BMO Capital Markets Forecasts Strong Price Appreciation for AvidXchange (NASDAQ:AVDX) Stock

AvidXchange (NASDAQ:AVDX) had its price objective raised by BMO Capital Markets from $10.00 to $11.00 in a research note issued to investors on Friday morning,Benzinga reports. They currently have a market perform rating on the stock.

AVDX has been the subject of a number of other research reports. Piper Sandler boosted their target price on AvidXchange from $9.00 to $10.00 and gave the stock a “neutral” rating in a report on Thursday, November 7th. Robert W. Baird decreased their price target on AvidXchange from $16.00 to $14.00 and set an “outperform” rating for the company in a report on Thursday, August 1st. Bank of America decreased their price target on AvidXchange from $12.00 to $8.00 and set an “underperform” rating for the company in a report on Tuesday, October 15th. UBS Group upped their price target on AvidXchange from $10.00 to $10.50 and gave the stock a “neutral” rating in a report on Thursday, November 7th. Finally, The Goldman Sachs Group upped their price target on AvidXchange from $7.00 to $9.00 and gave the stock a “sell” rating in a report on Thursday, November 7th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $11.18.

AvidXchange Stock Up 4.1 %

Shares of NASDAQ:AVDX opened at $10.48 on Friday. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.36 and a current ratio of 1.36. AvidXchange has a 1 year low of $7.38 and a 1 year high of $13.56. The stock has a market capitalization of $2.18 billion, a P/E ratio of 503.50 and a beta of 1.00. The stock has a 50-day simple moving average of $8.18 and a 200-day simple moving average of $9.80.

Insider Transactions at AvidXchange

In other news, insider Ryan Stahl sold 7,427 shares of the stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $8.58, for a total value of $63,723.66. Following the completion of the transaction, the insider now owns 369,603 shares of the company’s stock, valued at approximately $3,171,193.74. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, President Daniel Drees sold 20,069 shares of the firm’s stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $7.98, for a total transaction of $160,150.62. Following the completion of the transaction, the president now owns 753,644 shares of the company’s stock, valued at $6,014,079.12. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Ryan Stahl sold 7,427 shares of the firm’s stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $8.58, for a total value of $63,723.66. Following the transaction, the insider now directly owns 369,603 shares of the company’s stock, valued at $3,171,193.74. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 166,386 shares of company stock valued at $1,343,044. 10.40% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. SG Americas Securities LLC boosted its stake in AvidXchange by 2.9% during the second quarter. SG Americas Securities LLC now owns 29,813 shares of the company’s stock valued at $360,000 after buying an additional 835 shares in the last quarter. California State Teachers Retirement System lifted its holdings in shares of AvidXchange by 1.0% during the first quarter. California State Teachers Retirement System now owns 161,292 shares of the company’s stock valued at $2,121,000 after purchasing an additional 1,656 shares during the last quarter. Advisors Asset Management Inc. lifted its holdings in shares of AvidXchange by 96.3% during the first quarter. Advisors Asset Management Inc. now owns 4,309 shares of the company’s stock valued at $57,000 after purchasing an additional 2,114 shares during the last quarter. ProShare Advisors LLC lifted its holdings in shares of AvidXchange by 9.7% during the first quarter. ProShare Advisors LLC now owns 27,135 shares of the company’s stock valued at $357,000 after purchasing an additional 2,396 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC lifted its holdings in shares of AvidXchange by 29.6% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 13,211 shares of the company’s stock valued at $107,000 after purchasing an additional 3,019 shares during the last quarter. 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.