AvidXchange (NASDAQ:AVDX) Given Sell Rating at The Goldman Sachs Group

The Goldman Sachs Group restated their sell rating on shares of AvidXchange (NASDAQ:AVDX) in a research note released on Monday morning, MarketBeat.com reports. They currently have a $11.50 price objective on the stock, down from their prior price objective of $13.00.

A number of other equities research analysts also recently issued reports on the stock. JPMorgan Chase & Co. boosted their target price on shares of AvidXchange from $14.00 to $15.00 and gave the company an overweight rating in a report on Thursday, February 29th. Keefe, Bruyette & Woods started coverage on shares of AvidXchange in a report on Tuesday, April 9th. They issued a market perform rating and a $13.50 target price for the company. Susquehanna boosted their target price on shares of AvidXchange from $15.00 to $16.00 and gave the company a positive rating in a report on Thursday, February 29th. BMO Capital Markets boosted their target price on shares of AvidXchange from $11.00 to $13.00 and gave the company a market perform rating in a report on Thursday, February 29th. Finally, Piper Sandler lowered their target price on shares of AvidXchange from $14.00 to $12.00 and set a neutral rating for the company in a report on Friday. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of Hold and an average target price of $13.07.

AvidXchange Stock Performance

Shares of NASDAQ AVDX opened at $11.14 on Monday. The company has a market cap of $2.28 billion, a PE ratio of -48.43 and a beta of 1.04. AvidXchange has a 12 month low of $6.88 and a 12 month high of $13.56. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.25 and a quick ratio of 1.25. The company has a 50-day simple moving average of $12.45 and a 200-day simple moving average of $11.10.

Insider Transactions at AvidXchange

In other news, insider Joel Wilhite sold 27,384 shares of the business’s stock in a transaction on Friday, March 1st. The shares were sold at an average price of $13.15, for a total transaction of $360,099.60. Following the transaction, the insider now directly owns 327,100 shares of the company’s stock, valued at $4,301,365. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, insider Joel Wilhite sold 27,384 shares of the business’s stock in a transaction on Friday, March 1st. The shares were sold at an average price of $13.15, for a total transaction of $360,099.60. Following the transaction, the insider now directly owns 327,100 shares of the company’s stock, valued at $4,301,365. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, President Daniel Drees sold 17,604 shares of the business’s stock in a transaction on Wednesday, March 20th. The stock was sold at an average price of $13.02, for a total transaction of $229,204.08. Following the transaction, the president now directly owns 750,744 shares in the company, valued at $9,774,686.88. The disclosure for this sale can be found here. Over the last three months, insiders have sold 3,010,167 shares of company stock valued at $39,077,190. Corporate insiders own 10.30% of the company’s stock.

Institutional Trading of AvidXchange

Several institutional investors have recently added to or reduced their stakes in the stock. IFP Advisors Inc raised its holdings in AvidXchange by 8.7% in the second quarter. IFP Advisors Inc now owns 12,557 shares of the company’s stock valued at $130,000 after acquiring an additional 1,003 shares in the last quarter. The Manufacturers Life Insurance Company raised its holdings in AvidXchange by 2.1% in the second quarter. The Manufacturers Life Insurance Company now owns 61,637 shares of the company’s stock valued at $640,000 after acquiring an additional 1,242 shares in the last quarter. Ameritas Investment Partners Inc. raised its holdings in AvidXchange by 12.3% in the second quarter. Ameritas Investment Partners Inc. now owns 12,342 shares of the company’s stock valued at $128,000 after acquiring an additional 1,347 shares in the last quarter. Credit Suisse AG raised its holdings in AvidXchange by 4.4% in the fourth quarter. Credit Suisse AG now owns 34,188 shares of the company’s stock valued at $340,000 after acquiring an additional 1,428 shares in the last quarter. Finally, Principal Financial Group Inc. raised its holdings in AvidXchange by 9.0% in the fourth quarter. Principal Financial Group Inc. now owns 17,502 shares of the company’s stock valued at $217,000 after acquiring an additional 1,444 shares in the last quarter. 80.58% of the stock is owned by institutional investors and hedge funds.

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.