AvidXchange (NASDAQ:AVDX) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

AvidXchange (NASDAQ:AVDX) had its price objective upped by research analysts at Wells Fargo & Company from $9.00 to $10.00 in a research note issued on Thursday, Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price target would suggest a potential upside of 1.83% from the stock’s previous close.

A number of other brokerages have also issued reports on AVDX. Robert W. Baird cut their price objective on shares of AvidXchange from $16.00 to $14.00 and set an “outperform” rating for the company in a report on Thursday, August 1st. Susquehanna cut their target price on shares of AvidXchange from $16.00 to $14.00 and set a “positive” rating for the company in a research note on Thursday, August 1st. Piper Sandler lifted their price target on shares of AvidXchange from $9.00 to $10.00 and gave the company a “neutral” rating in a report on Thursday. The Goldman Sachs Group dropped their price objective on shares of AvidXchange from $9.00 to $7.00 and set a “sell” rating for the company in a report on Monday, October 14th. Finally, KeyCorp reduced their target price on AvidXchange from $15.00 to $12.00 and set an “overweight” rating on the stock in a report on Thursday, August 1st. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $10.93.

AvidXchange Price Performance

Shares of AvidXchange stock traded up $0.14 during trading hours on Thursday, hitting $9.82. The company’s stock had a trading volume of 269,781 shares, compared to its average volume of 2,060,928. 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 12-month low of $7.38 and a 12-month high of $13.56. The business has a 50 day moving average price of $8.10 and a two-hundred day moving average price of $9.84. The company has a market cap of $2.04 billion, a PE ratio of -163.67 and a beta of 1.00.

Insider Transactions at AvidXchange

In related news, insider Joel Wilhite sold 18,028 shares of the stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $7.98, for a total transaction of $143,863.44. Following the sale, the insider now owns 419,636 shares in the company, valued at approximately $3,348,695.28. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, insider Joel Wilhite sold 18,028 shares of the stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $7.98, for a total value of $143,863.44. Following the sale, the insider now directly owns 419,636 shares of the company’s stock, valued at $3,348,695.28. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Ryan Stahl sold 7,427 shares of the firm’s stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $8.58, for a total transaction of $63,723.66. Following the completion of the sale, the insider now directly owns 369,603 shares of the company’s stock, valued at approximately $3,171,193.74. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 166,386 shares of company stock worth $1,343,044. 10.40% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On AvidXchange

Hedge funds have recently bought and sold shares of the business. Allspring Global Investments Holdings LLC purchased a new stake in shares of AvidXchange during the third quarter valued at $38,000. CWM LLC lifted its holdings in AvidXchange by 7,259.8% during the 3rd quarter. CWM LLC now owns 6,771 shares of the company’s stock valued at $55,000 after buying an additional 6,679 shares in the last quarter. Advisors Asset Management Inc. boosted its position in AvidXchange by 96.3% in the 1st quarter. Advisors Asset Management Inc. now owns 4,309 shares of the company’s stock valued at $57,000 after buying an additional 2,114 shares during the period. nVerses Capital LLC purchased a new stake in AvidXchange in the 2nd quarter valued at about $66,000. Finally, Arbor Investment Advisors LLC bought a new position in AvidXchange in the 3rd quarter worth about $98,000. Institutional investors own 80.58% of the company’s stock.

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.