AvidXchange (NASDAQ:AVDX – Get Rating) had its price target upped by equities researchers at Piper Sandler from $11.00 to $12.00 in a research report issued to clients and investors on Thursday, The Fly reports. The brokerage currently has an “overweight” rating on the stock.
AVDX has been the topic of several other reports. Deutsche Bank Aktiengesellschaft dropped their target price on shares of AvidXchange from $16.00 to $13.00 in a report on Monday, May 9th. Morgan Stanley initiated coverage on shares of AvidXchange in a report on Thursday, April 28th. They set an “equal weight” rating and a $9.00 target price on the stock. The Goldman Sachs Group cut shares of AvidXchange from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $13.00 to $10.00 in a report on Friday, April 8th. KeyCorp decreased their price target on shares of AvidXchange from $14.00 to $10.00 and set an “overweight” rating for the company in a research report on Thursday, July 7th. Finally, Robert W. Baird decreased their price target on shares of AvidXchange from $16.00 to $12.00 in a research report on Friday, July 15th. Two research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of 16.27.
AvidXchange Trading Down 0.7 %
NASDAQ AVDX opened at 7.98 on Thursday. The company’s 50-day moving average price is 7.22 and its 200-day moving average price is 8.32. The company has a current ratio of 1.49, a quick ratio of 1.49 and a debt-to-equity ratio of 0.26. The stock has a market cap of $1.58 billion and a PE ratio of -5.54. AvidXchange has a 12 month low of 5.86 and a 12 month high of 27.43.
Hedge Funds Weigh In On AvidXchange
Several hedge funds and other institutional investors have recently modified their holdings of the stock. Landscape Capital Management L.L.C. purchased a new position in shares of AvidXchange in the 2nd quarter valued at approximately $97,000. Los Angeles Capital Management LLC raised its position in shares of AvidXchange by 203.3% in the 2nd quarter. Los Angeles Capital Management LLC now owns 52,235 shares of the company’s stock valued at $321,000 after purchasing an additional 35,015 shares during the last quarter. Biltmore Family Office LLC purchased a new position in shares of AvidXchange in the 2nd quarter valued at approximately $23,017,000. Nisa Investment Advisors LLC purchased a new position in shares of AvidXchange in the 2nd quarter valued at approximately $38,000. Finally, ProShare Advisors LLC purchased a new position in shares of AvidXchange in the 2nd quarter valued at approximately $101,000. 64.58% of the stock is owned by hedge funds and other 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 cash flow manager that provides cash management solutions.
Read More
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