AvidXchange (NASDAQ:AVDX) Price Target Raised to $10.00 at Wells Fargo & Company

AvidXchange (NASDAQ:AVDX) had its price objective boosted by Wells Fargo & Company from $9.00 to $10.00 in a research note issued to investors on Thursday morning,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the stock.

Other equities research analysts have also issued research reports about the company. Bank of America dropped their price target on AvidXchange from $12.00 to $8.00 and set an “underperform” rating on the stock in a research note on Tuesday, October 15th. The Goldman Sachs Group cut their price target on shares of AvidXchange from $9.00 to $7.00 and set a “sell” rating on the stock in a research note on Monday, October 14th. Piper Sandler lifted their price objective on shares of AvidXchange from $9.00 to $10.00 and gave the stock a “neutral” rating in a research note on Thursday. KeyCorp cut their target price on AvidXchange from $15.00 to $12.00 and set an “overweight” rating on the stock in a research report on Thursday, August 1st. Finally, Susquehanna lowered their price target on AvidXchange from $16.00 to $14.00 and set a “positive” rating for the company in a research report on Thursday, August 1st. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $11.18.

AvidXchange Stock Up 0.6 %

AvidXchange stock traded up $0.06 during mid-day trading on Thursday, reaching $10.06. 1,941,479 shares of the company were exchanged, compared to its average volume of 2,074,532. AvidXchange has a 12-month low of $7.38 and a 12-month high of $13.56. The business has a fifty day moving average of $8.14 and a 200 day moving average of $9.84. The firm has a market cap of $2.09 billion, a P/E ratio of -166.00 and a beta of 1.00. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.36 and a current ratio of 1.36.

Insider Transactions at AvidXchange

In other AvidXchange news, insider Ryan Stahl sold 7,621 shares of the stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $8.13, for a total transaction of $61,958.73. Following the transaction, the insider now directly owns 377,030 shares in the company, valued at $3,065,253.90. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In related news, insider Ryan Stahl sold 7,621 shares of the firm’s stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $8.13, for a total transaction of $61,958.73. Following the transaction, the insider now directly owns 377,030 shares in the company, valued at $3,065,253.90. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Joel Wilhite sold 47,308 shares of the stock in a transaction 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 sale, the insider now directly owns 413,687 shares in the company, valued at $3,350,864.70. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 166,386 shares of company stock valued at $1,343,044. 10.40% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. American Century Companies Inc. raised its holdings in 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 purchasing an additional 1,586,510 shares in the last quarter. Kodai Capital Management LP grew its stake in shares of AvidXchange by 872.9% in the 1st quarter. Kodai Capital Management LP now owns 1,581,667 shares of the company’s stock worth $20,799,000 after purchasing an additional 1,419,099 shares during the last quarter. Lazard Asset Management LLC acquired a new stake in AvidXchange during the first quarter valued at approximately $7,621,000. Healthcare of Ontario Pension Plan Trust Fund boosted its holdings in AvidXchange by 142.2% during the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 581,300 shares of the company’s stock worth $7,010,000 after buying an additional 341,300 shares in the last quarter. Finally, Tremblant Capital Group grew its position in AvidXchange by 14.7% in the first quarter. Tremblant Capital Group now owns 2,164,143 shares of the company’s stock worth $28,458,000 after buying an additional 277,109 shares during the last quarter. Institutional investors and hedge funds 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.