AvidXchange (NASDAQ:AVDX) Issues FY24 Earnings Guidance

AvidXchange (NASDAQ:AVDX) updated its FY24 earnings guidance on Wednesday. The company provided earnings per share (EPS) guidance of $0.24-$0.25 for the period, compared to the consensus estimate of $0.24. The company issued revenue guidance of $437-$439 million, compared to the consensus revenue estimate of $436.50 million. AvidXchange also updated its FY 2024 guidance to 0.240-0.250 EPS.

AvidXchange Trading Up 0.7 %

Shares of AVDX stock traded up $0.07 during trading hours on Friday, reaching $10.07. The company’s stock had a trading volume of 3,660,742 shares, compared to its average volume of 2,082,455. The company has a current ratio of 1.36, a quick ratio of 1.36 and a debt-to-equity ratio of 0.19. AvidXchange has a one year low of $7.38 and a one year high of $13.56. The stock has a market capitalization of $2.09 billion, a P/E ratio of -166.00 and a beta of 1.00. The firm’s fifty day simple moving average is $8.14 and its 200 day simple moving average is $9.84.

Analysts Set New Price Targets

Several brokerages have commented on AVDX. 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. BMO Capital Markets increased their price target on shares of AvidXchange from $10.00 to $11.00 and gave the stock a “market perform” rating in a research note on Friday. Susquehanna cut their price objective on AvidXchange from $16.00 to $14.00 and set a “positive” rating on the stock in a research report on Thursday, August 1st. 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. Finally, Piper Sandler raised their target price on AvidXchange from $9.00 to $10.00 and gave the company a “neutral” rating in a research note on Thursday. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, AvidXchange has a consensus rating of “Hold” and an average target price of $11.18.

Insider Transactions at AvidXchange

In other news, insider Ryan Stahl sold 7,427 shares of the company’s stock in a transaction that occurred 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 transaction, the insider now owns 369,603 shares in the company, valued at approximately $3,171,193.74. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other news, 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 owns 753,644 shares of the company’s stock, valued at $6,014,079.12. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Ryan Stahl sold 7,427 shares of the business’s stock in a transaction that occurred 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 transaction, the insider now directly 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 disclosure for this sale can be found here. Insiders sold a total of 166,386 shares of company stock valued at $1,343,044 in the last quarter. 10.40% of the stock is owned by insiders.

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.