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

AvidXchange Holdings, Inc. (NASDAQ:AVDX - Get Free Report) has received an average recommendation of "Reduce" from the seventeen brokerages that are currently covering the stock, MarketBeat reports. Two equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating and one has given a buy rating to the company. The average 12-month price target among analysts that have issued ratings on the stock in the last year is $10.30.

A number of research firms have recently issued reports on AVDX. UBS Group increased their target price on AvidXchange from $8.00 to $10.00 and gave the company a "neutral" rating in a report on Thursday, May 8th. BTIG Research downgraded shares of AvidXchange from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, May 7th. Robert W. Baird reaffirmed a "neutral" rating and issued a $10.00 price target on shares of AvidXchange in a research note on Thursday, May 8th. Baird R W downgraded shares of AvidXchange from a "strong-buy" rating to a "hold" rating in a research note on Thursday, May 8th. Finally, Piper Sandler upped their price target on shares of AvidXchange from $8.00 to $10.00 and gave the stock a "neutral" rating in a research note on Thursday, May 8th.

AvidXchange Price Performance

Shares of NASDAQ AVDX remained flat at $9.85 during midday trading on Friday. The stock had a trading volume of 943,065 shares, compared to its average volume of 2,641,560. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.32 and a current ratio of 1.32. The business's fifty day moving average is $9.79 and its 200 day moving average is $9.19. The stock has a market cap of $2.03 billion, a price-to-earnings ratio of 985.00 and a beta of 1.20. AvidXchange has a fifty-two week low of $6.61 and a fifty-two week high of $12.89.

Insider Activity

In other news, insider Joel Wilhite sold 20,914 shares of the firm's stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $9.74, for a total transaction of $203,702.36. Following the completion of the sale, the insider owned 808,841 shares of the company's stock, valued at approximately $7,878,111.34. This trade represents a 2.52% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Ryan Stahl sold 8,999 shares of the stock in a transaction that occurred 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 sale, the insider directly owned 667,226 shares in the company, valued at $6,498,781.24. This trade represents a 1.33% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 95,890 shares of company stock worth $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 bought and sold shares of AVDX. Raymond James Financial Inc. bought a new position in AvidXchange in the fourth quarter valued at approximately $115,000. Swiss National Bank boosted its position in shares of AvidXchange by 1.4% during the fourth quarter. Swiss National Bank now owns 327,000 shares of the company's stock worth $3,381,000 after purchasing an additional 4,400 shares in the last quarter. Cibc World Markets Corp bought a new position in shares of AvidXchange during the fourth quarter worth $168,000. Intech Investment Management LLC boosted its position in shares of AvidXchange by 26.8% during the fourth quarter. Intech Investment Management LLC now owns 61,923 shares of the company's stock worth $640,000 after purchasing an additional 13,105 shares in the last quarter. Finally, Xponance Inc. boosted its position in shares of AvidXchange by 9.2% during the fourth quarter. Xponance Inc. now owns 12,459 shares of the company's stock worth $129,000 after purchasing an additional 1,045 shares in the last quarter. 80.58% of the stock is owned by institutional investors.

About AvidXchange

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.