AvidXchange (NASDAQ:AVDX) Stock Price Expected to Rise, Keefe, Bruyette & Woods Analyst Says

by · The Markets Daily

AvidXchange (NASDAQ:AVDX – Free Report) had its target price hoisted by Keefe, Bruyette & Woods from $9.00 to $10.00 in a research report released on Thursday,Benzinga reports. They currently have a market perform rating on the stock.

A number of other research firms have also recently weighed in on AVDX. The Goldman Sachs Group lowered their target price on shares of AvidXchange from $9.00 to $7.00 and set a “sell” rating on the stock in a research note on Monday, October 14th. Barclays reduced their price objective on shares of AvidXchange from $14.00 to $10.00 and set an “overweight” rating on the stock in a research note on Monday, August 5th. Susquehanna dropped their price objective on AvidXchange from $16.00 to $14.00 and set a “positive” rating on the stock in a research note on Thursday, August 1st. Compass Point upgraded AvidXchange from a “neutral” rating to a “buy” rating and upped their target price for the stock from $8.00 to $15.00 in a report on Thursday. Finally, KeyCorp cut their price objective on AvidXchange from $15.00 to $12.00 and set an “overweight” rating for the company in a research report on Thursday, August 1st. Two analysts have rated the stock with a sell rating, six have given a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $11.18.

Check Out Our Latest Research Report on AVDX

AvidXchange Price Performance

Shares of NASDAQ AVDX traded up $0.06 during trading on Thursday, hitting $10.06. The company had a trading volume of 1,941,479 shares, compared to its average volume of 2,074,532. AvidXchange has a 52 week low of $7.38 and a 52 week high of $13.56. The business’s 50-day moving average is $8.14 and its 200 day moving average is $9.84. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.36 and a current ratio of 1.36. The company has a market cap of $2.09 billion, a P/E ratio of -166.00 and a beta of 1.00.

Insiders Place Their Bets

In related news, insider Joel Wilhite sold 18,028 shares of AvidXchange stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $7.98, for a total transaction of $143,863.44. Following the completion of the sale, the insider now owns 419,636 shares of the company’s stock, valued at $3,348,695.28. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, insider Ryan Stahl sold 7,427 shares of AvidXchange 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 directly owns 369,603 shares in the company, valued at approximately $3,171,193.74. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Joel Wilhite sold 18,028 shares of the business’s stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $7.98, for a total value of $143,863.44. Following the completion of the sale, the insider now owns 419,636 shares of the company’s stock, valued at approximately $3,348,695.28. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 166,386 shares of company stock worth $1,343,044. 10.40% of the stock is owned by corporate insiders.

Institutional Trading of AvidXchange

Several large investors have recently bought and sold shares of AVDX. Allspring Global Investments Holdings LLC acquired a new stake in shares of AvidXchange during the 3rd quarter worth $38,000. CWM LLC boosted its stake in AvidXchange by 7,259.8% during the third quarter. CWM LLC now owns 6,771 shares of the company’s stock valued at $55,000 after buying an additional 6,679 shares in 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. nVerses Capital LLC acquired a new position in AvidXchange during the second quarter valued at $66,000. Finally, Arbor Investment Advisors LLC purchased a new stake in shares of AvidXchange during the third quarter worth $98,000. Institutional investors and hedge funds own 80.58% of the company’s stock.

About AvidXchange

(Get Free Report)

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.

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