AvidXchange Holdings, Inc. (NASDAQ:AVDX) Receives $10.30 Consensus Price Target from Brokerages

AvidXchange Holdings, Inc. (NASDAQ:AVDX) has earned a consensus recommendation of “Reduce” from the seventeen ratings firms that are currently covering the company, Marketbeat.com reports. Two research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and one has issued a buy rating on the company. The average twelve-month target price among brokers that have issued a report on the stock in the last year is $10.30.

AVDX has been the subject of several analyst reports. Baird R W lowered shares of AvidXchange from a “strong-buy” rating to a “hold” rating in a report on Thursday, May 8th. Piper Sandler increased their target price on shares of AvidXchange from $8.00 to $10.00 and gave the stock a “neutral” rating in a report on Thursday, May 8th. Robert W. Baird reissued a “neutral” rating and issued a $10.00 target price on shares of AvidXchange in a report on Thursday, May 8th. Keefe, Bruyette & Woods increased their target price on shares of AvidXchange from $8.00 to $9.00 and gave the stock a “market perform” rating in a report on Monday, March 31st. Finally, Susquehanna lowered shares of AvidXchange from a “strong-buy” rating to a “hold” rating in a report on Thursday, May 8th.

AvidXchange Trading Up 0.1%

AvidXchange stock opened at $9.87 on Friday. The firm has a 50 day moving average of $9.80 and a 200 day moving average of $9.18. The firm has a market capitalization of $2.04 billion, a price-to-earnings ratio of 987.00 and a beta of 1.20. AvidXchange has a 12-month low of $6.61 and a 12-month high of $12.89. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.10.

Insider Buying and Selling at AvidXchange

In related news, insider Joel Wilhite sold 20,914 shares of the firm’s stock in a transaction on Thursday, May 15th. The shares were sold at an average price of $9.74, for a total value of $203,702.36. Following the completion of the transaction, the insider directly owned 808,841 shares of the company’s stock, valued at approximately $7,878,111.34. This trade represents a 2.52% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Ryan Stahl sold 8,999 shares of the firm’s stock in a transaction on Thursday, May 15th. The shares were sold at an average price of $9.74, for a total transaction of $87,650.26. Following the completion of the transaction, the insider directly owned 667,226 shares of the company’s stock, valued at approximately $6,498,781.24. This trade represents a 1.33% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 95,890 shares of company stock valued at $933,969. 11.10% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. CWM LLC grew its holdings in shares of AvidXchange by 186.7% in the second quarter. CWM LLC now owns 19,946 shares of the company’s stock valued at $195,000 after purchasing an additional 12,990 shares in the last quarter. Public Employees Retirement System of Ohio purchased a new position in shares of AvidXchange in the second quarter valued at $818,000. Wealth Enhancement Advisory Services LLC lifted its position in AvidXchange by 28.4% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 21,627 shares of the company’s stock worth $213,000 after buying an additional 4,789 shares during the last quarter. Rhumbline Advisers lifted its position in AvidXchange by 3.6% in the first quarter. Rhumbline Advisers now owns 243,261 shares of the company’s stock worth $2,063,000 after buying an additional 8,523 shares during the last quarter. Finally, Strs Ohio bought a new stake in AvidXchange in the first quarter worth $172,000. 80.58% of the stock is owned by hedge funds and other 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.