AvidXchange (NASDAQ:AVDX) Given New $9.00 Price Target at The Goldman Sachs Group

AvidXchange (NASDAQ:AVDX) had its target price raised by equities research analysts at The Goldman Sachs Group from $7.00 to $9.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage presently has a “sell” rating on the stock. The Goldman Sachs Group’s target price suggests a potential downside of 8.91% from the stock’s previous close.

Several other research firms also recently weighed in on AVDX. Barclays cut their price target on AvidXchange from $14.00 to $10.00 and set an “overweight” rating for the company in a research note on Monday, August 5th. Piper Sandler raised their price target on AvidXchange from $9.00 to $10.00 and gave the company a “neutral” rating in a report on Thursday. BMO Capital Markets lowered their price target on AvidXchange from $13.00 to $10.00 and set a “market perform” rating on the stock in a report on Thursday, August 1st. Compass Point raised AvidXchange from a “neutral” rating to a “buy” rating and raised their price objective for the company from $8.00 to $15.00 in a report on Thursday. Finally, KeyCorp decreased their price objective on AvidXchange from $15.00 to $12.00 and set an “overweight” rating on the stock in a report on Thursday, August 1st. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, AvidXchange currently has a consensus rating of “Hold” and an average price target of $11.11.

AvidXchange Trading Up 2.1 %

AVDX stock traded up $0.20 during trading on Thursday, hitting $9.88. The company had a trading volume of 581,487 shares, compared to its average volume of 2,062,371. The stock has a market cap of $2.05 billion, a PE ratio of -165.17 and a beta of 1.00. AvidXchange has a one year low of $7.38 and a one year high of $13.56. The business has a 50-day moving average of $8.10 and a 200-day moving average of $9.84. The company has a current ratio of 1.36, a quick ratio of 1.36 and a debt-to-equity ratio of 0.19.

Insiders Place Their Bets

In other AvidXchange news, President Daniel Drees sold 20,069 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 $160,150.62. Following the sale, the president now owns 753,644 shares of the company’s stock, valued at approximately $6,014,079.12. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, insider Joel Wilhite sold 18,028 shares of AvidXchange stock in a transaction that occurred 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 transaction, the insider now owns 419,636 shares in the company, valued at approximately $3,348,695.28. This trade 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, President Daniel Drees sold 20,069 shares of AvidXchange 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 transaction, the president now owns 753,644 shares in the company, valued at approximately $6,014,079.12. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 166,386 shares of company stock worth $1,343,044 in the last ninety days. 10.40% of the stock is owned by company insiders.

Institutional Investors Weigh In On AvidXchange

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. American Century Companies Inc. grew its stake in shares of 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 buying an additional 1,586,510 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in 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 purchasing an additional 230,777 shares in the last quarter. Millennium Management LLC grew its stake in 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 purchasing an additional 246,462 shares in the last quarter. Tremblant Capital Group grew its stake in 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 purchasing an additional 5,971 shares in the last quarter. Finally, TimesSquare Capital Management LLC grew its stake in 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 purchasing an additional 124,988 shares in the last quarter. Hedge funds and other 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.