Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX – Get Free Report) gapped down prior to trading on Monday after Piper Sandler lowered their price target on the stock from $14.00 to $12.00. The stock had previously closed at $11.64, but opened at $11.14. Piper Sandler currently has a neutral rating on the stock. AvidXchange shares last traded at $11.36, with a volume of 424,606 shares.
Several other equities research analysts have also recently commented on the stock. JPMorgan Chase & Co. boosted their price target on shares of AvidXchange from $14.00 to $15.00 and gave the stock an “overweight” rating in a research report on Thursday, February 29th. BMO Capital Markets boosted their price target on shares of AvidXchange from $11.00 to $13.00 and gave the stock a “market perform” rating in a research report on Thursday, February 29th. Keefe, Bruyette & Woods initiated coverage on shares of AvidXchange in a research report on Tuesday, April 9th. They issued a “market perform” rating and a $13.50 price target on the stock. Barclays boosted their price target on shares of AvidXchange from $13.00 to $14.00 and gave the stock an “overweight” rating in a research report on Friday, December 22nd. Finally, TheStreet upgraded AvidXchange from a “d+” rating to a “c-” rating in a report on Friday, December 15th. One analyst has rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $13.07.
Check Out Our Latest Report on AvidXchange
Insider Buying and Selling at AvidXchange
Institutional Investors Weigh In On AvidXchange
Several large investors have recently made changes to their positions in AVDX. IFP Advisors Inc boosted its position in AvidXchange by 8.7% during the second quarter. IFP Advisors Inc now owns 12,557 shares of the company’s stock worth $130,000 after purchasing an additional 1,003 shares during the period. The Manufacturers Life Insurance Company boosted its position in AvidXchange by 2.1% during the second quarter. The Manufacturers Life Insurance Company now owns 61,637 shares of the company’s stock worth $640,000 after purchasing an additional 1,242 shares during the period. Ameritas Investment Partners Inc. boosted its position in AvidXchange by 12.3% during the second quarter. Ameritas Investment Partners Inc. now owns 12,342 shares of the company’s stock worth $128,000 after purchasing an additional 1,347 shares during the period. Credit Suisse AG boosted its position in AvidXchange by 4.4% during the fourth quarter. Credit Suisse AG now owns 34,188 shares of the company’s stock worth $340,000 after purchasing an additional 1,428 shares during the period. Finally, Principal Financial Group Inc. boosted its position in AvidXchange by 9.0% during the fourth quarter. Principal Financial Group Inc. now owns 17,502 shares of the company’s stock worth $217,000 after purchasing an additional 1,444 shares during the period. Institutional investors own 80.58% of the company’s stock.
AvidXchange Trading Down 4.3 %
The company has a market capitalization of $2.28 billion, a price-to-earnings ratio of -48.43 and a beta of 1.04. The business has a fifty day moving average price of $12.45 and a 200 day moving average price of $11.10. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.25 and a quick ratio of 1.25.
AvidXchange Company Profile
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.
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