AvidXchange’s (AVDX) Sell Rating Reiterated at The Goldman Sachs Group

AvidXchange (NASDAQ:AVDX)‘s stock had its “sell” rating reaffirmed by stock analysts at The Goldman Sachs Group in a report issued on Monday, MarketBeat.com reports. They presently have a $11.50 price target on the stock, down from their prior price target of $13.00. The Goldman Sachs Group’s target price points to a potential upside of 1.50% from the company’s previous close.

Several other research analysts have also recently weighed in on the stock. Susquehanna boosted their price target on shares of AvidXchange from $15.00 to $16.00 and gave the stock a “positive” rating in a report on Thursday, February 29th. Piper Sandler dropped their target price on shares of AvidXchange from $14.00 to $12.00 and set a “neutral” rating on the stock in a research note on Friday, April 12th. JPMorgan Chase & Co. boosted their target price on shares of AvidXchange from $14.00 to $15.00 and gave the company an “overweight” rating in a research note on Thursday, February 29th. BMO Capital Markets boosted their price target on shares of AvidXchange from $11.00 to $13.00 and gave the company a “market perform” rating in a research report on Thursday, February 29th. Finally, Barclays upped their target price on shares of AvidXchange from $13.00 to $14.00 and gave the stock an “overweight” rating in a report on Friday, December 22nd. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $13.07.

AvidXchange Stock Up 1.7 %

AvidXchange stock opened at $11.33 on Monday. AvidXchange has a fifty-two week low of $6.88 and a fifty-two week high of $13.56. The stock has a market cap of $2.31 billion, a PE ratio of -49.26 and a beta of 1.04. The firm’s 50-day simple moving average is $12.45 and its 200 day simple moving average is $11.11. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.25 and a current ratio of 1.25.

Insider Buying and Selling at AvidXchange

In other AvidXchange news, insider Angelic Gibson sold 40,000 shares of the stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $13.00, for a total transaction of $520,000.00. Following the completion of the sale, the insider now owns 430,606 shares of the company’s stock, valued at approximately $5,597,878. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, insider Angelic Gibson sold 40,000 shares of the stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $13.00, for a total value of $520,000.00. Following the completion of the transaction, the insider now directly owns 430,606 shares in the company, valued at approximately $5,597,878. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Michael Praeger sold 69,508 shares of the stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $13.15, for a total transaction of $914,030.20. Following the completion of the transaction, the chief executive officer now owns 10,183,941 shares of the company’s stock, valued at $133,918,824.15. The disclosure for this sale can be found here. Insiders sold 3,010,167 shares of company stock valued at $39,077,190 in the last quarter. Company insiders own 10.30% of the company’s stock.

Institutional Trading of AvidXchange

A number of institutional investors and hedge funds have recently bought and sold shares of the company. National Bank of Canada FI purchased a new position in shares of AvidXchange during the fourth quarter valued at approximately $54,000. Russell Investments Group Ltd. bought a new stake in AvidXchange during the second quarter valued at approximately $65,000. Quarry LP bought a new stake in AvidXchange during the first quarter valued at approximately $58,000. Ensign Peak Advisors Inc bought a new stake in AvidXchange during the third quarter valued at approximately $78,000. Finally, Tower Research Capital LLC TRC grew its position in AvidXchange by 166.5% during the second quarter. Tower Research Capital LLC TRC now owns 9,881 shares of the company’s stock valued at $103,000 after buying an additional 6,173 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.