AvidXchange (NASDAQ:AVDX) Given New $9.00 Price Target at The Goldman Sachs Group

AvidXchange (NASDAQ:AVDX) had its target price lifted by analysts at The Goldman Sachs Group from $7.00 to $9.00 in a report released on Thursday,Benzinga reports. The firm presently has a “sell” rating on the stock. The Goldman Sachs Group’s price objective indicates a potential downside of 8.91% from the company’s previous close.

A number of other research analysts have also weighed in on AVDX. Robert W. Baird dropped their price target on shares of AvidXchange from $16.00 to $14.00 and set an “outperform” rating for the company in a research note on Thursday, August 1st. Compass Point raised shares of AvidXchange from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $8.00 to $15.00 in a research report on Thursday. Wells Fargo & Company boosted their price target on shares of AvidXchange from $9.00 to $10.00 and gave the stock an “equal weight” rating in a research note on Thursday. Barclays lowered their target price on shares of AvidXchange from $14.00 to $10.00 and set an “overweight” rating on the stock in a research report on Monday, August 5th. Finally, UBS Group upped their price target on shares of AvidXchange from $10.00 to $10.50 and gave the company a “neutral” rating in a report on Thursday. Two research analysts have rated the stock with a sell rating, six have given a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, AvidXchange presently has a consensus rating of “Hold” and a consensus price target of $11.11.

AvidXchange Stock Performance

NASDAQ AVDX traded up $0.20 on Thursday, reaching $9.88. 581,487 shares of the company’s stock traded hands, compared to its average volume of 2,062,371. The firm has a market cap of $2.05 billion, a price-to-earnings ratio of -165.17 and a beta of 1.00. The stock has a 50 day moving average price of $8.10 and a 200-day moving average price of $9.84. AvidXchange has a fifty-two week low of $7.38 and a fifty-two week high of $13.56. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.36 and a current ratio of 1.36.

Insider Transactions at AvidXchange

In related news, CEO Michael Praeger sold 37,225 shares of the firm’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 transaction of $297,055.50. Following the completion of the sale, the chief executive officer now directly owns 10,453,786 shares in the company, valued at approximately $83,421,212.28. 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 can be accessed through the SEC website. In related news, CEO Michael Praeger sold 37,225 shares of the business’s stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $7.98, for a total transaction of $297,055.50. Following the transaction, the chief executive officer now owns 10,453,786 shares of the company’s stock, valued at approximately $83,421,212.28. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, President Daniel Drees sold 20,069 shares of the business’s stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $7.98, for a total transaction of $160,150.62. Following the completion of the sale, the president now owns 753,644 shares in the company, valued at $6,014,079.12. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 166,386 shares of company stock valued at $1,343,044 in the last quarter. Insiders own 10.40% of the company’s stock.

Institutional Investors Weigh In On AvidXchange

Several institutional investors and hedge funds have recently made changes to their positions in AVDX. American Century Companies Inc. increased its stake in AvidXchange by 54.2% during the 2nd quarter. American Century Companies Inc. now owns 4,515,719 shares of the company’s stock worth $54,460,000 after purchasing an additional 1,586,510 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of AvidXchange by 5.6% in the second quarter. Dimensional Fund Advisors LP now owns 4,317,134 shares of the company’s stock valued at $52,062,000 after purchasing an additional 230,777 shares during the last quarter. Millennium Management LLC grew its stake in shares of AvidXchange by 9.8% in the second quarter. Millennium Management LLC now owns 2,770,662 shares of the company’s stock valued at $33,414,000 after buying an additional 246,462 shares in the last quarter. Tremblant Capital Group boosted its position in AvidXchange by 0.3% during the second quarter. Tremblant Capital Group now owns 2,170,114 shares of the company’s stock worth $26,172,000 after purchasing an additional 5,971 shares during the period. Finally, TimesSquare Capital Management LLC boosted its position in shares of AvidXchange by 6.8% in the first quarter. TimesSquare Capital Management LLC now owns 1,970,837 shares of the company’s stock valued at $25,917,000 after acquiring an additional 124,988 shares during the period. Institutional investors and hedge funds 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.