weight” rating in a report on Thursday, May 8th. BMO Capital Markets decreased their price target on AvidXchange from $11.00 to $7.50 and set a “market perform” rating on the stock in a report on Thursday, February 27th. Finally, UBS Group raised their price target on AvidXchange from $8.00 to $10.00 and gave the company a “neutral” rating in a report on Thursday, May 8th.

AvidXchange Price Performance

Shares of AVDX stock opened at $9.80 on Friday. The stock’s fifty day moving average is $8.72 and its 200-day moving average is $9.45. The stock has a market capitalization of $2.02 billion, a PE ratio of 245.00 and a beta of 1.22. AvidXchange has a 52 week low of $6.61 and a 52 week high of $12.93. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.32 and a current ratio of 1.32.

Insider Transactions at AvidXchange

In other news, insider Ryan Stahl sold 8,999 shares of the firm’s stock in a transaction dated Thursday, May 15th. The stock was sold at an average price of $9.74, for a total transaction of $87,650.26. Following the sale, the insider now owns 667,226 shares of the company’s stock, valued at $6,498,781.24. This trade represents a 1.33% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, President Daniel Drees sold 25,972 shares of the firm’s stock in a transaction dated Thursday, May 15th. The stock was sold at an average price of $9.74, for a total value of $252,967.28. Following the sale, the president now directly owns 1,167,186 shares in the company, valued at approximately $11,368,391.64. This represents a 2.18% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 95,890 shares of company stock valued at $933,969 over the last 90 days. 11.10% of the stock is owned by company insiders.

Institutional Investors Weigh In On AvidXchange

A number of hedge funds have recently modified their holdings of the business. Rhumbline Advisers raised its position in shares of AvidXchange by 3.6% during the first quarter. Rhumbline Advisers now owns 243,261 shares of the company’s stock worth $2,063,000 after purchasing an additional 8,523 shares during the period. Strs Ohio acquired a new stake in AvidXchange in the 1st quarter valued at approximately $172,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in AvidXchange by 0.7% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 469,037 shares of the company’s stock valued at $3,977,000 after acquiring an additional 3,347 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in AvidXchange by 5.1% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 103,909 shares of the company’s stock valued at $881,000 after acquiring an additional 5,046 shares in the last quarter. Finally, Circumference Group LLC lifted its stake in AvidXchange by 34.5% in the 1st quarter. Circumference Group LLC now owns 370,000 shares of the company’s stock valued at $3,138,000 after acquiring an additional 95,000 shares in the last quarter. 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.