AvidXchange (NASDAQ:AVDX - Get Free Report) issued an update on its FY24 earnings guidance on Wednesday morning. 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 Up 13.9 %
Shares of AVDX stock traded up $1.18 during trading hours on Wednesday, hitting $9.68. 4,442,423 shares of the company were exchanged, compared to its average volume of 2,069,259. The business has a 50 day moving average of $8.07 and a two-hundred day moving average of $9.84. 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 52 week low of $7.38 and a 52 week high of $13.56. The company has a market capitalization of $2.01 billion, a PE ratio of -160.17 and a beta of 1.00.
Wall Street Analyst Weigh In
A number of brokerages have commented on AVDX. BMO Capital Markets cut their price target on shares of AvidXchange from $13.00 to $10.00 and set a "market perform" rating for the company in a research note on Thursday, August 1st. KeyCorp cut their price target on shares of AvidXchange from $15.00 to $12.00 and set an "overweight" rating for the company in a research note on Thursday, August 1st. Bank of America cut 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. Wells Fargo & Company cut their target price on shares of AvidXchange from $10.00 to $9.00 and set an "equal weight" rating for the company in a research note on Monday, October 21st. Finally, Robert W. Baird lowered their price target on shares of AvidXchange from $16.00 to $14.00 and set an "outperform" rating on the stock in a research report on Thursday, August 1st. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $10.57.
View Our Latest Report on AvidXchange
Insider Activity at AvidXchange
In other AvidXchange news, insider Joel Wilhite sold 47,308 shares of AvidXchange stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $8.10, for a total transaction of $383,194.80. Following the transaction, the insider now directly owns 413,687 shares of the company's stock, valued at approximately $3,350,864.70. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other AvidXchange news, President Daniel Drees sold 20,069 shares of AvidXchange 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 $160,150.62. Following the transaction, the president now directly owns 753,644 shares of the company's stock, valued at approximately $6,014,079.12. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Joel Wilhite sold 47,308 shares of the firm's stock in a transaction that occurred 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 transaction, the insider now owns 413,687 shares in the company, valued at $3,350,864.70. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 166,386 shares of company stock valued at $1,343,044 over the last three months. 10.40% of the stock is owned by corporate insiders.
About AvidXchange
(
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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.
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