AvidXchange (NASDAQ:AVDX) Price Target Raised to $11.00 at BMO Capital Markets

AvidXchange (NASDAQ:AVDX) had its price objective boosted by BMO Capital Markets from $10.00 to $11.00 in a research note published on Friday morning,Benzinga reports. They currently have a market perform rating on the stock.

A number of other equities analysts have also weighed in on the stock. Keefe, Bruyette & Woods boosted their price objective on shares of AvidXchange from $9.00 to $10.00 and gave the company a “market perform” rating in a research report on Thursday. Wells Fargo & Company upped their price target on shares of AvidXchange from $9.00 to $10.00 and gave the stock an “equal weight” rating in a research report on Thursday. UBS Group upped their price target on shares of AvidXchange from $10.00 to $10.50 and gave the stock a “neutral” rating in a research report on Thursday. Compass Point raised shares of AvidXchange from a “neutral” rating to a “buy” rating and upped their price target for the stock from $8.00 to $15.00 in a research report on Thursday. Finally, KeyCorp dropped their price target on shares of AvidXchange from $15.00 to $12.00 and set an “overweight” rating for the company in a research report on Thursday, August 1st. 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, the stock currently has an average rating of “Hold” and an average target price of $11.18.

AvidXchange Trading Up 0.7 %

Shares of NASDAQ:AVDX traded up $0.07 during trading on Friday, reaching $10.07. The stock had a trading volume of 3,660,745 shares, compared to its average volume of 2,082,455. The business has a fifty day moving average price of $8.18 and a 200-day moving average price of $9.83. The company has a quick ratio of 1.36, a current ratio of 1.36 and a debt-to-equity ratio of 0.19. The stock has a market cap of $2.09 billion, a P/E ratio of -167.83 and a beta of 1.00. AvidXchange has a fifty-two week low of $7.38 and a fifty-two week high of $13.56.

Insider Activity

In other news, insider Joel Wilhite sold 18,028 shares of the company’s stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $7.98, for a total value 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other AvidXchange news, insider Joel Wilhite sold 18,028 shares of the stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $7.98, for a total transaction of $143,863.44. Following the transaction, the insider now directly owns 419,636 shares in the company, valued at $3,348,695.28. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Michael Praeger sold 6,701 shares of the business’s 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 sale, the chief executive officer now directly 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 disclosure for this sale can be found here. Over the last three months, insiders sold 166,386 shares of company stock worth $1,343,044. 10.40% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. American Century Companies Inc. boosted its holdings in AvidXchange by 54.2% in 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. Kodai Capital Management LP boosted its holdings in AvidXchange by 872.9% in the first quarter. Kodai Capital Management LP now owns 1,581,667 shares of the company’s stock worth $20,799,000 after purchasing an additional 1,419,099 shares during the period. Lazard Asset Management LLC acquired a new position in AvidXchange in the first quarter worth $7,621,000. Healthcare of Ontario Pension Plan Trust Fund boosted its holdings in AvidXchange by 142.2% in the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 581,300 shares of the company’s stock worth $7,010,000 after purchasing an additional 341,300 shares during the period. Finally, Tremblant Capital Group boosted its holdings in AvidXchange by 14.7% in the first quarter. Tremblant Capital Group now owns 2,164,143 shares of the company’s stock worth $28,458,000 after purchasing an additional 277,109 shares during the period. Institutional investors and hedge funds 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.