The Goldman Sachs Group Reaffirms Sell Rating for AvidXchange (NASDAQ:AVDX)

The Goldman Sachs Group restated their sell rating on shares of AvidXchange (NASDAQ:AVDX) in a research note released on Monday morning, Marketbeat Ratings reports. The Goldman Sachs Group currently has a $11.50 price objective on the stock, down from their previous price objective of $13.00.

Several other analysts have also recently commented on AVDX. Piper Sandler lowered their target price on AvidXchange from $14.00 to $12.00 and set a neutral rating on the stock in a research report on Friday, April 12th. BMO Capital Markets raised their target price on AvidXchange from $11.00 to $13.00 and gave the company a market perform rating in a research report on Thursday, February 29th. Keefe, Bruyette & Woods initiated coverage on AvidXchange in a research report on Tuesday, April 9th. They issued a market perform rating and a $13.50 target price on the stock. Barclays lifted their price target on AvidXchange from $13.00 to $14.00 and gave the company an overweight rating in a research report on Friday, December 22nd. Finally, JPMorgan Chase & Co. lifted their price target on AvidXchange from $14.00 to $15.00 and gave the company an overweight rating in a research report on Thursday, February 29th. One analyst has rated the stock with a sell rating, five have issued a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of Hold and a consensus price target of $13.07.

AvidXchange Trading Up 0.3 %

Shares of NASDAQ AVDX opened at $11.36 on Monday. AvidXchange has a 12-month low of $6.88 and a 12-month high of $13.56. The company has a current ratio of 1.25, a quick ratio of 1.25 and a debt-to-equity ratio of 0.20. The company has a market cap of $2.32 billion, a price-to-earnings ratio of -49.39 and a beta of 1.04. The stock’s 50 day simple moving average is $12.44 and its 200 day simple moving average is $11.11.

Insider Buying and Selling

In related news, insider Joel Wilhite sold 136,158 shares of AvidXchange stock in a transaction on Friday, March 15th. The stock was sold at an average price of $12.28, for a total value of $1,672,020.24. Following the transaction, the insider now directly owns 454,878 shares in the company, valued at approximately $5,585,901.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, insider Joel Wilhite sold 136,158 shares of the stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $12.28, for a total value of $1,672,020.24. Following the completion of the sale, the insider now directly owns 454,878 shares of the company’s stock, valued at approximately $5,585,901.84. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Todd Alan Cunningham sold 11,340 shares of the firm’s stock in a transaction dated Wednesday, February 28th. The stock was sold at an average price of $13.00, for a total value of $147,420.00. Following the sale, the insider now owns 173,019 shares of the company’s stock, valued at $2,249,247. The disclosure for this sale can be found here. Insiders have sold 3,010,167 shares of company stock worth $39,077,190 in the last three months. 10.30% of the stock is currently owned by insiders.

Institutional Investors Weigh In On AvidXchange

Institutional investors have recently bought and sold shares of the business. Federated Hermes Inc. boosted its position in AvidXchange by 9.9% during the 3rd quarter. Federated Hermes Inc. now owns 1,250,506 shares of the company’s stock worth $11,855,000 after acquiring an additional 112,887 shares during the period. Connor Clark & Lunn Investment Management Ltd. boosted its position in AvidXchange by 212.6% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 229,716 shares of the company’s stock worth $2,178,000 after acquiring an additional 156,236 shares during the period. ARK Investment Management LLC lifted its holdings in shares of AvidXchange by 10.1% during the 4th quarter. ARK Investment Management LLC now owns 1,109,512 shares of the company’s stock valued at $13,747,000 after buying an additional 101,878 shares during the last quarter. Vanguard Group Inc. lifted its holdings in shares of AvidXchange by 5.2% during the 3rd quarter. Vanguard Group Inc. now owns 18,482,011 shares of the company’s stock valued at $175,209,000 after buying an additional 907,305 shares during the last quarter. Finally, Senvest Management LLC lifted its holdings in shares of AvidXchange by 26.3% during the 3rd quarter. Senvest Management LLC now owns 12,298,226 shares of the company’s stock valued at $116,587,000 after buying an additional 2,563,886 shares during the last quarter. 80.58% of the stock is currently owned by institutional investors and hedge funds.

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.