AvidXchange (NASDAQ:AVDX) Updates 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 guidance of 0.240-0.250 for the period, compared to the consensus earnings per share 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 Price Performance

AvidXchange stock opened at $8.50 on Wednesday. The firm’s 50-day simple moving average is $8.07 and its 200 day simple moving average is $9.84. The firm has a market capitalization of $1.77 billion, a PE ratio of -141.67 and a beta of 1.00. AvidXchange has a 52 week low of $7.38 and a 52 week high of $13.56. The company has a quick ratio of 1.36, a current ratio of 1.36 and a debt-to-equity ratio of 0.19.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. The Goldman Sachs Group cut their price objective on shares of AvidXchange from $9.00 to $7.00 and set a “sell” rating on the stock in a report on Monday, October 14th. UBS Group lowered AvidXchange from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $15.00 to $10.00 in a report on Thursday, August 1st. KeyCorp decreased their price objective on shares of AvidXchange from $15.00 to $12.00 and set an “overweight” rating for the company in a report on Thursday, August 1st. Barclays reduced their target price on shares of AvidXchange from $14.00 to $10.00 and set an “overweight” rating for the company in a report on Monday, August 5th. Finally, JPMorgan Chase & Co. downgraded shares of AvidXchange from an “overweight” rating to a “neutral” rating and dropped their target price for the stock from $11.00 to $9.00 in a research report on Tuesday, August 20th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, AvidXchange presently has an average rating of “Hold” and an average target price of $10.57.

Insider Buying and Selling

In related news, insider Joel Wilhite sold 18,028 shares of the stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $7.98, for a total transaction of $143,863.44. Following the sale, 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 filing with the SEC, which is accessible through this hyperlink. In other AvidXchange news, insider Joel Wilhite sold 18,028 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 $143,863.44. Following the transaction, the insider now owns 419,636 shares of the company’s stock, valued at approximately $3,348,695.28. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Michael Praeger sold 37,225 shares of the firm’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 transaction of $297,055.50. Following the completion of the sale, the chief executive officer now owns 10,453,786 shares of the company’s stock, valued at approximately $83,421,212.28. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 166,386 shares of company stock valued at $1,343,044. Company insiders own 10.40% 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.