AvidXchange (NASDAQ:AVDX) Given New $9.00 Price Target at The Goldman Sachs Group

AvidXchange (NASDAQ:AVDX) had its price target raised by The Goldman Sachs Group from $7.00 to $9.00 in a research report sent to investors on Thursday,Benzinga reports. The Goldman Sachs Group currently has a sell rating on the stock.

Several other analysts also recently commented on AVDX. Compass Point raised AvidXchange from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $8.00 to $15.00 in a research note on Thursday. Bank of America reduced their target price on shares of AvidXchange from $12.00 to $8.00 and set an “underperform” rating for the company in a research note on Tuesday, October 15th. KeyCorp dropped their price target on shares of AvidXchange from $15.00 to $12.00 and set an “overweight” rating on the stock in a research report on Thursday, August 1st. Wells Fargo & Company upped their price objective on shares of AvidXchange from $9.00 to $10.00 and gave the stock an “equal weight” rating in a research report on Thursday. Finally, UBS Group lifted their target price on shares of AvidXchange from $10.00 to $10.50 and gave the stock a “neutral” rating in a research report on Thursday. Two analysts have rated the stock with a sell rating, six have issued a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, AvidXchange presently has an average rating of “Hold” and an average target price of $11.18.

AvidXchange Stock Up 0.6 %

Shares of NASDAQ:AVDX traded up $0.06 during midday trading on Thursday, hitting $10.06. 1,941,479 shares of the company’s stock were exchanged, compared to its average volume of 2,074,532. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.36 and a quick ratio of 1.36. AvidXchange has a 12 month low of $7.38 and a 12 month high of $13.56. The company has a market cap of $2.09 billion, a PE ratio of -166.00 and a beta of 1.00. The stock has a 50 day moving average price of $8.14 and a 200-day moving average price of $9.84.

Insider Buying and Selling

In other AvidXchange news, CEO Michael Praeger sold 6,701 shares of AvidXchange stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $8.17, for a total transaction of $54,747.17. Following the completion of the transaction, the chief executive officer now owns 10,410,983 shares of the company’s stock, valued at $85,057,731.11. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, insider Ryan Stahl sold 7,427 shares of the stock in a transaction on Wednesday, October 16th. The shares were 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 of the company’s stock, valued at $3,171,193.74. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Michael Praeger sold 6,701 shares of AvidXchange stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $8.17, for a total transaction of $54,747.17. Following the sale, the chief executive officer now directly owns 10,410,983 shares of the company’s stock, valued at $85,057,731.11. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 166,386 shares of company stock valued at $1,343,044. Corporate insiders own 10.40% of the company’s stock.

Institutional Investors Weigh In On AvidXchange

A number of large investors have recently added to or reduced their stakes in the company. American Century Companies Inc. raised its holdings in shares of AvidXchange by 54.2% during the 2nd quarter. American Century Companies Inc. now owns 4,515,719 shares of the company’s stock valued at $54,460,000 after buying an additional 1,586,510 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of AvidXchange by 5.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 4,317,134 shares of the company’s stock worth $52,062,000 after acquiring an additional 230,777 shares during the last quarter. Millennium Management LLC boosted its stake in shares of AvidXchange by 9.8% in the 2nd quarter. Millennium Management LLC now owns 2,770,662 shares of the company’s stock valued at $33,414,000 after purchasing an additional 246,462 shares in the last quarter. Tremblant Capital Group raised its position in AvidXchange by 0.3% in the 2nd quarter. Tremblant Capital Group now owns 2,170,114 shares of the company’s stock worth $26,172,000 after purchasing an additional 5,971 shares during the period. Finally, TimesSquare Capital Management LLC lifted its stake in AvidXchange by 6.8% in the first quarter. TimesSquare Capital Management LLC now owns 1,970,837 shares of the company’s stock worth $25,917,000 after purchasing an additional 124,988 shares during the last quarter. Hedge funds and other 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.