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 published on Monday morning, MarketBeat Ratings reports. They currently have a $11.50 price target on the stock, down from their previous price target of $13.00.

Other equities analysts have also issued research reports about the company. Keefe, Bruyette & Woods initiated coverage on AvidXchange in a research note on Tuesday, April 9th. They issued a market perform rating and a $13.50 price objective on the stock. Piper Sandler reduced their price objective on AvidXchange from $14.00 to $12.00 and set a neutral rating on the stock in a research note on Friday, April 12th. Barclays upped their price target on AvidXchange from $13.00 to $14.00 and gave the company an overweight rating in a research note on Friday, December 22nd. Susquehanna upped their price target on AvidXchange from $15.00 to $16.00 and gave the company a positive rating in a research note on Thursday, February 29th. Finally, BMO Capital Markets upped their price target on AvidXchange from $11.00 to $13.00 and gave the company a market perform rating in a research note on Thursday, February 29th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, AvidXchange presently has an average rating of Hold and a consensus target price of $13.07.

AvidXchange Price Performance

AvidXchange stock opened at $11.36 on Monday. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.25 and a current ratio of 1.25. The firm has a market cap of $2.32 billion, a P/E ratio of -49.39 and a beta of 1.04. The business’s fifty day moving average is $12.44 and its two-hundred day moving average is $11.11. AvidXchange has a 52 week low of $6.88 and a 52 week high of $13.56.

Insider Activity at AvidXchange

In related news, Director Matthew C. Harris sold 2,500,000 shares of the company’s stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $13.03, for a total value of $32,575,000.00. Following the completion of the sale, the director now owns 9,139,898 shares in the company, valued at $119,092,870.94. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other AvidXchange news, Director Matthew C. Harris sold 2,500,000 shares of the stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $13.03, for a total value of $32,575,000.00. Following the completion of the sale, the director now directly owns 9,139,898 shares in the company, valued at $119,092,870.94. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Joel Wilhite sold 27,384 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 value of $360,099.60. Following the completion of the sale, the insider now owns 327,100 shares of the company’s stock, valued at $4,301,365. The disclosure for this sale can be found here. Over the last quarter, insiders sold 3,010,167 shares of company stock worth $39,077,190. 10.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of AVDX. Millennium Management LLC grew its holdings in shares of AvidXchange by 63.4% during the fourth quarter. Millennium Management LLC now owns 7,858,752 shares of the company’s stock worth $78,116,000 after buying an additional 3,048,717 shares in the last quarter. Senvest Management LLC grew its holdings in shares of AvidXchange by 26.3% during the third quarter. Senvest Management LLC now owns 12,298,226 shares of the company’s stock worth $116,587,000 after buying an additional 2,563,886 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of AvidXchange by 19.5% during the third quarter. Vanguard Group Inc. now owns 13,231,439 shares of the company’s stock worth $111,409,000 after buying an additional 2,160,242 shares in the last quarter. State Street Corp grew its holdings in shares of AvidXchange by 417.4% during the second quarter. State Street Corp now owns 2,319,230 shares of the company’s stock worth $14,240,000 after buying an additional 1,870,942 shares in the last quarter. Finally, North Reef Capital Management LP grew its holdings in shares of AvidXchange by 64.5% during the third quarter. North Reef Capital Management LP now owns 4,510,000 shares of the company’s stock worth $42,755,000 after buying an additional 1,768,120 shares in the last quarter. 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.