AvidXchange (NASDAQ:AVDX) Upgraded at Compass Point

Compass Point upgraded shares of AvidXchange (NASDAQ:AVDX) from a neutral rating to a buy rating in a report published on Thursday, Marketbeat.com reports. Compass Point currently has $15.00 price target on the stock, up from their previous price target of $8.00.

Other equities research analysts have also issued research reports about the company. JPMorgan Chase & Co. cut 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 research note on Tuesday, August 20th. Barclays dropped their price target on shares of AvidXchange from $14.00 to $10.00 and set an “overweight” rating on the stock in a research note on Monday, August 5th. Keefe, Bruyette & Woods reduced their price objective on shares of AvidXchange from $13.50 to $11.00 and set a “market perform” rating for the company in a research note on Thursday, August 1st. KeyCorp lowered their target price on shares of AvidXchange from $15.00 to $12.00 and set an “overweight” rating on the stock in a report on Thursday, August 1st. Finally, Wells Fargo & Company cut their price target on AvidXchange from $10.00 to $9.00 and set an “equal weight” rating for the company in a report on Monday, October 21st. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $11.18.

AvidXchange Price Performance

Shares of NASDAQ AVDX opened at $10.07 on Thursday. The company has a current ratio of 1.36, a quick ratio of 1.36 and a debt-to-equity ratio of 0.19. The stock has a fifty day simple moving average of $8.18 and a two-hundred day simple moving average of $9.83. AvidXchange has a 1-year low of $7.38 and a 1-year high of $13.56. The firm has a market cap of $2.09 billion, a price-to-earnings ratio of 484.00 and a beta of 1.00.

Insider Buying and Selling

In other AvidXchange news, President Daniel Drees sold 20,069 shares of AvidXchange stock in a transaction that occurred on Tuesday, August 27th. The shares were 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 directly owns 753,644 shares in the company, valued at $6,014,079.12. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, CEO Michael Praeger sold 6,701 shares of the stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $8.17, for a total value of $54,747.17. Following the transaction, the chief executive officer now owns 10,410,983 shares of the company’s stock, valued at $85,057,731.11. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, President Daniel Drees sold 20,069 shares of the firm’s stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $7.98, for a total value of $160,150.62. Following the sale, the president now owns 753,644 shares in the company, valued at $6,014,079.12. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 166,386 shares of company stock worth $1,343,044. Insiders own 10.40% of the company’s stock.

Hedge Funds Weigh In On AvidXchange

Several institutional investors have recently modified their holdings of AVDX. American Century Companies Inc. grew its position in AvidXchange by 54.2% during 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 grew 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 valued at $52,062,000 after purchasing an additional 230,777 shares during the last quarter. Millennium Management LLC raised its position in AvidXchange by 9.8% in 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 during the period. Tremblant Capital Group lifted its stake in AvidXchange by 0.3% in the second 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 during the last quarter. Finally, TimesSquare Capital Management LLC boosted its position in AvidXchange by 6.8% during the first quarter. TimesSquare Capital Management LLC now owns 1,970,837 shares of the company’s stock valued at $25,917,000 after buying an additional 124,988 shares during the period. 80.58% of the stock is currently owned by institutional investors.

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.