Compass Point upgraded shares of AvidXchange (NASDAQ:AVDX – Free Report) from a neutral rating to a buy rating in a research note released on Thursday morning, Marketbeat reports. Compass Point currently has $15.00 price target on the stock, up from their prior price target of $8.00.
AVDX has been the topic of several other research reports. Keefe, Bruyette & Woods decreased their price objective on AvidXchange from $13.50 to $11.00 and set a “market perform” rating on the stock in a report on Thursday, August 1st. JPMorgan Chase & Co. lowered AvidXchange from an “overweight” rating to a “neutral” rating and reduced their price objective for the stock from $11.00 to $9.00 in a research note on Tuesday, August 20th. Wells Fargo & Company dropped their target price on AvidXchange from $10.00 to $9.00 and set an “equal weight” rating for the company in a research report on Monday, October 21st. UBS Group downgraded AvidXchange from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $15.00 to $10.00 in a research report on Thursday, August 1st. Finally, BMO Capital Markets dropped their price objective on AvidXchange from $13.00 to $10.00 and set a “market perform” rating for the company in a report on Thursday, August 1st. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $11.18.
Check Out Our Latest Stock Report on AVDX
AvidXchange Stock Performance
Insider Buying and Selling at AvidXchange
In related news, CEO Michael Praeger sold 37,225 shares of the stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $7.98, for a total value of $297,055.50. Following the sale, the chief executive officer now 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 sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, insider Joel Wilhite sold 18,028 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 $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 position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Michael Praeger sold 37,225 shares of the company’s stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $7.98, for a total transaction of $297,055.50. Following the completion of the transaction, the chief executive officer now directly owns 10,453,786 shares of the company’s stock, valued at $83,421,212.28. 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 valued at $1,343,044. Company insiders own 10.40% of the company’s stock.
Hedge Funds Weigh In On AvidXchange
A number of hedge funds have recently added to or reduced their stakes in AVDX. Allspring Global Investments Holdings LLC purchased a new position in shares of AvidXchange in the third quarter worth $38,000. CWM LLC raised its stake in shares of AvidXchange by 7,259.8% in the 3rd quarter. CWM LLC now owns 6,771 shares of the company’s stock valued at $55,000 after acquiring an additional 6,679 shares during the period. Advisors Asset Management Inc. increased its stake in AvidXchange by 96.3% during the 1st quarter. Advisors Asset Management Inc. now owns 4,309 shares of the company’s stock worth $57,000 after buying an additional 2,114 shares during the period. nVerses Capital LLC purchased a new stake in AvidXchange during the 2nd quarter worth approximately $66,000. Finally, Arbor Investment Advisors LLC purchased a new stake in shares of AvidXchange in the 3rd quarter valued at approximately $98,000. 80.58% of the stock is currently owned by institutional investors.
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.
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