AvidXchange (NASDAQ:AVDX) Price Target Raised to $13.00 at Barclays

AvidXchange (NASDAQ:AVDX) had its price objective boosted by investment analysts at Barclays from $11.00 to $13.00 in a research note issued on Monday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Barclays‘s price objective indicates a potential upside of 24.52% from the company’s current price.

A number of other equities analysts also recently issued reports on the stock. Piper Sandler lifted their price objective on shares of AvidXchange from $9.00 to $10.00 and gave the stock a “neutral” rating in a report on Thursday, November 7th. Robert W. Baird lowered their price objective on AvidXchange from $16.00 to $14.00 and set an “outperform” rating on the stock in a research note on Thursday, August 1st. JPMorgan Chase & Co. cut AvidXchange from an “overweight” rating to a “neutral” rating and decreased their price target for the company from $11.00 to $9.00 in a research report on Tuesday, August 20th. Bank of America decreased their price target on AvidXchange from $12.00 to $8.00 and set an “underperform” rating on the stock in a research report on Tuesday, October 15th. Finally, Compass Point raised AvidXchange from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $8.00 to $15.00 in a report on Thursday, November 7th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $11.39.

AvidXchange Stock Performance

NASDAQ AVDX opened at $10.44 on Monday. The company has a fifty day simple moving average of $8.44 and a 200 day simple moving average of $9.76. AvidXchange has a 12-month low of $7.38 and a 12-month high of $13.56. The company has a current ratio of 1.32, a quick ratio of 1.36 and a debt-to-equity ratio of 0.11. The company has a market cap of $2.15 billion, a P/E ratio of 522.00 and a beta of 1.00.

Insider Activity

In related news, insider Joel Wilhite sold 47,308 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $8.10, for a total transaction of $383,194.80. Following the completion of the transaction, the insider now owns 413,687 shares in the company, valued at $3,350,864.70. This represents a 10.26 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Michael Praeger sold 37,225 shares of the company’s stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $7.98, for a total value of $297,055.50. Following the transaction, the chief executive officer now owns 10,453,786 shares of the company’s stock, valued at approximately $83,421,212.28. This represents a 0.35 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 166,386 shares of company stock valued at $1,343,044. 10.40% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On AvidXchange

A number of institutional investors have recently added to or reduced their stakes in AVDX. Point72 DIFC Ltd bought a new position in shares of AvidXchange during the third quarter valued at $37,000. Allspring Global Investments Holdings LLC bought a new position in shares of AvidXchange in the third quarter worth about $38,000. CWM LLC raised its stake in shares of AvidXchange by 7,259.8% in the third quarter. CWM LLC now owns 6,771 shares of the company’s stock worth $55,000 after buying an additional 6,679 shares during the period. Advisors Asset Management Inc. raised its stake in shares of AvidXchange by 96.3% in the first quarter. Advisors Asset Management Inc. now owns 4,309 shares of the company’s stock worth $57,000 after buying an additional 2,114 shares during the period. Finally, nVerses Capital LLC bought a new stake in AvidXchange during the 2nd quarter valued at approximately $66,000. Institutional investors own 80.58% of the company’s stock.

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.