AvidXchange (NASDAQ:AVDX) Sees Strong Trading Volume – Time to Buy?

AvidXchange Holdings, Inc. (NASDAQ:AVDXGet Free Report) shares saw unusually-high trading volume on Wednesday . Approximately 2,082,750 shares changed hands during trading, an increase of 23% from the previous session’s volume of 1,695,284 shares.The stock last traded at $9.90 and had previously closed at $10.12.

Analysts Set New Price Targets

Several brokerages have recently issued reports on AVDX. BMO Capital Markets raised their price objective on shares of AvidXchange from $10.00 to $11.00 and gave the stock a “market perform” rating in a research note on Friday, November 8th. Compass Point raised AvidXchange from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $8.00 to $15.00 in a report on Thursday, November 7th. KeyCorp increased their target price on AvidXchange from $12.00 to $13.00 and gave the stock an “overweight” rating in a report on Thursday, December 5th. The Goldman Sachs Group boosted their price target on AvidXchange from $9.00 to $10.00 and gave the company a “sell” rating in a research note on Monday, December 2nd. Finally, Wells Fargo & Company increased their target price on shares of AvidXchange from $9.00 to $10.00 and gave the stock an “equal weight” rating in a research report on Thursday, November 7th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $11.61.

Get Our Latest Stock Report on AvidXchange

AvidXchange Stock Down 3.5 %

The firm’s 50-day moving average is $10.55 and its two-hundred day moving average is $9.72. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.32 and a current ratio of 1.32. The stock has a market cap of $2.01 billion, a P/E ratio of 518.50 and a beta of 1.22.

Insider Activity

In related news, insider Ryan Stahl sold 7,427 shares of the business’s stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $8.58, for a total transaction of $63,723.66. Following the completion of the transaction, the insider now owns 369,603 shares in the company, valued at approximately $3,171,193.74. The trade was a 1.97 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director James E. Hausman sold 25,000 shares of the firm’s stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $11.25, for a total value of $281,250.00. Following the sale, the director now directly owns 2,112,232 shares in the company, valued at approximately $23,762,610. This represents a 1.17 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 88,120 shares of company stock valued at $980,407. Company insiders own 10.40% of the company’s stock.

Institutional Trading of AvidXchange

Hedge funds have recently bought and sold shares of the stock. US Bancorp DE grew its holdings in shares of AvidXchange by 111,114.9% during the third quarter. US Bancorp DE now owns 52,271 shares of the company’s stock worth $424,000 after buying an additional 52,224 shares in the last quarter. Jacobs Levy Equity Management Inc. bought a new stake in shares of AvidXchange in the third quarter worth $25,339,000. Entropy Technologies LP acquired a new position in AvidXchange during the third quarter worth $447,000. State of New Jersey Common Pension Fund D grew its position in AvidXchange by 39.3% in the third quarter. State of New Jersey Common Pension Fund D now owns 247,947 shares of the company’s stock valued at $2,011,000 after purchasing an additional 69,971 shares in the last quarter. Finally, Barclays PLC increased its stake in AvidXchange by 239.8% in the 3rd quarter. Barclays PLC now owns 285,768 shares of the company’s stock valued at $2,318,000 after buying an additional 201,679 shares during the last quarter. 80.58% of the stock is currently owned by institutional investors and hedge funds.

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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