AvidXchange’s (AVDX) Sell Rating Reaffirmed at The Goldman Sachs Group

The Goldman Sachs Group restated their sell rating on shares of AvidXchange (NASDAQ:AVDX) in a research note released on Monday morning, Marketbeat reports. The Goldman Sachs Group currently has a $11.50 price target on the stock, down from their prior price target of $13.00.

Other research analysts also recently issued reports about the stock. Piper Sandler reduced their price target on shares of AvidXchange from $14.00 to $12.00 and set a neutral rating on the stock in a research report on Friday, April 12th. Barclays lifted their price objective on shares of AvidXchange from $13.00 to $14.00 and gave the company an overweight rating in a research report on Friday, December 22nd. 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 objective on the stock. BMO Capital Markets lifted their price objective on shares of AvidXchange from $11.00 to $13.00 and gave the company a market perform rating in a research report on Thursday, February 29th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of AvidXchange from $14.00 to $15.00 and gave the company an overweight rating in a research report on Thursday, February 29th. 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 stock. According to MarketBeat, the company presently has an average rating of Hold and a consensus price target of $13.07.

AvidXchange Trading Up 1.4 %

AvidXchange stock opened at $11.52 on Monday. The firm’s 50-day moving average is $12.43 and its 200-day moving average is $11.12. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.25 and a current ratio of 1.25. AvidXchange has a 1 year low of $6.88 and a 1 year high of $13.56. The company has a market cap of $2.35 billion, a P/E ratio of -50.08 and a beta of 1.04.

Insider Buying and Selling at AvidXchange

In other news, insider Joel Wilhite sold 27,384 shares of AvidXchange stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $13.15, for a total value of $360,099.60. Following the transaction, the insider now owns 327,100 shares of the company’s stock, valued at approximately $4,301,365. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, President Daniel Drees sold 12,978 shares of AvidXchange stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $12.37, for a total value of $160,537.86. Following the transaction, the president now owns 768,348 shares of the company’s stock, valued at approximately $9,504,464.76. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Joel Wilhite sold 27,384 shares of AvidXchange stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $13.15, for a total transaction of $360,099.60. Following the completion of the transaction, the insider now directly owns 327,100 shares in the company, valued at approximately $4,301,365. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 3,010,167 shares of company stock valued at $39,077,190. Company insiders own 10.30% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Federated Hermes Inc. increased its position in shares of AvidXchange by 9.9% in the third quarter. Federated Hermes Inc. now owns 1,250,506 shares of the company’s stock worth $11,855,000 after acquiring an additional 112,887 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its position in shares of AvidXchange by 212.6% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 229,716 shares of the company’s stock worth $2,178,000 after acquiring an additional 156,236 shares in the last quarter. ARK Investment Management LLC increased its position in shares of AvidXchange by 10.1% in the fourth quarter. ARK Investment Management LLC now owns 1,109,512 shares of the company’s stock worth $13,747,000 after acquiring an additional 101,878 shares in the last quarter. Vanguard Group Inc. increased its position in shares of AvidXchange by 5.2% in the third quarter. Vanguard Group Inc. now owns 18,482,011 shares of the company’s stock worth $175,209,000 after acquiring an additional 907,305 shares in the last quarter. Finally, Senvest Management LLC increased its position in shares of AvidXchange by 26.3% in the third quarter. Senvest Management LLC now owns 12,298,226 shares of the company’s stock worth $116,587,000 after acquiring an additional 2,563,886 shares in the last quarter. 80.58% of the stock is owned by hedge funds and other institutional investors.

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.