AvidXchange (AVDX) Set to Announce Earnings on Wednesday

AvidXchange (NASDAQ:AVDX) is scheduled to release its earnings data before the market opens on Wednesday, November 6th. Analysts expect AvidXchange to post earnings of $0.07 per share for the quarter. Persons that are interested in registering for the company’s earnings conference call can do so using this link.

AvidXchange (NASDAQ:AVDX) last announced its earnings results on Wednesday, July 31st. The company reported $0.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.04 by $0.01. The business had revenue of $105.30 million during the quarter, compared to analysts’ expectations of $107.13 million. AvidXchange had a negative net margin of 3.18% and a negative return on equity of 0.23%. The firm’s revenue for the quarter was up 15.6% on a year-over-year basis. During the same quarter last year, the company posted ($0.05) EPS. On average, analysts expect AvidXchange to post $0 EPS for the current fiscal year and $0 EPS for the next fiscal year.

AvidXchange Trading Down 0.4 %

Shares of AvidXchange stock opened at $8.38 on Wednesday. The stock has a market capitalization of $1.73 billion, a P/E ratio of -55.87 and a beta of 1.01. The company has a quick ratio of 1.36, a current ratio of 1.36 and a debt-to-equity ratio of 0.19. The company has a 50-day simple moving average of $8.02 and a 200 day simple moving average of $9.95. AvidXchange has a 12-month low of $6.88 and a 12-month high of $13.56.

Insider Activity

In other 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 value of $63,723.66. Following the sale, the insider now owns 369,603 shares of the company’s stock, valued at $3,171,193.74. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other AvidXchange news, insider Ryan Stahl sold 7,427 shares of the company’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 directly owns 369,603 shares of the company’s stock, valued at approximately $3,171,193.74. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Michael Praeger sold 6,701 shares of the company’s stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $8.17, for a total transaction of $54,747.17. Following the sale, the chief executive officer now directly owns 10,410,983 shares in the company, valued at $85,057,731.11. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 166,386 shares of company stock worth $1,343,044 over the last quarter. 10.30% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several research firms have weighed in on AVDX. Keefe, Bruyette & Woods lowered their price objective on shares of AvidXchange from $13.50 to $11.00 and set a “market perform” rating for the company in a research report on Thursday, August 1st. Compass Point began coverage on shares of AvidXchange in a research report on Wednesday, September 4th. They issued a “neutral” rating and a $8.00 price objective for the company. Susquehanna lowered their price objective on shares of AvidXchange from $16.00 to $14.00 and set a “positive” rating for the company in a research report on Thursday, August 1st. KeyCorp lowered their price objective on shares of AvidXchange from $15.00 to $12.00 and set an “overweight” rating for the company in a research report on Thursday, August 1st. Finally, Barclays lowered their price objective on shares of AvidXchange from $14.00 to $10.00 and set an “overweight” rating for the company in a research report on Monday, August 5th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, AvidXchange has an average rating of “Hold” and a consensus target price of $10.57.

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.