KeyCorp Issues Positive Forecast for AvidXchange (NASDAQ:AVDX) Stock Price

AvidXchange (NASDAQ:AVDX) had its target price lifted by equities research analysts at KeyCorp from $12.00 to $13.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has an “overweight” rating on the stock. KeyCorp’s target price would indicate a potential upside of 12.46% from the stock’s previous close.

Other equities analysts have also recently issued reports about the company. Compass Point raised AvidXchange from a “neutral” rating to a “buy” rating and upped their price objective for the company from $8.00 to $15.00 in a research report on Thursday, November 7th. JPMorgan Chase & Co. downgraded AvidXchange from an “overweight” rating to a “neutral” rating and lowered their price target for the company from $11.00 to $9.00 in a report on Tuesday, August 20th. The Goldman Sachs Group lifted their price objective on AvidXchange from $9.00 to $10.00 and gave the stock a “sell” rating in a report on Monday, December 2nd. Barclays boosted their target price on AvidXchange from $11.00 to $13.00 and gave the stock an “overweight” rating in a research report on Monday, November 18th. Finally, Bank of America dropped their price target on shares of AvidXchange from $12.00 to $8.00 and set an “underperform” rating on the stock in a report on Tuesday, October 15th. Two analysts have rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $11.35.

AvidXchange Trading Up 2.8 %

Shares of NASDAQ AVDX opened at $11.56 on Thursday. The firm’s 50 day moving average price is $9.44 and its 200-day moving average price is $9.75. AvidXchange has a 52-week low of $7.38 and a 52-week high of $13.56. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.32 and a current ratio of 1.32. The company has a market cap of $2.38 billion, a PE ratio of 565.50 and a beta of 1.20.

Insider Transactions at AvidXchange

In other AvidXchange news, insider Ryan Stahl sold 7,427 shares of the firm’s stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $8.58, for a total transaction of $63,723.66. Following the sale, the insider now owns 369,603 shares in the company, valued at approximately $3,171,193.74. This trade represents a 1.97 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Michael Praeger sold 42,377 shares of the company’s stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $11.40, for a total transaction of $483,097.80. Following the completion of the transaction, the chief executive officer now owns 10,381,033 shares of the company’s stock, valued at approximately $118,343,776.20. The trade was a 0.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 60,074 shares of company stock worth $629,363 in the last quarter. Company insiders own 10.40% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Point72 DIFC Ltd purchased a new stake in AvidXchange in the 3rd quarter worth $37,000. Allspring Global Investments Holdings LLC purchased a new stake in shares of AvidXchange during the third quarter worth about $38,000. CWM LLC raised its stake in AvidXchange by 7,259.8% during the 3rd quarter. CWM LLC now owns 6,771 shares of the company’s stock valued at $55,000 after purchasing an additional 6,679 shares during the period. nVerses Capital LLC bought a new stake in AvidXchange during the 2nd quarter valued at approximately $66,000. Finally, Y Intercept Hong Kong Ltd purchased a new position in AvidXchange in the 3rd quarter worth approximately $86,000. Hedge funds and other 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.