AvidXchange (NASDAQ:AVDX) Issues FY 2024 Earnings Guidance

AvidXchange (NASDAQ:AVDX) issued an update on its FY 2024 earnings guidance on Wednesday morning. The company provided EPS guidance of 0.240-0.250 for the period, compared to the consensus EPS estimate of 0.250. The company issued revenue guidance of $437.0 million-$439.0 million, compared to the consensus revenue estimate of $437.2 million. AvidXchange also updated its FY24 guidance to $0.24-$0.25 EPS.

Analyst Upgrades and Downgrades

Several research analysts have commented on the company. Bank of America cut their price objective on AvidXchange from $12.00 to $8.00 and set an “underperform” rating on the stock in a research report on Tuesday, October 15th. The Goldman Sachs Group lifted their target price on AvidXchange from $7.00 to $9.00 and gave the company a “sell” rating in a research note on Thursday. JPMorgan Chase & Co. cut AvidXchange from an “overweight” rating to a “neutral” rating and cut their price target for the company from $11.00 to $9.00 in a report on Tuesday, August 20th. UBS Group lifted their price target on AvidXchange from $10.00 to $10.50 and gave the company a “neutral” rating in a report on Thursday. Finally, KeyCorp dropped their target price on AvidXchange from $15.00 to $12.00 and set an “overweight” rating on the stock in a report on Thursday, August 1st. 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 a consensus rating of “Hold” and a consensus target price of $11.18.

AvidXchange Stock Performance

Shares of NASDAQ AVDX traded down $0.07 during trading hours on Friday, reaching $9.93. 508,774 shares of the stock were exchanged, compared to its average volume of 2,067,929. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.36 and a current ratio of 1.36. The stock’s fifty day simple moving average is $8.14 and its 200 day simple moving average is $9.84. AvidXchange has a 52 week low of $7.38 and a 52 week high of $13.56. The firm has a market capitalization of $2.06 billion, a price-to-earnings ratio of -166.00 and a beta of 1.00.

Insider Activity

In related news, insider Joel Wilhite sold 18,028 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 value of $143,863.44. Following the transaction, the insider now directly owns 419,636 shares of the company’s stock, valued at $3,348,695.28. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other news, CEO Michael Praeger sold 37,225 shares of the company’s stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $7.98, for a total value of $297,055.50. Following the completion of the transaction, the chief executive officer now owns 10,453,786 shares of the company’s stock, valued at $83,421,212.28. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Joel Wilhite sold 18,028 shares of the firm’s 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 $143,863.44. Following the completion of the transaction, the insider now owns 419,636 shares of the company’s stock, valued at approximately $3,348,695.28. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 166,386 shares of company stock worth $1,343,044. 10.40% of the stock is currently owned by corporate insiders.

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.