AvidXchange (NASDAQ:AVDX) Given New $14.00 Price Target at Barclays

AvidXchange (NASDAQ:AVDX - Free Report) had its price target cut by Barclays from $16.00 to $14.00 in a research report released on Monday morning, Benzinga reports. They currently have an overweight rating on the stock.

AVDX has been the subject of several other reports. The Goldman Sachs Group reissued a sell rating and set a $11.50 price objective (down from $13.00) on shares of AvidXchange in a research note on Monday, April 15th. JPMorgan Chase & Co. upped their price target on shares of AvidXchange from $14.00 to $15.00 and gave the stock an overweight rating in a research report on Thursday, February 29th. Susquehanna increased their price target on AvidXchange from $15.00 to $16.00 and gave the company a positive rating in a report on Thursday, February 29th. Keefe, Bruyette & Woods started coverage on AvidXchange in a report on Tuesday, April 9th. They issued a market perform rating and a $13.50 price target for the company. Finally, Piper Sandler lowered their price target on AvidXchange from $14.00 to $12.00 and set a neutral rating for the company in a report on Friday, April 12th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of Hold and a consensus price target of $13.14.

AvidXchange Trading Down 0.2 %

Shares of NASDAQ AVDX traded down $0.02 during trading on Monday, hitting $11.22. 2,431,678 shares of the company traded hands, compared to its average volume of 1,857,452. AvidXchange has a 1 year low of $6.88 and a 1 year high of $13.56. The company has a 50-day moving average price of $12.27 and a 200-day moving average price of $11.46. The firm has a market capitalization of $2.32 billion, a P/E ratio of -74.80 and a beta of 1.07. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.20.

Insider Activity

In other news, insider Todd Alan Cunningham sold 11,340 shares of the firm's stock in a transaction dated Wednesday, February 28th. The stock was sold at an average price of $13.00, for a total transaction of $147,420.00. Following the completion of the sale, the insider now directly owns 173,019 shares in the company, valued at $2,249,247. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, insider Ryan Stahl sold 4,217 shares of the stock in a transaction dated Monday, March 18th. The shares were sold at an average price of $12.43, for a total transaction of $52,417.31. Following the transaction, the insider now owns 384,588 shares of the company's stock, valued at $4,780,428.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Todd Alan Cunningham sold 11,340 shares of the stock in a transaction dated Wednesday, February 28th. The stock was sold at an average price of $13.00, for a total transaction of $147,420.00. Following the transaction, the insider now directly owns 173,019 shares in the company, valued at approximately $2,249,247. The disclosure for this sale can be found here. Insiders sold 3,010,167 shares of company stock worth $39,077,190 over the last ninety days. Corporate insiders own 10.30% of the company's stock.

Hedge Funds Weigh In On AvidXchange

Several large investors have recently modified their holdings of the stock. Senvest Management LLC lifted its holdings in AvidXchange by 26.3% in the third quarter. Senvest Management LLC now owns 12,298,226 shares of the company's stock worth $116,587,000 after acquiring an additional 2,563,886 shares during the last quarter. Jennison Associates LLC bought a new position in AvidXchange in the first quarter worth about $23,800,000. North Reef Capital Management LP lifted its holdings in AvidXchange by 64.5% in the third quarter. North Reef Capital Management LP now owns 4,510,000 shares of the company's stock worth $42,755,000 after acquiring an additional 1,768,120 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. bought a new position in AvidXchange in the third quarter worth about $14,270,000. Finally, Massachusetts Financial Services Co. MA bought a new position in AvidXchange in the third quarter worth about $13,563,000. Institutional investors 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.