BTIG Research Begins Coverage on AvidXchange (NASDAQ:AVDX)

Equities research analysts at BTIG Research initiated coverage on shares of AvidXchange (NASDAQ:AVDX) in a report issued on Wednesday. The firm set a “buy” rating and a $14.00 price target on the stock. BTIG Research’s price target suggests a potential upside of 26.01% from the stock’s current price.

AVDX has been the subject of several other reports. Keefe, Bruyette & Woods raised their price objective on shares of AvidXchange from $10.00 to $12.00 and gave the stock a “market perform” rating in a report on Monday. BMO Capital Markets raised their target price on shares of AvidXchange from $10.00 to $11.00 and gave the company a “market perform” rating in a research note on Friday, November 8th. UBS Group lifted their price target on AvidXchange from $10.00 to $10.50 and gave the stock a “neutral” rating in a research report on Thursday, November 7th. Bank of America lowered their price objective on AvidXchange from $12.00 to $8.00 and set an “underperform” rating on the stock in a research report on Tuesday, October 15th. Finally, Wells Fargo & Company boosted their target price on AvidXchange from $9.00 to $10.00 and gave the stock an “equal weight” 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 issued a buy rating to the stock. According to data from MarketBeat.com, AvidXchange presently has an average rating of “Hold” and an average target price of $11.68.

AvidXchange Trading Down 0.6 %

NASDAQ:AVDX opened at $11.11 on Wednesday. The company has a 50-day moving average price of $9.50 and a 200-day moving average price of $9.73. The stock has a market cap of $2.29 billion, a price-to-earnings ratio of 578.00 and a beta of 1.19. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.11. AvidXchange has a 12 month low of $7.38 and a 12 month high of $13.56.

Insider Buying and Selling

In related news, insider Ryan Stahl sold 7,621 shares of the company’s 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 completion of the transaction, the insider now owns 377,030 shares in the company, valued at approximately $3,065,253.90. This represents a 1.98 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Teresa Mackintosh sold 13,316 shares of the 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 transaction, the director now directly owns 47,388 shares of the company’s stock, valued at $542,118.72. This trade represents a 21.94 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 73,390 shares of company stock valued at $781,698. 10.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On AvidXchange

A number of hedge funds have recently made changes to their positions in the company. Point72 DIFC Ltd purchased a new position in AvidXchange during the 3rd quarter valued at approximately $37,000. Allspring Global Investments Holdings LLC purchased a new stake in AvidXchange in the 3rd quarter worth about $38,000. CWM LLC grew its position 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. nVerses Capital LLC purchased a new position in AvidXchange in the 2nd quarter worth about $66,000. Finally, Y Intercept Hong Kong Ltd bought a new stake in shares of AvidXchange during the third quarter valued at approximately $86,000. 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.