AvidXchange (NASDAQ:AVDX) Releases Earnings Results, Beats Expectations By $0.01 EPS

AvidXchange (NASDAQ:AVDX) released its earnings results on Wednesday. The company reported $0.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.04 by $0.01, Briefing.com reports. The business had revenue of $105.30 million during the quarter, compared to analyst estimates of $107.13 million. AvidXchange had a negative net margin of 3.18% and a negative return on equity of 0.23%. The company’s revenue for the quarter was up 15.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.05) earnings per share. AvidXchange updated its FY 2024 guidance to EPS.

AvidXchange Stock Performance

Shares of AVDX traded down $0.45 during mid-day trading on Friday, hitting $7.80. 7,916,570 shares of the company’s stock were exchanged, compared to its average volume of 3,083,959. AvidXchange has a fifty-two week low of $6.88 and a fifty-two week high of $13.56. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.20. The stock’s 50-day moving average is $11.42 and its 200-day moving average is $11.76.

Analysts Set New Price Targets

AVDX has been the topic of several recent research reports. UBS Group cut shares of AvidXchange from a “buy” rating to a “neutral” rating and lowered their price target for the company from $15.00 to $10.00 in a research report on Thursday. Piper Sandler lowered their price target on shares of AvidXchange from $14.00 to $12.00 and set a “neutral” rating on the stock in a research report on Friday, April 12th. Keefe, Bruyette & Woods lowered their price target on shares of AvidXchange from $13.50 to $11.00 and set a “market perform” rating on the stock in a research report on Thursday. The Goldman Sachs Group lowered their price target on shares of AvidXchange from $11.50 to $9.00 and set a “sell” rating on the stock in a research report on Thursday. 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. One research analyst has rated the stock with a sell rating, six have given a hold rating and six have given a buy rating to the stock. According to MarketBeat, AvidXchange has an average rating of “Hold” and an average target price of $12.00.

Insider Transactions at AvidXchange

In related news, President Daniel Drees sold 13,762 shares of the company’s stock in a transaction that occurred on Wednesday, May 15th. The shares were sold at an average price of $11.24, for a total transaction of $154,684.88. Following the sale, the president now directly owns 758,406 shares in the company, valued at $8,524,483.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, President Daniel Drees sold 13,762 shares of the company’s stock in a transaction that occurred on Wednesday, May 15th. The shares were sold at an average price of $11.24, for a total transaction of $154,684.88. Following the sale, the president now directly owns 758,406 shares in the company, valued at $8,524,483.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Joel Wilhite sold 12,363 shares of the company’s stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $11.24, for a total transaction of $138,960.12. Following the sale, the insider now owns 466,491 shares in the company, valued at $5,243,358.84. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 152,897 shares of company stock valued at $1,695,238. 10.30% of the stock is currently owned by corporate 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.