AvidXchange (NASDAQ:AVDX) Stock Price Expected to Rise, The Goldman Sachs Group Analyst Says

AvidXchange (NASDAQ:AVDX) had its price target hoisted by The Goldman Sachs Group from $9.00 to $10.00 in a research report issued on Monday,Benzinga reports. The firm presently has a “sell” rating on the stock. The Goldman Sachs Group’s target price would indicate a potential downside of 11.89% from the stock’s previous close.

A number of other equities analysts have also recently commented on the company. 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. Keefe, Bruyette & Woods raised their target price on AvidXchange from $9.00 to $10.00 and gave the company a “market perform” rating in a report on Thursday, November 7th. UBS Group raised their target price on AvidXchange from $10.00 to $10.50 and gave the company a “neutral” rating in a report on Thursday, November 7th. Compass Point upgraded AvidXchange from a “neutral” rating to a “buy” rating and raised their target price for the company from $8.00 to $15.00 in a report on Thursday, November 7th. Finally, Wells Fargo & Company lifted their price objective on AvidXchange from $9.00 to $10.00 and gave the company an “equal weight” rating in a research note on Thursday, November 7th. Two analysts have rated the stock with a sell rating, six have given a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $11.46.

AvidXchange Trading Down 0.8 %

Shares of NASDAQ:AVDX traded down $0.09 during midday trading on Monday, reaching $11.35. 371,114 shares of the company’s stock were exchanged, compared to its average volume of 2,053,348. The firm’s 50 day simple moving average is $9.11 and its two-hundred day simple moving average is $9.72. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.32 and a quick ratio of 1.32. The stock has a market cap of $2.33 billion, a price-to-earnings ratio of 572.00 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.

Insiders Place Their Bets

In other news, insider Ryan Stahl sold 7,427 shares of the company’s stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $8.58, for a total value of $63,723.66. Following the sale, the insider now directly owns 369,603 shares in the company, valued at $3,171,193.74. This represents a 1.97 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Over the last ninety days, insiders have sold 17,697 shares of company stock worth $146,265. 10.40% of the stock is owned by corporate insiders.

Institutional Trading of AvidXchange

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

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.