Barclays Forecasts Strong Price Appreciation for AvidXchange (NASDAQ:AVDX) Stock

AvidXchange (NASDAQ:AVDX) had its target price lifted by equities research analysts at Barclays from $11.00 to $13.00 in a report released on Monday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Barclays‘s price target would suggest a potential upside of 22.18% from the stock’s previous close.

Several other research firms also recently weighed in on AVDX. BMO Capital Markets boosted their target price on AvidXchange from $10.00 to $11.00 and gave the company a “market perform” rating in a report on Friday, November 8th. KeyCorp reduced their price objective on AvidXchange from $15.00 to $12.00 and set an “overweight” rating for the company in a research note on Thursday, August 1st. Wells Fargo & Company upped their price objective on shares of AvidXchange from $9.00 to $10.00 and gave the stock an “equal weight” rating in a research report on Thursday, November 7th. Compass Point raised shares of AvidXchange from a “neutral” rating to a “buy” rating and lifted their target price for the company from $8.00 to $15.00 in a report on Thursday, November 7th. Finally, Bank of America cut their price target on shares of AvidXchange from $12.00 to $8.00 and set an “underperform” rating for the company in a report on Tuesday, October 15th. Two investment 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 data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $11.39.

AvidXchange Trading Up 0.9 %

AVDX opened at $10.64 on Monday. The company has a market cap of $2.19 billion, a P/E ratio of 522.00 and a beta of 1.00. AvidXchange has a one year low of $7.38 and a one year high of $13.56. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.32 and a current ratio of 1.32. The business’s 50-day simple moving average is $8.49 and its 200-day simple moving average is $9.75.

Insider Buying and Selling

In related news, insider Joel Wilhite sold 47,308 shares of AvidXchange stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $8.10, for a total transaction of $383,194.80. Following the completion of the transaction, the insider now directly owns 413,687 shares in the company, valued at $3,350,864.70. The trade was a 10.26 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Michael Praeger sold 37,225 shares of the firm’s stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $7.98, for a total value of $297,055.50. Following the transaction, the chief executive officer now directly owns 10,453,786 shares of the company’s stock, valued at $83,421,212.28. The trade was a 0.35 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 166,386 shares of company stock valued at $1,343,044. 10.40% of the stock is owned by insiders.

Institutional Trading of AvidXchange

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Point72 DIFC Ltd purchased a new position in AvidXchange in the 3rd quarter valued at about $37,000. Allspring Global Investments Holdings LLC purchased a new stake in AvidXchange in the 3rd quarter worth approximately $38,000. CWM LLC raised its holdings in AvidXchange by 7,259.8% in the 3rd quarter. CWM LLC now owns 6,771 shares of the company’s stock valued at $55,000 after acquiring an additional 6,679 shares during the last quarter. Advisors Asset Management Inc. lifted its stake in shares of AvidXchange by 96.3% during the 1st quarter. Advisors Asset Management Inc. now owns 4,309 shares of the company’s stock worth $57,000 after purchasing an additional 2,114 shares during the period. Finally, nVerses Capital LLC acquired a new stake in shares of AvidXchange during the second quarter worth $66,000. 80.58% of the stock is currently owned by hedge funds and other institutional investors.

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.