AvidXchange Holdings, Inc. (NASDAQ:AVDX) Given Average Recommendation of “Hold” by Brokerages

AvidXchange Holdings, Inc. (NASDAQ:AVDX) has earned a consensus rating of “Hold” from the eleven ratings firms that are currently covering the stock, MarketBeat Ratings reports. One research analyst has rated the stock with a sell recommendation, five have assigned a hold recommendation and five have assigned a buy recommendation to the company. The average 1 year price target among brokerages that have covered the stock in the last year is $13.07.

AVDX has been the subject of several research analyst reports. BMO Capital Markets increased their price objective on AvidXchange from $11.00 to $13.00 and gave the company a “market perform” rating in a report on Thursday, February 29th. Susquehanna increased their price objective on AvidXchange from $15.00 to $16.00 and gave the company a “positive” rating in a report on Thursday, February 29th. Piper Sandler decreased their price objective on AvidXchange from $14.00 to $12.00 and set a “neutral” rating for the company in a report on Friday, April 12th. The Goldman Sachs Group restated a “sell” rating and set a $11.50 price target (down previously from $13.00) on shares of AvidXchange in a research note on Monday, April 15th. Finally, Keefe, Bruyette & Woods started coverage on AvidXchange in a research note on Tuesday, April 9th. They set a “market perform” rating and a $13.50 price target for the company.

Insider Activity

In other news, insider Todd Alan Cunningham sold 11,340 shares of the firm’s stock in a transaction on Wednesday, February 28th. The stock was sold at an average price of $13.00, for a total value of $147,420.00. Following the completion of the transaction, the insider now owns 173,019 shares in the company, valued at $2,249,247. The sale was disclosed in a document filed with the SEC, which is available at this link. In related news, Director Matthew C. Harris sold 2,500,000 shares of the stock in a transaction on Thursday, February 29th. The stock was sold at an average price of $13.03, for a total transaction of $32,575,000.00. Following the sale, the director now owns 9,139,898 shares of the company’s stock, valued at $119,092,870.94. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Todd Alan Cunningham sold 11,340 shares of the stock in a transaction on Wednesday, February 28th. The shares were sold at an average price of $13.00, for a total value of $147,420.00. Following the sale, the insider now directly owns 173,019 shares in the company, valued at approximately $2,249,247. The disclosure for this sale can be found here. Insiders sold a total of 3,010,167 shares of company stock worth $39,077,190 over the last 90 days. 10.30% of the stock is currently owned by corporate insiders.

Institutional Trading of AvidXchange

A number of large investors have recently made changes to their positions in AVDX. Vanguard Group Inc. boosted its stake in AvidXchange by 5.2% in the 3rd quarter. Vanguard Group Inc. now owns 18,482,011 shares of the company’s stock worth $175,209,000 after buying an additional 907,305 shares during the last quarter. Senvest Management LLC boosted its stake in AvidXchange by 26.3% in the 3rd quarter. Senvest Management LLC now owns 12,298,226 shares of the company’s stock worth $116,587,000 after buying an additional 2,563,886 shares during the last quarter. Lord Abbett & CO. LLC boosted its stake in AvidXchange by 29.2% in the 3rd quarter. Lord Abbett & CO. LLC now owns 5,402,784 shares of the company’s stock worth $51,219,000 after buying an additional 1,222,044 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in AvidXchange by 32.5% in the 3rd quarter. Bank of New York Mellon Corp now owns 4,621,806 shares of the company’s stock worth $43,815,000 after buying an additional 1,134,729 shares during the last quarter. Finally, North Reef Capital Management LP boosted its stake in AvidXchange by 64.5% in the 3rd quarter. North Reef Capital Management LP now owns 4,510,000 shares of the company’s stock worth $42,755,000 after buying an additional 1,768,120 shares during the last quarter. Institutional investors and hedge funds own 80.58% of the company’s stock.

AvidXchange Stock Performance

Shares of AVDX opened at $11.83 on Friday. The stock has a 50 day moving average price of $12.39 and a 200 day moving average price of $11.21. The company has a quick ratio of 1.25, a current ratio of 1.25 and a debt-to-equity ratio of 0.20. The company has a market capitalization of $2.42 billion, a price-to-earnings ratio of -51.43 and a beta of 1.04. AvidXchange has a 52-week low of $6.88 and a 52-week high of $13.56.

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.