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

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

AVDX has been the topic of several research reports. Robert W. Baird reissued a "neutral" rating and set a $10.00 price target on shares of AvidXchange in a research report on Thursday, May 8th. UBS Group increased their target price on shares of AvidXchange from $8.00 to $10.00 and gave the stock a "neutral" rating in a report on Thursday, May 8th. KeyCorp downgraded shares of AvidXchange from an "overweight" rating to a "sector weight" rating in a research report on Thursday, February 27th. Piper Sandler lifted their price target on shares of AvidXchange from $8.00 to $10.00 and gave the company a "neutral" rating in a report on Thursday, May 8th. Finally, Wells Fargo & Company increased their price objective on shares of AvidXchange from $8.00 to $10.00 and gave the stock an "equal weight" rating in a research note on Thursday, May 8th.

AvidXchange Stock Performance

NASDAQ:AVDX traded up $0.01 during trading hours on Friday, reaching $9.78. 16,305,632 shares of the stock were exchanged, compared to its average volume of 2,578,766. The stock has a market capitalization of $2.02 billion, a P/E ratio of 244.50 and a beta of 1.14. The firm has a 50 day simple moving average of $8.67 and a 200-day simple moving average of $9.46. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.11. AvidXchange has a 52 week low of $6.61 and a 52 week high of $12.93.

Insider Transactions at AvidXchange

In other news, President Daniel Drees sold 25,972 shares of the firm's stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $9.74, for a total transaction of $252,967.28. Following the transaction, the president now directly owns 1,167,186 shares of the company's stock, valued at approximately $11,368,391.64. This trade represents a 2.18% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Michael Praeger sold 40,005 shares of AvidXchange stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $9.74, for a total transaction of $389,648.70. Following the sale, the chief executive officer now owns 11,037,830 shares in the company, valued at approximately $107,508,464.20. This represents a 0.36% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 95,890 shares of company stock worth $933,969. Company insiders own 11.10% of the company's stock.

Hedge Funds Weigh In On AvidXchange

Large investors have recently bought and sold shares of the stock. Barclays PLC lifted its stake in shares of AvidXchange by 239.8% in the 3rd quarter. Barclays PLC now owns 285,768 shares of the company's stock worth $2,318,000 after acquiring an additional 201,679 shares during the period. Blue Trust Inc. increased its stake in shares of AvidXchange by 90.1% during the fourth 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. KBC Group NV raised its holdings in AvidXchange by 60.9% during the fourth quarter. KBC Group NV now owns 8,836 shares of the company's stock worth $91,000 after purchasing an additional 3,344 shares in the last quarter. R Squared Ltd acquired a new stake in AvidXchange in the fourth quarter worth approximately $41,000. Finally, Jennison Associates LLC lifted its position in AvidXchange by 50.9% in the fourth quarter. Jennison Associates LLC now owns 2,176,525 shares of the company's stock worth $22,505,000 after purchasing an additional 733,860 shares during the period. Institutional investors and hedge funds own 80.58% of the company's stock.

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.