AvidXchange (NASDAQ:AVDX) Given New $10.00 Price Target at Piper Sandler

AvidXchange (NASDAQ:AVDX) had its target price hoisted by Piper Sandler from $9.00 to $10.00 in a report released on Thursday morning,Benzinga reports. The firm currently has a neutral rating on the stock.

A number of other brokerages have also weighed in on AVDX. JPMorgan Chase & Co. lowered shares of AvidXchange from an “overweight” rating to a “neutral” rating and dropped their price objective for the company from $11.00 to $9.00 in a report on Tuesday, August 20th. Barclays cut their price objective on AvidXchange from $14.00 to $10.00 and set an “overweight” rating on the stock in a report on Monday, August 5th. Compass Point raised AvidXchange from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $8.00 to $15.00 in a report on Thursday. 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 report on Monday, October 14th. Finally, KeyCorp decreased their price objective 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. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, AvidXchange currently has an average rating of “Hold” and a consensus price target of $11.18.

AvidXchange Stock Up 0.7 %

NASDAQ:AVDX opened at $10.07 on Thursday. The company has a current ratio of 1.36, a quick ratio of 1.36 and a debt-to-equity ratio of 0.19. AvidXchange has a twelve month low of $7.38 and a twelve month high of $13.56. The company has a market cap of $2.09 billion, a PE ratio of 484.00 and a beta of 1.00. The company’s 50 day moving average is $8.18 and its two-hundred day moving average is $9.83.

Insiders Place Their Bets

In other news, insider Joel Wilhite sold 47,308 shares of the company’s 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 of the company’s stock, valued at $3,350,864.70. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. In other AvidXchange news, insider Ryan Stahl sold 7,427 shares of the 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 transaction, the insider now directly owns 369,603 shares of the company’s stock, valued at $3,171,193.74. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Joel Wilhite sold 47,308 shares of the business’s stock in a transaction dated 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 of the company’s stock, valued at $3,350,864.70. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 166,386 shares of company stock worth $1,343,044. 10.40% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Allspring Global Investments Holdings LLC acquired a new position in shares of AvidXchange during the third quarter valued at 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. increased its holdings in shares of AvidXchange by 96.3% in the first quarter. Advisors Asset Management Inc. now owns 4,309 shares of the company’s stock valued at $57,000 after purchasing an additional 2,114 shares during the last quarter. nVerses Capital LLC acquired a new stake in shares of AvidXchange in the 2nd quarter worth $66,000. Finally, Arbor Investment Advisors LLC purchased a new position in AvidXchange during the third quarter worth about $98,000. 80.58% of the stock is 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.