UBS Group Raises AvidXchange (NASDAQ:AVDX) Price Target to $10.50

AvidXchange (NASDAQ:AVDX) had its target price boosted by equities research analysts at UBS Group from $10.00 to $10.50 in a research note issued on Thursday, Benzinga reports. The firm presently has a “neutral” rating on the stock. UBS Group’s price target points to a potential upside of 5.95% from the company’s current price.

AVDX has been the subject of several other reports. Robert W. Baird cut their target price on shares of AvidXchange from $16.00 to $14.00 and set an “outperform” rating for the company in a research note on Thursday, August 1st. JPMorgan Chase & Co. downgraded shares of AvidXchange from an “overweight” rating to a “neutral” rating and lowered their price objective for the company from $11.00 to $9.00 in a report on Tuesday, August 20th. Keefe, Bruyette & Woods boosted their target price on shares of AvidXchange from $9.00 to $10.00 and gave the stock a “market perform” rating in a report on Thursday. Compass Point raised shares of AvidXchange from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $8.00 to $15.00 in a research report on Thursday. Finally, Susquehanna reduced their target price on shares of AvidXchange from $16.00 to $14.00 and set a “positive” rating for the company in a research report on Thursday, August 1st. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $10.96.

AvidXchange Stock Performance

Shares of AvidXchange stock traded up $0.23 on Thursday, reaching $9.91. The stock had a trading volume of 512,315 shares, compared to its average volume of 2,062,051. The business’s 50-day moving average price is $8.10 and its two-hundred day moving average price is $9.84. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.36 and a current ratio of 1.36. AvidXchange has a fifty-two week low of $7.38 and a fifty-two week high of $13.56. The stock has a market cap of $2.06 billion, a P/E ratio of -165.00 and a beta of 1.00.

Insider Activity

In other news, President Daniel Drees sold 20,069 shares of the company’s stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $7.98, for a total value of $160,150.62. Following the completion of the transaction, the president now owns 753,644 shares of the company’s stock, valued at $6,014,079.12. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other news, President Daniel Drees sold 20,069 shares of the company’s stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $7.98, for a total value of $160,150.62. Following the completion of the transaction, the president now owns 753,644 shares of the company’s stock, valued at $6,014,079.12. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Joel Wilhite sold 18,028 shares of the company’s stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $7.98, for a total value of $143,863.44. Following the completion of the sale, the insider now owns 419,636 shares in the company, valued at $3,348,695.28. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 166,386 shares of company stock valued at $1,343,044 over the last quarter. 10.40% of the stock is owned by company insiders.

Institutional Trading of AvidXchange

Several institutional investors have recently added to or reduced their stakes in the stock. American Century Companies Inc. boosted its holdings in AvidXchange by 54.2% in the second quarter. American Century Companies Inc. now owns 4,515,719 shares of the company’s stock valued at $54,460,000 after acquiring an additional 1,586,510 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of AvidXchange by 5.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 4,317,134 shares of the company’s stock worth $52,062,000 after buying an additional 230,777 shares in the last quarter. Millennium Management LLC boosted its holdings in shares of AvidXchange by 9.8% during the 2nd quarter. Millennium Management LLC now owns 2,770,662 shares of the company’s stock worth $33,414,000 after buying an additional 246,462 shares in the last quarter. Tremblant Capital Group boosted its holdings in shares of AvidXchange by 0.3% during the 2nd quarter. Tremblant Capital Group now owns 2,170,114 shares of the company’s stock worth $26,172,000 after buying an additional 5,971 shares in the last quarter. Finally, TimesSquare Capital Management LLC boosted its holdings in shares of AvidXchange by 6.8% during the 1st quarter. TimesSquare Capital Management LLC now owns 1,970,837 shares of the company’s stock worth $25,917,000 after buying an additional 124,988 shares in the last quarter. 80.58% of the stock is currently owned by 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.