AvidXchange (NASDAQ:AVDX) Given New $11.00 Price Target at Keefe, Bruyette & Woods

AvidXchange (NASDAQ:AVDX) had its price target lowered by Keefe, Bruyette & Woods from $12.00 to $11.00 in a research note issued to investors on Monday morning,Benzinga reports. The firm currently has a market perform rating on the stock.

Other analysts have also issued research reports about the stock. Wells Fargo & Company lifted their target price on shares of AvidXchange from $9.00 to $10.00 and gave the stock an “equal weight” rating in a report on Thursday, November 7th. UBS Group increased their target price on AvidXchange from $10.00 to $10.50 and gave the stock a “neutral” rating in a report on Thursday, November 7th. Barclays increased their target price on shares of AvidXchange from $11.00 to $13.00 and gave the stock an “overweight” rating in a report on Monday, November 18th. Bank of America lowered their price target on AvidXchange from $12.00 to $8.00 and set an “underperform” rating on the stock in a research report on Tuesday, October 15th. Finally, BTIG Research began coverage on AvidXchange in a research report on Wednesday, December 11th. They set a “buy” rating and a $14.00 price target on the stock. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $11.61.

AvidXchange Stock Down 3.9 %

NASDAQ:AVDX opened at $10.27 on Monday. The stock’s fifty day moving average price is $10.48 and its two-hundred day moving average price is $9.73. The company has a market cap of $2.11 billion, a price-to-earnings ratio of 518.50 and a beta of 1.22. 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.

Insiders Place Their Bets

In related news, insider Ryan Stahl sold 7,427 shares of AvidXchange stock in a transaction that occurred on 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 trade represents a 1.97 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Teresa Mackintosh sold 13,316 shares of the business’s stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $11.44, for a total transaction of $152,335.04. Following the transaction, the director now owns 47,388 shares of the company’s stock, valued at approximately $542,118.72. This represents a 21.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 88,120 shares of company stock worth $980,407 in the last 90 days. Company insiders own 10.40% of the company’s stock.

Institutional Trading of AvidXchange

Hedge funds have recently added to or reduced their stakes in the stock. FMR LLC raised its position in AvidXchange by 272.5% during the 3rd quarter. FMR LLC now owns 13,733,769 shares of the company’s stock worth $111,381,000 after purchasing an additional 10,046,893 shares during the last quarter. Jacobs Levy Equity Management Inc. acquired a new stake in shares of AvidXchange in the 3rd quarter worth about $25,339,000. American Century Companies Inc. raised its position in AvidXchange by 54.2% in the 2nd quarter. American Century Companies Inc. now owns 4,515,719 shares of the company’s stock valued at $54,460,000 after buying an additional 1,586,510 shares during the last quarter. Point72 Asset Management L.P. purchased a new position in AvidXchange during the third quarter worth about $7,920,000. Finally, Providence Capital Advisors LLC increased its position in shares of AvidXchange by 709.6% during the third quarter. Providence Capital Advisors LLC now owns 649,565 shares of the company’s stock valued at $5,268,000 after acquiring an additional 569,328 shares during the last quarter. Institutional investors and hedge funds 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.