AvidXchange (NASDAQ:AVDX) Updates FY24 Earnings Guidance

AvidXchange (NASDAQ:AVDX) updated its FY24 earnings guidance on Wednesday. The company provided EPS guidance of $0.24-$0.25 for the period, compared to the consensus EPS 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 Stock Performance

Shares of NASDAQ AVDX traded up $0.07 during trading on Friday, reaching $10.07. 3,660,742 shares of the stock traded hands, compared to its average volume of 2,082,455. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.36 and a quick ratio of 1.36. The stock has a market capitalization of $2.09 billion, a P/E ratio of -166.00 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 50-day moving average of $8.14 and a 200-day moving average of $9.84.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. Bank of America reduced their target price on shares of AvidXchange from $12.00 to $8.00 and set an “underperform” rating for the company in a research note on Tuesday, October 15th. Keefe, Bruyette & Woods boosted their target price on shares of AvidXchange from $9.00 to $10.00 and gave the company a “market perform” rating in a report on Thursday. Robert W. Baird cut their price target on AvidXchange from $16.00 to $14.00 and set an “outperform” rating for the company in a report on Thursday, August 1st. The Goldman Sachs Group boosted their price objective on AvidXchange from $7.00 to $9.00 and gave the company a “sell” rating in a research note on Thursday. Finally, KeyCorp dropped their price objective on AvidXchange from $15.00 to $12.00 and set an “overweight” rating on the stock in a report on Thursday, August 1st. Two equities 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. According to MarketBeat.com, AvidXchange has an average rating of “Hold” and a consensus price target of $11.18.

Insider Activity

In other AvidXchange news, insider Joel Wilhite sold 47,308 shares of the firm’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $8.10, for a total transaction of $383,194.80. Following the sale, the insider now owns 413,687 shares in the company, valued at $3,350,864.70. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, CEO Michael Praeger sold 6,701 shares of the stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $8.17, for a total transaction of $54,747.17. Following the transaction, the chief executive officer now owns 10,410,983 shares of the company’s stock, valued at approximately $85,057,731.11. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Joel Wilhite sold 47,308 shares of the business’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $8.10, for a total transaction of $383,194.80. Following the completion of the sale, the insider now directly owns 413,687 shares of the company’s stock, valued at $3,350,864.70. This 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 have sold 166,386 shares of company stock worth $1,343,044. 10.40% of the stock is currently owned by corporate insiders.

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.