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

AvidXchange (NASDAQ:AVDX) announced its 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 analyst estimates of $107.13 million. During the same period in the prior year, the business earned ($0.05) earnings per share. AvidXchange’s quarterly revenue was up 15.6% on a year-over-year basis. AvidXchange updated its FY 2024 guidance to EPS.

AvidXchange Stock Performance

AVDX traded down $0.45 during mid-day trading on Friday, hitting $7.80. The stock had a trading volume of 7,916,570 shares, compared to its average volume of 3,083,959. The stock’s fifty day simple moving average is $11.42 and its 200-day simple moving average is $11.76. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 0.20. AvidXchange has a 1-year low of $6.88 and a 1-year high of $13.56.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the stock. Wells Fargo & Company reduced their target price 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. 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 report on Thursday. Barclays cut their price objective on shares of AvidXchange from $16.00 to $14.00 and set an “overweight” rating on the stock in a report on Monday, May 13th. KeyCorp cut their price objective on shares of AvidXchange from $15.00 to $12.00 and set an “overweight” rating on the stock in a report on Thursday. Finally, UBS Group lowered 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 report on Thursday. One equities 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 stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $12.00.

Insider Transactions at AvidXchange

In other news, insider Joel Wilhite sold 12,363 shares of the stock in a transaction 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 completion of the sale, the insider now owns 466,491 shares of the company’s stock, valued at $5,243,358.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, President Daniel Drees sold 13,762 shares of the stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $11.24, for a total transaction of $154,684.88. Following the completion of the sale, the president now owns 758,406 shares of the company’s stock, valued at $8,524,483.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Joel Wilhite sold 12,363 shares of the stock in a transaction 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 sale, the insider now directly owns 466,491 shares of the company’s stock, valued at approximately $5,243,358.84. The disclosure for this sale can be found here. Insiders sold 152,897 shares of company stock valued at $1,695,238 over the last quarter. Corporate 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.