AvidXchange (AVDX) Scheduled to Post Earnings on Wednesday

AvidXchange (NASDAQ:AVDX - Get Free Report) will be announcing its earnings results before the market opens on Wednesday, November 6th. Analysts expect the company to announce earnings of $0.07 per share for the quarter. Individual that wish to register for the company's earnings conference call can do so using this link.

AvidXchange (NASDAQ:AVDX - Get Free Report) last released its earnings results on Wednesday, July 31st. The company reported $0.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.04 by $0.01. AvidXchange had a negative return on equity of 0.23% and a negative net margin of 3.18%. The firm had revenue of $105.30 million during the quarter, compared to analysts' expectations of $107.13 million. During the same quarter last year, the business posted ($0.05) earnings per share. The firm'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 Price Performance

AVDX stock traded up $0.04 during midday trading on Wednesday, hitting $8.42. The company's stock had a trading volume of 2,400,873 shares, compared to its average volume of 2,055,484. The firm has a market capitalization of $1.74 billion, a price-to-earnings ratio of -56.13 and a beta of 1.01. The company has a quick ratio of 1.36, a current ratio of 1.36 and a debt-to-equity ratio of 0.19. AvidXchange has a 12 month low of $6.88 and a 12 month high of $13.56. The company has a 50 day moving average of $8.03 and a two-hundred day moving average of $9.94.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on AVDX. Barclays reduced their price target on shares of AvidXchange from $14.00 to $10.00 and set an "overweight" rating on the stock in a report on Monday, August 5th. UBS Group cut AvidXchange from a "buy" rating to a "neutral" rating and reduced their target price for the stock from $15.00 to $10.00 in a report on Thursday, August 1st. The Goldman Sachs Group dropped their price target on AvidXchange from $9.00 to $7.00 and set a "sell" rating for the company in a research note on Monday, October 14th. Susquehanna reduced their price objective on AvidXchange from $16.00 to $14.00 and set a "positive" rating on the stock in a research note on Thursday, August 1st. Finally, Wells Fargo & Company lowered their target price on AvidXchange from $10.00 to $9.00 and set an "equal weight" rating for the company in a research report on Monday, October 21st. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $10.57.

Insider Activity

In related news, insider Joel Wilhite sold 47,308 shares of the company's stock in a transaction dated 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 in the company, valued at approximately $3,350,864.70. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, CEO Michael Praeger sold 6,701 shares of AvidXchange stock in a transaction on Thursday, August 29th. The stock was 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 directly owns 10,410,983 shares in the company, valued at approximately $85,057,731.11. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Joel Wilhite sold 47,308 shares of the company'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 completion of the transaction, the insider now owns 413,687 shares in the company, valued at approximately $3,350,864.70. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 166,386 shares of company stock valued at $1,343,044. 10.30% of the stock is currently owned by company 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.