Barclays Forecasts Strong Price Appreciation for AvidXchange (NASDAQ:AVDX) Stock

AvidXchange (NASDAQ:AVDX) had its price target increased by Barclays from $11.00 to $13.00 in a research report sent to investors on Monday morning,Benzinga reports. Barclays currently has an overweight rating on the stock.

Several other brokerages have also recently issued reports on AVDX. Robert W. Baird reduced their price objective on AvidXchange from $16.00 to $14.00 and set an “outperform” rating for the company in a report on Thursday, August 1st. BMO Capital Markets lifted their price objective on AvidXchange from $10.00 to $11.00 and gave the stock a “market perform” rating in a report on Friday, November 8th. Susquehanna reduced their price objective on AvidXchange from $16.00 to $14.00 and set a “positive” rating for the company in a report on Thursday, August 1st. Piper Sandler lifted their price objective on AvidXchange from $9.00 to $10.00 and gave the stock a “neutral” rating in a report on Thursday, November 7th. Finally, Keefe, Bruyette & Woods lifted their price objective on AvidXchange from $9.00 to $10.00 and gave the stock a “market perform” rating in a report on Thursday, November 7th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $11.39.

AvidXchange Stock Up 1.1 %

AvidXchange stock opened at $10.55 on Monday. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.32 and a quick ratio of 1.36. AvidXchange has a 1-year low of $7.38 and a 1-year high of $13.56. The company has a market cap of $2.17 billion, a PE ratio of 522.00 and a beta of 1.00. The stock’s 50 day moving average price is $8.44 and its 200 day moving average price is $9.76.

Insider Activity

In other AvidXchange 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 transaction of $63,723.66. Following the transaction, the insider now directly owns 369,603 shares of the company’s stock, valued at $3,171,193.74. This represents a 1.97 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Michael Praeger sold 37,225 shares of the stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $7.98, for a total transaction of $297,055.50. Following the transaction, the chief executive officer now directly owns 10,453,786 shares in the company, valued at $83,421,212.28. The trade was a 0.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 166,386 shares of company stock worth $1,343,044 over the last quarter. Corporate insiders own 10.40% of the company’s stock.

Institutional Investors Weigh In On AvidXchange

Several hedge funds and other institutional investors have recently made changes to their positions in AVDX. FMR LLC lifted its stake in AvidXchange by 272.5% during the third quarter. FMR LLC now owns 13,733,769 shares of the company’s stock worth $111,381,000 after purchasing an additional 10,046,893 shares during the period. American Century Companies Inc. lifted its stake in AvidXchange by 54.2% during the second quarter. American Century Companies Inc. now owns 4,515,719 shares of the company’s stock worth $54,460,000 after purchasing an additional 1,586,510 shares during the period. Dimensional Fund Advisors LP lifted its stake in AvidXchange by 5.6% during the second quarter. Dimensional Fund Advisors LP now owns 4,317,134 shares of the company’s stock worth $52,062,000 after purchasing an additional 230,777 shares during the period. Geode Capital Management LLC lifted its stake in AvidXchange by 5.0% during the third quarter. Geode Capital Management LLC now owns 4,266,265 shares of the company’s stock worth $34,607,000 after purchasing an additional 201,847 shares during the period. Finally, State Street Corp lifted its stake in AvidXchange by 1.5% during the third quarter. State Street Corp now owns 3,763,694 shares of the company’s stock worth $30,524,000 after purchasing an additional 54,403 shares during the period. 80.58% of the stock is owned by institutional investors and hedge funds.

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.