AvidXchange (NASDAQ:AVDX) Updates FY24 Earnings Guidance

AvidXchange (NASDAQ:AVDX) updated its FY24 earnings guidance on Wednesday. The company provided earnings per share (EPS) guidance of $0.24-$0.25 for the period, compared to the consensus estimate of $0.24. The company issued revenue guidance of $437-$439 million, compared to the consensus revenue estimate of $436.50 million. AvidXchange also updated its FY 2024 guidance to 0.240-0.250 EPS.

AvidXchange Stock Up 8.5 %

Shares of NASDAQ AVDX opened at $9.22 on Wednesday. The stock has a market cap of $1.92 billion, a P/E ratio of -141.67 and a beta of 1.00. AvidXchange has a 52-week low of $7.38 and a 52-week high of $13.56. 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 firm has a 50 day moving average price of $8.07 and a 200 day moving average price of $9.84.

Analyst Upgrades and Downgrades

AVDX has been the subject of several research analyst reports. Bank of America reduced their price target on shares of AvidXchange from $12.00 to $8.00 and set an “underperform” rating for the company in a report on Tuesday, October 15th. BMO Capital Markets cut their price objective on shares of AvidXchange from $13.00 to $10.00 and set a “market perform” rating on the stock in a research report on Thursday, August 1st. KeyCorp lowered their price target on shares of AvidXchange from $15.00 to $12.00 and set an “overweight” rating on the stock in a research note on Thursday, August 1st. Robert W. Baird reduced their price objective on shares of AvidXchange from $16.00 to $14.00 and set an “outperform” rating for the company in a research note on Thursday, August 1st. Finally, Barclays dropped their target price on AvidXchange from $14.00 to $10.00 and set an “overweight” rating on the stock in a report on Monday, August 5th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $10.57.

Insider Transactions at AvidXchange

In other AvidXchange news, insider Ryan Stahl sold 7,427 shares of the business’s stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $8.58, for a total transaction of $63,723.66. Following the sale, the insider now owns 369,603 shares of the company’s stock, valued at approximately $3,171,193.74. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, insider Ryan Stahl sold 7,427 shares of the business’s stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $8.58, for a total value of $63,723.66. Following 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Joel Wilhite sold 47,308 shares of the company’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $8.10, for a total transaction of $383,194.80. Following the transaction, the insider now owns 413,687 shares in the company, valued at $3,350,864.70. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 166,386 shares of company stock valued at $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.