AvidXchange Holdings, Inc. (NASDAQ:AVDX) Given Average Rating of “Hold” by Brokerages

AvidXchange Holdings, Inc. (NASDAQ:AVDX) has earned a consensus recommendation of “Hold” from the fourteen brokerages that are covering the stock, Marketbeat reports. Two analysts have rated the stock with a sell recommendation, six have given a hold recommendation and six have given a buy recommendation to the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $11.61.

Several equities research analysts have weighed in on AVDX shares. Barclays raised their price objective on shares of AvidXchange from $11.00 to $13.00 and gave the company an “overweight” rating in a research report on Monday, November 18th. BMO Capital Markets raised their price target on shares of AvidXchange from $10.00 to $11.00 and gave the company a “market perform” rating in a report on Friday, November 8th. Keefe, Bruyette & Woods reduced their price objective on AvidXchange from $12.00 to $11.00 and set a “market perform” rating on the stock in a report on Monday, January 6th. KeyCorp lifted their target price on AvidXchange from $12.00 to $13.00 and gave the company an “overweight” rating in a research note on Thursday, December 5th. Finally, Compass Point raised AvidXchange from a “neutral” rating to a “buy” rating and upped their price target for the company from $8.00 to $15.00 in a research note on Thursday, November 7th.

Insider Activity at AvidXchange

In related news, CEO Michael Praeger sold 42,377 shares of the company’s stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $11.40, for a total value of $483,097.80. Following the completion of the transaction, the chief executive officer now directly owns 10,381,033 shares of the company’s stock, valued at approximately $118,343,776.20. This represents a 0.41 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director James E. Hausman sold 25,000 shares of AvidXchange stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $11.25, for a total value of $281,250.00. Following the completion of the sale, the director now directly owns 2,112,232 shares in the company, valued at $23,762,610. This represents a 1.17 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 80,693 shares of company stock worth $916,683 in the last quarter. Corporate insiders own 10.40% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in AVDX. FMR LLC raised its holdings in AvidXchange by 272.5% during the third quarter. FMR LLC now owns 13,733,769 shares of the company’s stock worth $111,381,000 after acquiring an additional 10,046,893 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of AvidXchange by 5.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 4,317,134 shares of the company’s stock worth $52,062,000 after buying an additional 230,777 shares during the period. Geode Capital Management LLC grew its stake in AvidXchange by 5.0% in the 3rd quarter. Geode Capital Management LLC now owns 4,266,265 shares of the company’s stock valued at $34,607,000 after buying an additional 201,847 shares during the last quarter. State Street Corp raised its holdings in AvidXchange by 1.5% in the 3rd quarter. State Street Corp now owns 3,763,694 shares of the company’s stock valued at $30,524,000 after acquiring an additional 54,403 shares during the period. Finally, Jacobs Levy Equity Management Inc. bought a new stake in shares of AvidXchange during the third quarter worth approximately $25,339,000. Institutional investors and hedge funds own 80.58% of the company’s stock.

AvidXchange Stock Performance

Shares of NASDAQ:AVDX opened at $10.51 on Friday. The business has a fifty day moving average of $10.69 and a 200-day moving average of $9.58. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.32 and a current ratio of 1.32. AvidXchange has a twelve month low of $7.38 and a twelve month high of $13.56. The firm has a market cap of $2.16 billion, a PE ratio of 518.50 and a beta of 1.22.

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.