AvidXchange’s (NASDAQ:AVDX – Get Rating) lock-up period is set to end on Monday, April 11th. AvidXchange had issued 26,400,000 shares in its public offering on October 13th. The total size of the offering was $660,000,000 based on an initial share price of $25.00. After the expiration of AvidXchange’s lock-up period, company insiders and major shareholders will be able to sell their shares of the company.
AVDX has been the topic of a number of analyst reports. Piper Sandler lowered their target price on shares of AvidXchange from $25.00 to $13.00 and set an “overweight” rating on the stock in a research note on Tuesday, March 8th. Credit Suisse Group decreased their price target on shares of AvidXchange from $24.00 to $16.00 and set an “outperform” rating on the stock in a research note on Tuesday, March 8th. KeyCorp decreased their price target on shares of AvidXchange from $30.00 to $15.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 25th. Zacks Investment Research upgraded shares of AvidXchange from a “sell” rating to a “hold” rating in a research note on Tuesday, March 29th. Finally, The Goldman Sachs Group decreased their price target on shares of AvidXchange from $35.00 to $28.00 and set a “buy” rating on the stock in a research note on Monday, December 13th. One analyst has rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Buy” and an average target price of 22.78.
AvidXchange stock opened at 8.83 on Monday. The business has a 50-day simple moving average of 9.34. AvidXchange has a twelve month low of 6.50 and a twelve month high of 27.43. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.39 and a current ratio of 1.39.
In other news, insider Michael Praeger purchased 69,500 shares of the business’s stock in a transaction that occurred on Thursday, March 10th. The shares were bought at an average cost of 7.11 per share, for a total transaction of 494,145.00. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink.
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 cash flow manager that provides cash management solutions.