AvidXchange (NASDAQ:AVDX) Price Target Lowered to $11.00 at Keefe, Bruyette & Woods

AvidXchange (NASDAQ:AVDX) had its target price decreased by Keefe, Bruyette & Woods from $12.00 to $11.00 in a report issued on Monday morning,Benzinga reports. Keefe, Bruyette & Woods currently has a market perform rating on the stock.

A number of other equities analysts have also commented on the company. KeyCorp raised their price target on AvidXchange from $12.00 to $13.00 and gave the stock an “overweight” rating in a report on Thursday, December 5th. UBS Group increased their price objective on AvidXchange from $10.00 to $10.50 and gave the stock a “neutral” rating in a research report on Thursday, November 7th. BTIG Research initiated coverage on AvidXchange in a research report on Wednesday, December 11th. They issued a “buy” rating and a $14.00 price objective on the stock. Barclays increased their price objective on AvidXchange from $11.00 to $13.00 and gave the stock an “overweight” rating in a research report on Monday, November 18th. Finally, Wells Fargo & Company increased their price objective on AvidXchange from $9.00 to $10.00 and gave the stock an “equal weight” rating in a research report on Thursday, November 7th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, AvidXchange has an average rating of “Hold” and an average price target of $11.61.

AvidXchange Price Performance

AvidXchange stock opened at $9.80 on Monday. AvidXchange has a one year low of $7.38 and a one year high of $13.56. The business has a fifty day moving average price of $10.58 and a 200-day moving average price of $9.72. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.32 and a quick ratio of 1.32. The firm has a market capitalization of $2.02 billion, a P/E ratio of 518.50 and a beta of 1.22.

Insider Buying and Selling at AvidXchange

In other news, insider Ryan Stahl sold 7,427 shares of AvidXchange stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $8.58, for a total value of $63,723.66. Following 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Teresa Mackintosh sold 13,316 shares of AvidXchange stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $11.44, for a total value of $152,335.04. Following the completion of the transaction, the director now owns 47,388 shares in the company, valued at approximately $542,118.72. This represents a 21.94 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 88,120 shares of company stock worth $980,407 over the last 90 days. Corporate insiders own 10.40% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Geode Capital Management LLC increased its holdings in shares of AvidXchange by 5.0% in the third quarter. Geode Capital Management LLC now owns 4,266,265 shares of the company’s stock worth $34,607,000 after buying an additional 201,847 shares during the period. Barclays PLC grew its stake in shares of AvidXchange by 239.8% in the third quarter. Barclays PLC now owns 285,768 shares of the company’s stock worth $2,318,000 after purchasing an additional 201,679 shares during the last quarter. Y Intercept Hong Kong Ltd bought a new stake in shares of AvidXchange in the third quarter worth about $86,000. State Street Corp grew its stake in shares of AvidXchange by 1.5% in the third quarter. State Street Corp now owns 3,763,694 shares of the company’s stock worth $30,524,000 after purchasing an additional 54,403 shares during the last quarter. Finally, Point72 DIFC Ltd bought a new stake in shares of AvidXchange in the third quarter worth about $37,000. Hedge funds and other institutional investors 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.