Keefe, Bruyette & Woods Has Lowered Expectations for AvidXchange (NASDAQ:AVDX) Stock Price

AvidXchange (NASDAQ:AVDX) had its price target cut by research analysts at Keefe, Bruyette & Woods from $12.00 to $11.00 in a report issued on Monday,Benzinga reports. The firm currently has a “market perform” rating on the stock. Keefe, Bruyette & Woods’ target price indicates a potential upside of 8.70% from the company’s previous close.

AVDX has been the subject of a number of other research reports. BTIG Research began coverage on shares of AvidXchange in a research report on Wednesday, December 11th. They set a “buy” rating and a $14.00 price objective for the company. BMO Capital Markets upped their price target on AvidXchange from $10.00 to $11.00 and gave the stock a “market perform” rating in a research note on Friday, November 8th. 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. Bank of America decreased their target price on AvidXchange from $12.00 to $8.00 and set an “underperform” rating on the stock in a research note on Tuesday, October 15th. Finally, UBS Group lifted their target price on AvidXchange from $10.00 to $10.50 and gave the company a “neutral” rating in a research report on Thursday, November 7th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $11.61.

AvidXchange Trading Down 1.5 %

Shares of AVDX stock opened at $10.12 on Monday. AvidXchange has a 1-year low of $7.38 and a 1-year high of $13.56. The firm has a market cap of $2.08 billion, a PE ratio of 518.50 and a beta of 1.22. The company has a 50-day moving average of $10.52 and a two-hundred day moving average of $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.

Insider Transactions at AvidXchange

In related news, Director James E. Hausman sold 25,000 shares of AvidXchange stock in a transaction on Monday, December 9th. The shares were sold at an average price of $11.25, for a total transaction of $281,250.00. Following the sale, the director now directly owns 2,112,232 shares in the company, valued at $23,762,610. This trade represents a 1.17 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 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 completion of the sale, the insider now directly owns 369,603 shares of the company’s stock, valued at approximately $3,171,193.74. This trade represents a 1.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 88,120 shares of company stock valued at $980,407. 10.40% of the stock is currently owned by corporate insiders.

Institutional Trading of AvidXchange

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Principal Financial Group Inc. grew its stake in AvidXchange by 17.1% during the 2nd quarter. Principal Financial Group Inc. now owns 23,479 shares of the company’s stock worth $283,000 after buying an additional 3,421 shares during the last quarter. Rhumbline Advisers boosted its holdings in shares of AvidXchange by 15.2% in the second quarter. Rhumbline Advisers now owns 242,533 shares of the company’s stock valued at $2,925,000 after acquiring an additional 32,085 shares during the period. American Century Companies Inc. grew its position in shares of AvidXchange by 54.2% during the second quarter. American Century Companies Inc. now owns 4,515,719 shares of the company’s stock worth $54,460,000 after acquiring an additional 1,586,510 shares during the last quarter. Envestnet Asset Management Inc. grew its position in shares of AvidXchange by 3.2% during the second quarter. Envestnet Asset Management Inc. now owns 310,999 shares of the company’s stock worth $3,751,000 after acquiring an additional 9,585 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA increased its holdings in shares of AvidXchange by 2.6% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 1,821,585 shares of the company’s stock valued at $21,968,000 after acquiring an additional 46,791 shares during the period. Institutional investors and hedge funds 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.