AvidXchange Holdings, Inc. (NASDAQ:AVDX) Given Average Rating of "Reduce" by Analysts

AvidXchange Holdings, Inc. (NASDAQ:AVDX - Get Free Report) has been given an average recommendation of "Reduce" by the seventeen analysts that are covering the firm, MarketBeat.com reports. Two equities research analysts have rated the stock with a sell recommendation, fourteen have assigned a hold recommendation and one has assigned a buy recommendation to the company. The average 1-year price objective among analysts that have updated their coverage on the stock in the last year is $10.30.

AVDX has been the topic of several recent analyst reports. Morgan Stanley boosted their target price on shares of AvidXchange from $8.00 to $10.00 and gave the company an "equal weight" rating in a report on Thursday, May 8th. Keefe, Bruyette & Woods boosted their target price on shares of AvidXchange from $8.00 to $9.00 and gave the company a "market perform" rating in a report on Monday, March 31st. Piper Sandler boosted their target price on shares of AvidXchange from $8.00 to $10.00 and gave the company a "neutral" rating in a report on Thursday, May 8th. Robert W. Baird restated a "neutral" rating and issued a $10.00 target price on shares of AvidXchange in a report on Thursday, May 8th. Finally, The Goldman Sachs Group dropped their price objective on shares of AvidXchange from $9.50 to $7.00 and set a "sell" rating on the stock in a report on Thursday, February 27th.

AvidXchange Price Performance

AVDX stock opened at $9.80 on Wednesday. The firm has a market cap of $2.02 billion, a price-to-earnings ratio of 245.00 and a beta of 1.22. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.10. AvidXchange has a 12-month low of $6.61 and a 12-month high of $12.93. The company's fifty day simple moving average is $9.21 and its 200 day simple moving average is $9.31.

Insiders Place Their Bets

In other news, CEO Michael Praeger sold 40,005 shares of the business's stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $9.74, for a total value of $389,648.70. Following the transaction, the chief executive officer now owns 11,037,830 shares in the company, valued at $107,508,464.20. The trade was a 0.36% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Ryan Stahl sold 8,999 shares of the business's stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $9.74, for a total value of $87,650.26. Following the completion of the transaction, the insider now owns 667,226 shares in the company, valued at $6,498,781.24. The trade was a 1.33% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 95,890 shares of company stock valued at $933,969. Corporate insiders own 11.10% of the company's stock.

Hedge Funds Weigh In On AvidXchange

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Blue Trust Inc. raised its holdings in AvidXchange by 90.1% during the 4th quarter. Blue Trust Inc. now owns 2,697 shares of the company's stock valued at $28,000 after acquiring an additional 1,278 shares during the period. Rhumbline Advisers increased its position in shares of AvidXchange by 1.0% during the 4th quarter. Rhumbline Advisers now owns 234,738 shares of the company's stock valued at $2,427,000 after purchasing an additional 2,391 shares during the last quarter. New York State Common Retirement Fund increased its position in shares of AvidXchange by 26.8% during the 4th quarter. New York State Common Retirement Fund now owns 53,873 shares of the company's stock valued at $557,000 after purchasing an additional 11,400 shares during the last quarter. Y Intercept Hong Kong Ltd increased its position in shares of AvidXchange by 610.5% during the 4th quarter. Y Intercept Hong Kong Ltd now owns 75,010 shares of the company's stock valued at $776,000 after purchasing an additional 64,452 shares during the last quarter. Finally, US Bancorp DE increased its position in shares of AvidXchange by 11.6% during the 4th quarter. US Bancorp DE now owns 58,350 shares of the company's stock valued at $603,000 after purchasing an additional 6,079 shares during the last quarter. Hedge funds and other institutional investors 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.

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