AvidXchange (NASDAQ:AVDX) Rating Increased to Buy at Compass Point

Compass Point upgraded shares of AvidXchange (NASDAQ:AVDXFree 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

Shares of AVDX stock traded down $0.06 during trading on Thursday, reaching $9.94. The company had a trading volume of 557,569 shares, compared to its average volume of 2,067,929. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.36 and a quick ratio of 1.36. The firm’s 50 day simple moving average is $8.14 and its two-hundred day simple moving average is $9.84. The company has a market capitalization of $2.07 billion, a PE ratio of -166.00 and a beta of 1.00. AvidXchange has a one year low of $7.38 and a one year high of $13.56.

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

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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.

Further Reading

Analyst Recommendations for AvidXchange (NASDAQ:AVDX)

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