AvidXchange (NASDAQ:AVDX) Price Target Cut to $12.00

AvidXchange (NASDAQ:AVDX) had its price objective trimmed by Piper Sandler from $14.00 to $12.00 in a research report report published on Friday, Benzinga reports. They currently have a neutral rating on the stock.

A number of other analysts have also recently weighed in on the company. TheStreet upgraded AvidXchange from a d+ rating to a c- rating in a research report on Friday, December 15th. JPMorgan Chase & Co. lifted their price target on shares of AvidXchange from $14.00 to $15.00 and gave the company an overweight rating in a report on Thursday, February 29th. Susquehanna upped their price objective on shares of AvidXchange from $15.00 to $16.00 and gave the stock a positive rating in a research note on Thursday, February 29th. Keefe, Bruyette & Woods assumed coverage on shares of AvidXchange in a research note on Tuesday, April 9th. They issued a market perform rating and a $13.50 target price for the company. Finally, Barclays increased their price target on AvidXchange from $13.00 to $14.00 and gave the stock an overweight rating in a research report on Friday, December 22nd. One analyst has rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of Hold and a consensus price target of $13.07.

AvidXchange Stock Down 4.3 %

Shares of AVDX opened at $11.14 on Friday. AvidXchange has a 12 month low of $6.88 and a 12 month high of $13.56. The stock has a market cap of $2.28 billion, a price-to-earnings ratio of -48.43 and a beta of 1.04. The company has a 50-day moving average price of $12.45 and a two-hundred day moving average price of $11.10. The company has a quick ratio of 1.25, a current ratio of 1.25 and a debt-to-equity ratio of 0.20.

Insider Activity

In other AvidXchange news, insider Joel Wilhite sold 136,158 shares of the company’s stock in a transaction on Friday, March 15th. The shares were sold at an average price of $12.28, for a total transaction of $1,672,020.24. Following the completion of the sale, the insider now owns 454,878 shares in the company, valued at approximately $5,585,901.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, insider Angelic Gibson sold 40,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $13.00, for a total transaction of $520,000.00. Following the completion of the transaction, the insider now owns 430,606 shares in the company, valued at $5,597,878. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Joel Wilhite sold 136,158 shares of the company’s stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $12.28, for a total transaction of $1,672,020.24. Following the completion of the sale, the insider now directly owns 454,878 shares of the company’s stock, valued at approximately $5,585,901.84. The disclosure for this sale can be found here. In the last quarter, insiders have sold 3,010,167 shares of company stock valued at $39,077,190. 10.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On AvidXchange

Several institutional investors and hedge funds have recently made changes to their positions in AVDX. National Bank of Canada FI bought a new position in AvidXchange during the fourth quarter worth about $54,000. Quarry LP bought a new stake in AvidXchange during the 1st quarter worth approximately $58,000. Russell Investments Group Ltd. acquired a new stake in AvidXchange during the 2nd quarter worth approximately $65,000. Ensign Peak Advisors Inc bought a new position in AvidXchange in the third quarter valued at approximately $78,000. Finally, Price T Rowe Associates Inc. MD acquired a new position in shares of AvidXchange in the second quarter valued at approximately $86,000. Institutional investors and hedge funds 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.