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

AvidXchange (NASDAQ:AVDX) had its price objective dropped by equities research analysts at Keefe, Bruyette & Woods from $12.00 to $11.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage currently has a “market perform” rating on the stock. Keefe, Bruyette & Woods’ price objective would suggest a potential upside of 8.70% from the stock’s previous close.

Other equities analysts have also issued reports about the stock. Piper Sandler lifted their target price on shares of AvidXchange from $9.00 to $10.00 and gave the company a “neutral” rating in a report on Thursday, November 7th. KeyCorp raised their price target on shares of AvidXchange from $12.00 to $13.00 and gave the company an “overweight” rating in a research report on Thursday, December 5th. UBS Group upped their price objective on shares of AvidXchange from $10.00 to $10.50 and gave the stock a “neutral” rating in a research report on Thursday, November 7th. Compass Point upgraded AvidXchange from a “neutral” rating to a “buy” rating and raised their target price for the company from $8.00 to $15.00 in a research report on Thursday, November 7th. Finally, Wells Fargo & Company upped their price target on AvidXchange from $9.00 to $10.00 and gave the stock an “equal weight” rating in a report on Thursday, November 7th. Two investment 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’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $11.61.

AvidXchange Stock Down 1.5 %

AvidXchange stock opened at $10.12 on Monday. AvidXchange has a 52 week low of $7.38 and a 52 week high of $13.56. The firm has a market cap of $2.08 billion, a price-to-earnings ratio of 518.50 and a beta of 1.22. The business’s 50-day moving average price is $10.52 and its 200 day moving average price is $9.72. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.11.

Insider Transactions at AvidXchange

In related news, Director James E. Hausman sold 25,000 shares of the business’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $11.25, for a total transaction of $281,250.00. Following the transaction, the director now directly owns 2,112,232 shares in the company, valued at approximately $23,762,610. The trade was a 1.17 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Teresa Mackintosh sold 13,316 shares of the company’s stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $11.44, for a total transaction of $152,335.04. Following the sale, the director now directly owns 47,388 shares of the company’s stock, valued at approximately $542,118.72. This represents a 21.94 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 88,120 shares of company stock valued at $980,407 over the last ninety days. Insiders own 10.40% of the company’s stock.

Hedge Funds Weigh In On AvidXchange

Institutional investors have recently added to or reduced their stakes in the stock. FMR LLC boosted its position in shares of AvidXchange by 272.5% during the 3rd quarter. FMR LLC now owns 13,733,769 shares of the company’s stock valued at $111,381,000 after acquiring an additional 10,046,893 shares during the last quarter. Jacobs Levy Equity Management Inc. purchased a new position in AvidXchange during the third quarter worth about $25,339,000. American Century Companies Inc. boosted its holdings in AvidXchange by 54.2% in the 2nd quarter. American Century Companies Inc. now owns 4,515,719 shares of the company’s stock valued at $54,460,000 after purchasing an additional 1,586,510 shares during the last quarter. Point72 Asset Management L.P. purchased a new stake in shares of AvidXchange in the 3rd quarter valued at approximately $7,920,000. Finally, Providence Capital Advisors LLC increased its holdings in shares of AvidXchange by 709.6% during the 3rd quarter. Providence Capital Advisors LLC now owns 649,565 shares of the company’s stock worth $5,268,000 after buying an additional 569,328 shares during the last quarter. Hedge funds and other institutional investors own 80.58% of the company’s stock.

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.