AvidXchange (NASDAQ:AVDX) Stock Price Expected to Rise, Piper Sandler Analyst Says

AvidXchange (NASDAQ:AVDX) had its price objective hoisted by Piper Sandler from $9.00 to $10.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Piper Sandler’s price target indicates a potential downside of 0.70% from the company’s current price.

Several other equities analysts have also issued reports on AVDX. Bank of America dropped their price target on AvidXchange from $12.00 to $8.00 and set an “underperform” rating on the stock in a research note on Tuesday, October 15th. JPMorgan Chase & Co. lowered AvidXchange from an “overweight” rating to a “neutral” rating and dropped their price target for the company from $11.00 to $9.00 in a research note on Tuesday, August 20th. Robert W. Baird dropped their price target on AvidXchange from $16.00 to $14.00 and set an “outperform” rating on the stock in a research note on Thursday, August 1st. Barclays dropped their price target on AvidXchange from $14.00 to $10.00 and set an “overweight” rating on the stock in a research note on Monday, August 5th. Finally, Wells Fargo & Company dropped their price target on AvidXchange from $10.00 to $9.00 and set an “equal weight” rating on the stock in a research note on Monday, October 21st. 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 stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $11.18.

AvidXchange Price Performance

AvidXchange stock opened at $10.07 on Thursday. The stock’s 50 day moving average is $8.18 and its 200 day moving average is $9.83. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.36 and a quick ratio of 1.36. The firm has a market cap of $2.09 billion, a P/E ratio of -167.83 and a beta of 1.00. AvidXchange has a one year low of $7.38 and a one year high of $13.56.

Insider Buying and Selling

In related news, President Daniel Drees sold 20,069 shares of the company’s stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $7.98, for a total transaction of $160,150.62. Following the completion of the sale, the president now owns 753,644 shares in the company, valued at approximately $6,014,079.12. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In related news, President Daniel Drees sold 20,069 shares of the company’s stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $7.98, for a total transaction of $160,150.62. Following the completion of the sale, the president now owns 753,644 shares in the company, valued at approximately $6,014,079.12. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Joel Wilhite sold 47,308 shares of the company’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $8.10, for a total value of $383,194.80. Following the sale, the insider now owns 413,687 shares of the company’s stock, valued at $3,350,864.70. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 166,386 shares of company stock worth $1,343,044. 10.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On AvidXchange

Several institutional investors have recently bought and sold shares of AVDX. TimesSquare Capital Management LLC grew its stake in AvidXchange by 6.8% in the 1st quarter. TimesSquare Capital Management LLC now owns 1,970,837 shares of the company’s stock valued at $25,917,000 after purchasing an additional 124,988 shares during the period. Lisanti Capital Growth LLC grew its stake in AvidXchange by 58.3% in the 1st quarter. Lisanti Capital Growth LLC now owns 167,715 shares of the company’s stock valued at $2,205,000 after purchasing an additional 61,795 shares during the period. Lazard Asset Management LLC bought a new position in AvidXchange in the 1st quarter valued at $7,621,000. California State Teachers Retirement System grew its stake in AvidXchange by 1.0% in the 1st quarter. California State Teachers Retirement System now owns 161,292 shares of the company’s stock valued at $2,121,000 after purchasing an additional 1,656 shares during the period. Finally, American Century Companies Inc. grew its stake in AvidXchange by 54.2% in the 2nd quarter. American Century Companies Inc. now owns 4,515,719 shares of the company’s stock valued at $54,460,000 after purchasing an additional 1,586,510 shares during the period. Institutional investors own 80.58% of the company’s stock.

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.