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

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

AvidXchange Stock Performance

Shares of NASDAQ AVDX traded down $0.45 during midday trading on Friday, reaching $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 price of $11.42 and a 200 day moving average price of $11.76. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.20. AvidXchange has a one year low of $6.88 and a one year high of $13.56.

Wall Street Analysts Forecast Growth

AVDX has been the topic of a number of recent research reports. Susquehanna reduced their price target on shares of AvidXchange from $16.00 to $14.00 and set a “positive” rating on the stock in a research report on Thursday. Keefe, Bruyette & Woods cut their price objective on shares of AvidXchange from $13.50 to $11.00 and set a “market perform” rating on the stock in a research report on Thursday. KeyCorp dropped their price target on shares of AvidXchange from $15.00 to $12.00 and set an “overweight” rating on the stock in a research report on Thursday. UBS Group downgraded shares of AvidXchange from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $15.00 to $10.00 in a research report on Thursday. Finally, The Goldman Sachs Group dropped their price target on shares of AvidXchange from $11.50 to $9.00 and set a “sell” 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, AvidXchange presently has an average rating of “Hold” and a consensus price target of $12.00.

Insider Transactions at AvidXchange

In other news, CEO Michael Praeger sold 25,418 shares of AvidXchange 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 directly owns 10,495,547 shares of the company’s stock, valued at $117,969,948.28. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, CEO Michael Praeger sold 25,418 shares of AvidXchange 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 directly owns 10,495,547 shares of the company’s stock, valued at $117,969,948.28. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Joel Wilhite sold 12,363 shares of AvidXchange 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 $138,960.12. Following the completion of the transaction, the insider now directly owns 466,491 shares in the company, valued at $5,243,358.84. The disclosure for this sale can be found here. Insiders have sold a total of 152,897 shares of company stock valued at $1,695,238 over the last ninety days. Corporate insiders own 10.30% of the company’s stock.

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.