AvidXchange (NASDAQ:AVDX) Releases Quarterly Earnings Results, Beats Estimates By $0.01 EPS

AvidXchange (NASDAQ:AVDX) issued its quarterly earnings results on Wednesday. The company reported $0.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.04 by $0.01, Briefing.com reports. The company had revenue of $105.30 million during the quarter, compared to analyst estimates of $107.13 million. AvidXchange had a negative net margin of 3.18% and a negative return on equity of 0.23%. AvidXchange’s quarterly revenue was up 15.6% compared to the same quarter last year. During the same period last year, the business earned ($0.05) EPS. AvidXchange updated its FY 2024 guidance to EPS.

AvidXchange Stock Performance

Shares of NASDAQ:AVDX traded down $0.45 during trading on Friday, hitting $7.80. The company’s stock had a trading volume of 7,916,570 shares, compared to its average volume of 3,083,959. The company has a 50-day moving average of $11.42 and a 200-day moving average of $11.76. AvidXchange has a 12 month low of $6.88 and a 12 month high of $13.56. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.34 and a quick ratio of 1.34.

Analyst Ratings Changes

AVDX has been the topic of several recent analyst reports. UBS Group downgraded shares of AvidXchange from a “buy” rating to a “neutral” rating and cut their price objective for the company from $15.00 to $10.00 in a research report on Thursday. Piper Sandler cut their price objective on shares of AvidXchange from $14.00 to $12.00 and set a “neutral” rating on the stock in a research report on Friday, April 12th. The Goldman Sachs Group cut their price objective on shares of AvidXchange from $11.50 to $9.00 and set a “sell” rating on the stock in a research report on Thursday. Wells Fargo & Company cut their price objective on shares of AvidXchange from $13.00 to $10.00 and set an “equal weight” rating on the stock in a research report on Thursday. Finally, Robert W. Baird cut their price objective on shares of AvidXchange from $16.00 to $14.00 and set an “outperform” rating on the stock in a research report on Thursday. One research analyst has rated the stock with a sell rating, six have given a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $12.00.

Insider Transactions at AvidXchange

In other news, CEO Michael Praeger sold 25,418 shares of the stock in a transaction that occurred on Wednesday, May 15th. The shares were sold at an average price of $11.24, for a total value of $285,698.32. Following the transaction, the chief executive officer now owns 10,495,547 shares in the company, valued at approximately $117,969,948.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other AvidXchange news, insider Joel Wilhite sold 12,363 shares of the firm’s stock in a transaction that occurred on Wednesday, May 15th. The shares were sold at an average price of $11.24, for a total transaction of $138,960.12. Following the sale, the insider now owns 466,491 shares in the company, valued at approximately $5,243,358.84. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Michael Praeger sold 25,418 shares of the firm’s stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $11.24, for a total transaction of $285,698.32. Following the sale, the chief executive officer now owns 10,495,547 shares in the company, valued at approximately $117,969,948.28. The disclosure for this sale can be found here. Insiders have sold 152,897 shares of company stock worth $1,695,238 in the last quarter. Company insiders own 10.30% of the company’s stock.

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.