AvidXchange (AVDX) to Release Quarterly Earnings on Wednesday

AvidXchange (NASDAQ:AVDX) is projected to issue its quarterly earnings data before the market opens on Wednesday, February 26th. Analysts expect the company to announce earnings of $0.06 per share for the quarter. Parties interested in registering for the company’s conference call can do so using this link.

AvidXchange Stock Performance

Shares of AVDX opened at $9.12 on Tuesday. The business’s fifty day simple moving average is $10.31 and its two-hundred day simple moving average is $9.42. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.11. AvidXchange has a 12 month low of $7.38 and a 12 month high of $13.56. The company has a market cap of $1.88 billion, a price-to-earnings ratio of 474.50 and a beta of 1.22.

Analysts Set New Price Targets

AVDX has been the topic of several recent analyst reports. Barclays increased their target price on AvidXchange from $11.00 to $13.00 and gave the company an “overweight” rating in a research note on Monday, November 18th. Compass Point raised AvidXchange from a “neutral” rating to a “buy” rating and increased their price target for the company from $8.00 to $15.00 in a report on Thursday, November 7th. Keefe, Bruyette & Woods lowered their price target on AvidXchange from $12.00 to $11.00 and set a “market perform” rating on the stock in a report on Monday, January 6th. Piper Sandler increased their price target on AvidXchange from $9.00 to $10.00 and gave the company a “neutral” rating in a report on Thursday, November 7th. Finally, UBS Group increased their price target on AvidXchange from $10.00 to $10.50 and gave the company a “neutral” rating in a report on Thursday, November 7th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and six have assigned a buy rating to the company. According to MarketBeat, AvidXchange has an average rating of “Hold” and a consensus target price of $11.61.

Insider Buying and Selling

In related news, Director James E. Hausman sold 25,000 shares of the firm’s stock in a transaction on Monday, December 9th. The stock was sold at an average price of $11.25, for a total value of $281,250.00. Following the transaction, the director now directly owns 2,112,232 shares of the company’s stock, valued at approximately $23,762,610. This trade represents a 1.17 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Teresa Mackintosh sold 13,316 shares of the firm’s stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $11.44, for a total value of $152,335.04. Following the sale, the director now directly owns 47,388 shares in the company, valued at approximately $542,118.72. This represents a 21.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 80,693 shares of company stock valued at $916,683. 10.40% of the stock is owned by company insiders.

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.