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

Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX - Get Free Report) have been assigned an average rating of "Reduce" from the seventeen brokerages that are presently covering the company, MarketBeat Ratings reports. Two research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and one has assigned a buy rating to the company. The average twelve-month price target among brokerages that have covered the stock in the last year is $10.30.

A number of research analysts recently issued reports on the stock. Piper Sandler raised their price objective 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 reiterated a "neutral" rating and issued a $10.00 price objective on shares of AvidXchange in a report on Thursday, May 8th. Wells Fargo & Company raised their price objective 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. Barclays lowered shares of AvidXchange from an "overweight" rating to an "equal weight" rating and dropped their price objective for the company from $13.00 to $8.00 in a report on Tuesday, March 4th. Finally, BTIG Research lowered shares of AvidXchange from a "strong-buy" rating to a "hold" rating in a report on Wednesday, May 7th.

Insider Buying and Selling at AvidXchange

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

Institutional Trading of AvidXchange

Several hedge funds have recently modified their holdings of AVDX. Blue Trust Inc. increased its stake in shares of AvidXchange by 90.1% in 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 in the last quarter. Rhumbline Advisers increased its stake in shares of AvidXchange by 1.0% in the 4th quarter. Rhumbline Advisers now owns 234,738 shares of the company's stock valued at $2,427,000 after acquiring an additional 2,391 shares in the last quarter. New York State Common Retirement Fund increased its stake in shares of AvidXchange by 26.8% in the 4th quarter. New York State Common Retirement Fund now owns 53,873 shares of the company's stock valued at $557,000 after acquiring an additional 11,400 shares in the last quarter. Y Intercept Hong Kong Ltd increased its stake in shares of AvidXchange by 610.5% in the 4th quarter. Y Intercept Hong Kong Ltd now owns 75,010 shares of the company's stock valued at $776,000 after acquiring an additional 64,452 shares in the last quarter. Finally, US Bancorp DE increased its stake in shares of AvidXchange by 11.6% in the 4th quarter. US Bancorp DE now owns 58,350 shares of the company's stock valued at $603,000 after acquiring an additional 6,079 shares in the last quarter. Institutional investors own 80.58% of the company's stock.

AvidXchange Price Performance

Shares of AVDX stock traded down $0.01 on Wednesday, reaching $9.79. The company had a trading volume of 3,029,685 shares, compared to its average volume of 2,636,730. The stock has a market capitalization of $2.02 billion, a PE ratio of 244.75 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 one year low of $6.61 and a one year high of $12.93. The business's 50-day moving average is $9.34 and its 200 day moving average is $9.28.

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.