Piper Sandler Issues Positive Forecast for AvidXchange (NASDAQ:AVDX) Stock Price

AvidXchange (NASDAQ:AVDX) had its price objective lifted by Piper Sandler from $9.00 to $10.00 in a research report report published on Thursday,Benzinga reports. Piper Sandler currently has a neutral rating on the stock.

A number of other research firms have also recently weighed in on AVDX. UBS Group cut AvidXchange from a “buy” rating to a “neutral” rating and dropped their price target for the company from $15.00 to $10.00 in a report on Thursday, August 1st. Robert W. Baird decreased their price target on shares of AvidXchange from $16.00 to $14.00 and set an “outperform” rating on the stock in a research note on Thursday, August 1st. The Goldman Sachs Group decreased their target price on shares of AvidXchange from $9.00 to $7.00 and set a “sell” rating on the stock in a report on Monday, October 14th. KeyCorp reduced their price objective on AvidXchange from $15.00 to $12.00 and set an “overweight” rating on the stock in a research report on Thursday, August 1st. Finally, JPMorgan Chase & Co. lowered AvidXchange from an “overweight” rating to a “neutral” rating and lowered their target price for the stock from $11.00 to $9.00 in a research report on Tuesday, August 20th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, AvidXchange has an average rating of “Hold” and a consensus target price of $11.18.

AvidXchange Stock Up 0.6 %

NASDAQ:AVDX traded up $0.06 during trading hours on Thursday, reaching $10.06. The company’s stock had a trading volume of 1,941,479 shares, compared to its average volume of 2,074,532. The company has a market cap of $2.09 billion, a price-to-earnings ratio of -166.00 and a beta of 1.00. The business’s 50-day moving average is $8.14 and its 200-day moving average is $9.84. AvidXchange has a one year low of $7.38 and a one year high of $13.56. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.36 and a quick ratio of 1.36.

Insider Buying and Selling at AvidXchange

In related news, CEO Michael Praeger sold 6,701 shares of AvidXchange stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $8.17, for a total value of $54,747.17. Following the sale, the chief executive officer now owns 10,410,983 shares of the company’s stock, valued at approximately $85,057,731.11. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other AvidXchange news, insider Joel Wilhite sold 18,028 shares of AvidXchange stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $7.98, for a total value of $143,863.44. Following the completion of the sale, the insider now owns 419,636 shares in the company, valued at $3,348,695.28. 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. Also, CEO Michael Praeger sold 6,701 shares of the firm’s stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $8.17, for a total value of $54,747.17. Following the sale, the chief executive officer now owns 10,410,983 shares of the company’s stock, valued at approximately $85,057,731.11. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 166,386 shares of company stock worth $1,343,044. Company insiders own 10.40% of the company’s stock.

Institutional Investors Weigh In On AvidXchange

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Quest Partners LLC raised its stake in AvidXchange by 46.0% during the 3rd quarter. Quest Partners LLC now owns 22,289 shares of the company’s stock valued at $181,000 after purchasing an additional 7,027 shares during the period. Sumitomo Mitsui Trust Group Inc. grew its holdings in AvidXchange by 9.1% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,862,225 shares of the company’s stock valued at $15,103,000 after buying an additional 155,008 shares during the last quarter. GSA Capital Partners LLP bought a new position in shares of AvidXchange during the 3rd quarter worth about $1,393,000. Entropy Technologies LP acquired a new position in shares of AvidXchange in the third quarter valued at $447,000. Finally, Versor Investments LP bought a new stake in AvidXchange in the third quarter valued at $216,000. Institutional investors 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.