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

Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX - Get Free Report) have been given a consensus rating of "Reduce" by the seventeen brokerages that are presently covering the company, Marketbeat reports. Two equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and one has issued a buy rating on the company. The average 12 month target price among brokerages that have issued a report on the stock in the last year is $10.30.

Several equities research analysts have recently commented on AVDX shares. Wells Fargo & Company lifted 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. Barclays downgraded shares of AvidXchange from an "overweight" rating to an "equal weight" rating and decreased their target price for the company from $13.00 to $8.00 in a research report on Tuesday, March 4th. The Goldman Sachs Group decreased their target price on shares of AvidXchange from $9.50 to $7.00 and set a "sell" rating for the company in a research report on Thursday, February 27th. KeyCorp cut shares of AvidXchange from an "overweight" rating to a "sector weight" rating in a report on Thursday, February 27th. Finally, Wolfe Research cut shares of AvidXchange from a "strong-buy" rating to a "hold" rating in a report on Thursday, February 27th.

AvidXchange Stock Performance

AVDX remained flat at $9.77 during trading on Friday. 1,256,620 shares of the company's stock traded hands, compared to its average volume of 2,512,446. The stock has a market cap of $2.02 billion, a P/E ratio of 244.25 and a beta of 1.14. AvidXchange has a 52 week low of $6.61 and a 52 week high of $12.93. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.11. The business's fifty day simple moving average is $8.62 and its 200 day simple moving average is $9.45.

Insider Activity at AvidXchange

In other AvidXchange news, insider Ryan Stahl sold 8,999 shares of the business'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 $87,650.26. Following the sale, the insider now directly owns 667,226 shares in the company, valued at approximately $6,498,781.24. The trade was a 1.33% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Michael Praeger sold 40,005 shares of the company's stock in a transaction on Thursday, May 15th. The shares were sold at an average price of $9.74, for a total value of $389,648.70. Following the completion of the sale, the chief executive officer now owns 11,037,830 shares in the company, valued at $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. Insiders have sold a total of 95,890 shares of company stock worth $933,969 over the last three months. 11.10% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On AvidXchange

Several institutional investors and hedge funds have recently added to or reduced their stakes in AVDX. SVB Wealth LLC purchased a new position in AvidXchange in the first quarter valued at about $26,000. Blue Trust Inc. boosted its holdings in AvidXchange by 90.1% in the fourth quarter. Blue Trust Inc. now owns 2,697 shares of the company's stock valued at $28,000 after purchasing an additional 1,278 shares during the last quarter. Versant Capital Management Inc boosted its holdings in AvidXchange by 801.2% in the first quarter. Versant Capital Management Inc now owns 3,866 shares of the company's stock valued at $33,000 after purchasing an additional 3,437 shares during the last quarter. GAMMA Investing LLC boosted its holdings in AvidXchange by 816.6% in the first quarter. GAMMA Investing LLC now owns 4,079 shares of the company's stock valued at $35,000 after purchasing an additional 3,634 shares during the last quarter. Finally, BI Asset Management Fondsmaeglerselskab A S purchased a new position in AvidXchange in the first quarter valued at about $37,000. 80.58% of the stock is currently owned by institutional investors and hedge funds.

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.