AvidXchange (AVDX) to Release Quarterly Earnings on Wednesday

AvidXchange (NASDAQ:AVDX - Get Free Report) is scheduled to be releasing 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. Parties that wish to listen to the company's conference call can do so using this link.

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

AvidXchange Stock Performance

Shares of NASDAQ:AVDX traded up $0.18 during trading hours on Wednesday, hitting $8.56. The stock had a trading volume of 1,373,740 shares, compared to its average volume of 2,050,468. The stock's fifty day simple moving average is $8.02 and its 200 day simple moving average is $9.95. The firm has a market capitalization of $1.77 billion, a price-to-earnings ratio of -55.87 and a beta of 1.01. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.36 and a current ratio of 1.36. AvidXchange has a 1-year low of $6.88 and a 1-year high of $13.56.

Analysts Set New Price Targets

AVDX has been the topic of several recent analyst reports. Bank of America cut their target price on AvidXchange from $12.00 to $8.00 and set an "underperform" rating on the stock in a research note on Tuesday, October 15th. UBS Group cut shares of AvidXchange from a "buy" rating to a "neutral" rating and cut their price objective for the company from $15.00 to $10.00 in a research note on Thursday, August 1st. Susquehanna decreased their target price 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. JPMorgan Chase & Co. downgraded shares of AvidXchange from an "overweight" rating to a "neutral" rating and dropped their price target for the stock from $11.00 to $9.00 in a research report on Tuesday, August 20th. Finally, Barclays reduced their price target on shares of AvidXchange from $14.00 to $10.00 and set an "overweight" rating for the company in a research note on Monday, August 5th. 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's stock. According to MarketBeat, the company has a consensus rating of "Hold" and an average target price of $10.57.

Insider Transactions at AvidXchange

In other news, insider Joel Wilhite sold 47,308 shares of the company'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 sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other 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 value of $383,194.80. Following the transaction, the insider now directly owns 413,687 shares of the company's stock, 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 legal filing with the SEC, which is available at this link. Also, CEO Michael Praeger sold 6,701 shares of the company's stock in a transaction that occurred 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 completion of the sale, 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 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 three months. 10.30% 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.