AvidXchange (NASDAQ:AVDX) Updates 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.

AvidXchange Trading Up 13.9 %

AVDX stock traded up $1.18 during midday trading on Wednesday, reaching $9.68. 4,442,423 shares of the company traded hands, compared to its average volume of 2,069,259. The firm has a market capitalization of $2.01 billion, a price-to-earnings ratio of -161.33 and a beta of 1.00. AvidXchange has a 52-week low of $7.38 and a 52-week high of $13.56. The business has a 50 day moving average of $8.10 and a 200-day moving average of $9.84. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.36 and a current ratio of 1.36.

Wall Street Analyst Weigh In

Several equities analysts recently commented on AVDX shares. BMO Capital Markets cut their price target on shares of AvidXchange from $13.00 to $10.00 and set a “market perform” rating on the stock in a report on Thursday, August 1st. Barclays reduced their price target on AvidXchange from $14.00 to $10.00 and set an “overweight” rating on the stock in a report on Monday, August 5th. The Goldman Sachs Group dropped their price objective on AvidXchange from $9.00 to $7.00 and set a “sell” rating for the company in a report on Monday, October 14th. Susquehanna reduced their target price on AvidXchange from $16.00 to $14.00 and set a “positive” rating on the stock in a research note on Thursday, August 1st. Finally, Robert W. Baird decreased their target price on AvidXchange from $16.00 to $14.00 and set an “outperform” rating for the company in a research report on Thursday, August 1st. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, AvidXchange has a consensus rating of “Hold” and an average price target of $10.57.

Insider Buying and Selling at AvidXchange

In other news, insider Joel Wilhite sold 47,308 shares of the business’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $8.10, for a total value of $383,194.80. Following the completion of the transaction, the insider now directly owns 413,687 shares of the company’s stock, valued at approximately $3,350,864.70. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other AvidXchange news, President Daniel Drees sold 20,069 shares of AvidXchange stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $7.98, for a total value of $160,150.62. Following the transaction, the president now directly owns 753,644 shares of the company’s stock, valued at approximately $6,014,079.12. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Joel Wilhite sold 47,308 shares of the stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $8.10, for a total value of $383,194.80. Following the sale, the insider now owns 413,687 shares of the company’s stock, valued at approximately $3,350,864.70. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have 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.