AvidXchange (NASDAQ:AVDX) Research Coverage Started at BTIG Research

BTIG Research initiated coverage on shares of AvidXchange (NASDAQ:AVDX) in a report released on Wednesday morning, MarketBeat reports. The brokerage issued a buy rating and a $14.00 target price on the stock.

A number of other equities analysts have also issued reports on AVDX. Wells Fargo & Company raised their target price on AvidXchange from $9.00 to $10.00 and gave the stock an “equal weight” rating in a research note on Thursday, November 7th. Bank of America reduced their price objective on AvidXchange from $12.00 to $8.00 and set an “underperform” rating for the company in a research note on Tuesday, October 15th. Keefe, Bruyette & Woods upped their target price on AvidXchange from $10.00 to $12.00 and gave the company a “market perform” rating in a research report on Monday, December 9th. Barclays raised their price target on shares of AvidXchange from $11.00 to $13.00 and gave the stock an “overweight” rating in a research report on Monday, November 18th. Finally, JPMorgan Chase & Co. downgraded shares of AvidXchange from an “overweight” rating to a “neutral” rating and dropped their price objective for the company from $11.00 to $9.00 in a report on Tuesday, August 20th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, AvidXchange currently has an average rating of “Hold” and an average target price of $11.68.

AvidXchange Stock Down 0.1 %

AvidXchange stock opened at $11.15 on Wednesday. The business has a fifty day moving average price of $9.70 and a 200-day moving average price of $9.76. AvidXchange has a 1-year low of $7.38 and a 1-year high of $13.56. The stock has a market capitalization of $2.29 billion, a price-to-earnings ratio of 563.50 and a beta of 1.20. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.32 and a quick ratio of 1.32.

Insiders Place Their Bets

In other news, Director James E. Hausman sold 25,000 shares of the business’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $11.25, for a total value of $281,250.00. Following the completion of the sale, the director now directly owns 2,112,232 shares in the company, valued at $23,762,610. The trade was a 1.17 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 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 value of $483,097.80. Following the transaction, the chief executive officer now directly 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. Over the last quarter, insiders sold 95,741 shares of company stock worth $1,042,365. Company insiders own 10.40% of the company’s stock.

Institutional Investors Weigh In On AvidXchange

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Geode Capital Management LLC grew its position in shares of AvidXchange by 5.0% in the third quarter. Geode Capital Management LLC now owns 4,266,265 shares of the company’s stock valued at $34,607,000 after purchasing an additional 201,847 shares during the period. Barclays PLC lifted its stake in AvidXchange by 239.8% in the 3rd quarter. Barclays PLC now owns 285,768 shares of the company’s stock valued at $2,318,000 after buying an additional 201,679 shares in the last quarter. Y Intercept Hong Kong Ltd acquired a new stake in AvidXchange in the 3rd quarter worth about $86,000. State Street Corp boosted its holdings in AvidXchange by 1.5% in the 3rd quarter. State Street Corp now owns 3,763,694 shares of the company’s stock worth $30,524,000 after buying an additional 54,403 shares during the last quarter. Finally, Point72 DIFC Ltd purchased a new stake in AvidXchange during the 3rd quarter worth approximately $37,000. Hedge funds and other institutional investors own 80.58% of the company’s stock.

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.