AvidXchange (NASDAQ:AVDX) Price Target Raised to $9.00 at The Goldman Sachs Group

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

AVDX has been the subject of several other research reports. KeyCorp lowered their target price on shares of AvidXchange from $15.00 to $12.00 and set an “overweight” rating for the company in a research note on Thursday, August 1st. Compass Point raised shares of AvidXchange from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $8.00 to $15.00 in a research report on Thursday. Wells Fargo & Company raised their target price on shares of AvidXchange from $9.00 to $10.00 and gave the stock an “equal weight” rating in a report on Thursday. Bank of America lowered their target price on AvidXchange from $12.00 to $8.00 and set an “underperform” rating for the company in a report on Tuesday, October 15th. Finally, BMO Capital Markets dropped their price target on AvidXchange from $13.00 to $10.00 and set a “market perform” rating on the stock in a research report on Thursday, August 1st. Two equities research 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. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $11.18.

AvidXchange Price Performance

Shares of NASDAQ AVDX opened at $10.07 on Thursday. The company has a current ratio of 1.36, a quick ratio of 1.36 and a debt-to-equity ratio of 0.19. The company has a market capitalization of $2.09 billion, a price-to-earnings ratio of 484.00 and a beta of 1.00. AvidXchange has a twelve month low of $7.38 and a twelve month high of $13.56. The business has a 50 day simple moving average of $8.18 and a 200-day simple moving average of $9.83.

Insider Activity at AvidXchange

In other AvidXchange news, CEO Michael Praeger sold 6,701 shares of the firm’s stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $8.17, for a total transaction of $54,747.17. Following the transaction, 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 filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CEO Michael Praeger sold 6,701 shares of the business’s stock in a transaction on Thursday, August 29th. The stock was 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. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Joel Wilhite sold 47,308 shares of the company’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $8.10, for a total value of $383,194.80. Following the completion of the sale, the insider now owns 413,687 shares of the company’s stock, valued at approximately $3,350,864.70. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 166,386 shares of company stock worth $1,343,044 over the last ninety days. 10.40% of the stock is currently owned by corporate insiders.

Institutional Trading of AvidXchange

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. SG Americas Securities LLC boosted its holdings in AvidXchange by 2.9% during the second quarter. SG Americas Securities LLC now owns 29,813 shares of the company’s stock worth $360,000 after buying an additional 835 shares in the last quarter. California State Teachers Retirement System boosted its stake in shares of AvidXchange by 1.0% during the 1st quarter. California State Teachers Retirement System now owns 161,292 shares of the company’s stock worth $2,121,000 after acquiring an additional 1,656 shares in the last quarter. Advisors Asset Management Inc. grew its holdings in shares of AvidXchange by 96.3% in the 1st quarter. Advisors Asset Management Inc. now owns 4,309 shares of the company’s stock worth $57,000 after acquiring an additional 2,114 shares during the last quarter. ProShare Advisors LLC raised its position in shares of AvidXchange by 9.7% during the first quarter. ProShare Advisors LLC now owns 27,135 shares of the company’s stock worth $357,000 after purchasing an additional 2,396 shares during the period. Finally, Wealth Enhancement Advisory Services LLC lifted its holdings in shares of AvidXchange by 29.6% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 13,211 shares of the company’s stock valued at $107,000 after purchasing an additional 3,019 shares during the last quarter. 80.58% of the stock is currently owned by institutional investors.

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.