AvidXchange (NASDAQ:AVDX) Given New $11.00 Price Target at BMO Capital Markets

AvidXchange (NASDAQ:AVDX) had its target price lifted by stock analysts at BMO Capital Markets from $10.00 to $11.00 in a research note issued on Friday,Benzinga reports. The brokerage presently has a “market perform” rating on the stock. BMO Capital Markets’ price objective would suggest a potential upside of 10.22% from the company’s current price.

Other analysts have also recently issued research reports about the stock. Keefe, Bruyette & Woods increased their price target on shares of AvidXchange from $9.00 to $10.00 and gave the stock a “market perform” rating in a research note on Thursday. KeyCorp reduced 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. UBS Group raised their target price on shares of AvidXchange from $10.00 to $10.50 and gave the stock a “neutral” rating in a research note on Thursday. Barclays reduced their target price on shares of AvidXchange from $14.00 to $10.00 and set an “overweight” rating for the company in a research note on Monday, August 5th. Finally, Compass Point upgraded shares of AvidXchange from a “neutral” rating to a “buy” rating and raised their target price for the stock from $8.00 to $15.00 in a research note on Thursday. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $11.18.

AvidXchange Stock Performance

NASDAQ:AVDX traded down $0.02 during trading hours on Friday, reaching $9.98. 277,492 shares of the company’s stock were exchanged, compared to its average volume of 2,066,170. The firm has a market capitalization of $2.07 billion, a price-to-earnings ratio of -166.00 and a beta of 1.00. The company has a 50-day moving average of $8.14 and a 200 day moving average of $9.84. The company has a quick ratio of 1.36, a current ratio of 1.36 and a debt-to-equity ratio of 0.19. AvidXchange has a 1-year low of $7.38 and a 1-year high of $13.56.

Insider Buying and Selling at AvidXchange

In other AvidXchange news, insider Ryan Stahl sold 7,427 shares of AvidXchange stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $8.58, for a total transaction of $63,723.66. Following the transaction, the insider now directly owns 369,603 shares of the company’s stock, valued at $3,171,193.74. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other AvidXchange news, CEO Michael Praeger sold 37,225 shares of the business’s stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $7.98, for a total transaction of $297,055.50. Following the completion of the sale, the chief executive officer now owns 10,453,786 shares in the company, valued at $83,421,212.28. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Ryan Stahl sold 7,427 shares of the business’s stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $8.58, for a total transaction of $63,723.66. Following the sale, the insider now owns 369,603 shares of the company’s stock, valued at approximately $3,171,193.74. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 166,386 shares of company stock worth $1,343,044. 10.40% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On AvidXchange

Several institutional investors have recently modified their holdings of the company. Quest Partners LLC grew its position in shares of AvidXchange by 46.0% during the third quarter. Quest Partners LLC now owns 22,289 shares of the company’s stock worth $181,000 after acquiring an additional 7,027 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its holdings in AvidXchange by 9.1% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,862,225 shares of the company’s stock worth $15,103,000 after purchasing an additional 155,008 shares during the period. GSA Capital Partners LLP acquired a new stake in AvidXchange in the third quarter worth about $1,393,000. Entropy Technologies LP acquired a new stake in AvidXchange in the third quarter worth about $447,000. Finally, Versor Investments LP acquired a new stake in AvidXchange in the third quarter worth about $216,000. Institutional investors own 80.58% of the company’s stock.

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.