AvidXchange (NASDAQ:AVDX) Issues FY 2024 Earnings Guidance

AvidXchange (NASDAQ:AVDX) updated its FY 2024 earnings guidance on Wednesday. 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 Ratings Changes

A number of research firms have recently weighed in on AVDX. UBS Group lifted their price objective on AvidXchange from $10.00 to $10.50 and gave the company a “neutral” rating in a research report on Thursday. Piper Sandler lifted their target price on AvidXchange from $9.00 to $10.00 and gave the company a “neutral” rating in a research note on Thursday. Compass Point raised AvidXchange from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $8.00 to $15.00 in a research note on Thursday. Barclays cut their target price on AvidXchange from $14.00 to $10.00 and set an “overweight” rating on the stock in a research report on Monday, August 5th. Finally, Keefe, Bruyette & Woods boosted their target price on AvidXchange from $9.00 to $10.00 and gave the company a “market perform” rating in a research report on Thursday. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $11.18.

AvidXchange Trading Down 0.7 %

AVDX stock traded down $0.07 during midday trading on Friday, hitting $9.93. 508,774 shares of the company’s stock were exchanged, compared to its average volume of 2,067,929. The business has a 50-day simple moving average of $8.14 and a two-hundred day simple moving average of $9.84. The company has a current ratio of 1.36, a quick ratio of 1.36 and a debt-to-equity ratio of 0.19. The stock has a market capitalization of $2.06 billion, a PE ratio of -166.00 and a beta of 1.00. AvidXchange has a 1-year low of $7.38 and a 1-year high of $13.56.

Insider Buying and Selling

In related news, insider Ryan Stahl sold 7,427 shares of the business’s stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $8.58, for a total transaction of $63,723.66. Following the completion of the transaction, the insider now directly owns 369,603 shares of the company’s stock, valued at $3,171,193.74. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, insider Joel Wilhite sold 18,028 shares of the stock in a transaction that occurred on Tuesday, August 27th. The stock was 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 directly owns 419,636 shares of the company’s stock, valued at approximately $3,348,695.28. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Ryan Stahl sold 7,427 shares of the company’s stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $8.58, for a total value of $63,723.66. Following the completion of the sale, the insider now owns 369,603 shares in the company, valued at approximately $3,171,193.74. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 166,386 shares of company stock valued at $1,343,044 in the last three months. 10.40% of the stock is 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.