AvidXchange (NASDAQ:AVDX) Given New $11.00 Price Target at BMO Capital Markets

AvidXchange (NASDAQ:AVDX) had its price objective lifted by equities research analysts at BMO Capital Markets from $10.00 to $11.00 in a note issued to investors on Friday,Benzinga reports. The brokerage presently has a “market perform” rating on the stock. BMO Capital Markets’ price objective would suggest a potential upside of 10.22% from the company’s previous close.

AVDX has been the subject of several other research reports. Bank of America lowered their target price on shares of AvidXchange from $12.00 to $8.00 and set an “underperform” rating for the company in a report on Tuesday, October 15th. KeyCorp dropped their target price on shares of AvidXchange from $15.00 to $12.00 and set an “overweight” rating on the stock in a research note on Thursday, August 1st. Wells Fargo & Company increased their price objective on shares of AvidXchange from $9.00 to $10.00 and gave the company an “equal weight” rating in a research note on Thursday. Barclays decreased their target price on shares of AvidXchange from $14.00 to $10.00 and set an “overweight” rating for the company in a research report on Monday, August 5th. Finally, Piper Sandler increased their target price on shares of AvidXchange from $9.00 to $10.00 and gave the company a “neutral” rating in a research report on Thursday. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, AvidXchange currently has an average rating of “Hold” and an average price target of $11.18.

AvidXchange Price Performance

AVDX stock traded down $0.02 during trading on Friday, hitting $9.98. 277,492 shares of the company’s stock traded hands, compared to its average volume of 2,066,170. The business has a fifty day simple moving average of $8.14 and a 200 day simple moving average of $9.84. The stock has a market capitalization of $2.07 billion, a price-to-earnings ratio of -166.00 and a beta of 1.00. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.36 and a current ratio of 1.36. AvidXchange has a 52 week low of $7.38 and a 52 week high of $13.56.

Insider Activity at AvidXchange

In other news, insider Ryan Stahl sold 7,621 shares of AvidXchange stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $8.13, for a total value of $61,958.73. Following the sale, the insider now owns 377,030 shares in the company, valued at $3,065,253.90. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, insider Ryan Stahl sold 7,621 shares of AvidXchange stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $8.13, for a total value of $61,958.73. Following the sale, the insider now owns 377,030 shares in the company, valued at $3,065,253.90. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Joel Wilhite sold 18,028 shares of the firm’s stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $7.98, for a total transaction of $143,863.44. Following the completion of the transaction, the insider now directly owns 419,636 shares in the company, valued at approximately $3,348,695.28. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 166,386 shares of company stock worth $1,343,044. 10.40% of the stock is owned by company insiders.

Hedge Funds Weigh In On AvidXchange

Hedge funds and other institutional investors have recently modified their holdings of the business. SG Americas Securities LLC lifted its holdings in shares of AvidXchange by 84.9% in the 1st quarter. SG Americas Securities LLC now owns 28,978 shares of the company’s stock worth $381,000 after acquiring an additional 13,302 shares during the last quarter. TimesSquare Capital Management LLC increased its position in shares of AvidXchange by 6.8% in the 1st quarter. TimesSquare Capital Management LLC now owns 1,970,837 shares of the company’s stock valued at $25,917,000 after purchasing an additional 124,988 shares during the last quarter. Swiss National Bank increased its position in shares of AvidXchange by 7.4% in the 1st quarter. Swiss National Bank now owns 320,900 shares of the company’s stock valued at $4,220,000 after purchasing an additional 22,100 shares during the last quarter. Susquehanna Fundamental Investments LLC purchased a new stake in shares of AvidXchange in the 1st quarter valued at approximately $1,848,000. Finally, ProShare Advisors LLC increased its position in shares of AvidXchange by 9.7% in the 1st quarter. ProShare Advisors LLC now owns 27,135 shares of the company’s stock valued at $357,000 after purchasing an additional 2,396 shares during the last quarter. 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.