AvidXchange (NASDAQ:AVDX) Releases FY 2024 Earnings Guidance

AvidXchange (NASDAQ:AVDX) issued an update on its FY 2024 earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of 0.240-0.250 for the period, compared to the consensus 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 Upgrades and Downgrades

A number of research analysts have recently issued reports on AVDX shares. JPMorgan Chase & Co. cut AvidXchange from an “overweight” rating to a “neutral” rating and reduced their price objective for the company from $11.00 to $9.00 in a research note on Tuesday, August 20th. Compass Point upgraded AvidXchange from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $8.00 to $15.00 in a research report on Thursday. BMO Capital Markets increased their price objective on AvidXchange from $10.00 to $11.00 and gave the company a “market perform” rating in a research note on Friday. KeyCorp decreased their target price 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. Finally, UBS Group increased their price target on shares of AvidXchange from $10.00 to $10.50 and gave the company a “neutral” rating in a research report on Thursday. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, AvidXchange presently has a consensus rating of “Hold” and a consensus price target of $11.18.

AvidXchange Stock Down 0.7 %

Shares of AvidXchange stock traded down $0.07 during midday trading on Friday, hitting $9.93. The company had a trading volume of 588,923 shares, compared to its average volume of 2,068,299. 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 stock has a market capitalization of $2.06 billion, a P/E ratio of -166.00 and a beta of 1.00. The company has a 50 day moving average of $8.14 and a 200 day moving average of $9.84.

Insider Transactions at AvidXchange

In related news, insider Joel Wilhite sold 18,028 shares of the business’s stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $7.98, for a total value of $143,863.44. Following the completion of the transaction, the insider now directly owns 419,636 shares in the company, valued at $3,348,695.28. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other AvidXchange news, insider Joel Wilhite sold 18,028 shares of the company’s stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $7.98, for a total transaction of $143,863.44. Following the transaction, the insider now owns 419,636 shares in the company, valued at approximately $3,348,695.28. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, President Daniel Drees sold 20,069 shares of the firm’s stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $7.98, for a total transaction of $160,150.62. Following the sale, the president now directly owns 753,644 shares in the company, valued at approximately $6,014,079.12. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 166,386 shares of company stock worth $1,343,044. Corporate insiders own 10.40% 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.