AvidXchange (AVDX) Projected to Post Earnings on Wednesday

AvidXchange (NASDAQ:AVDX) is expected to release its earnings data before the market opens on Wednesday, February 26th. Analysts expect AvidXchange to post earnings of $0.06 per share for the quarter. Persons that wish to listen to the company’s earnings conference call can do so using this link.

AvidXchange Stock Performance

AVDX opened at $9.96 on Wednesday. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.11. The company has a market cap of $2.05 billion, a price-to-earnings ratio of 534.50 and a beta of 1.22. AvidXchange has a 52-week low of $7.38 and a 52-week high of $13.56. The firm’s fifty day simple moving average is $10.43 and its two-hundred day simple moving average is $9.36.

Insider Buying and Selling at AvidXchange

In other AvidXchange news, CEO Michael Praeger sold 42,377 shares of AvidXchange stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $11.40, for a total transaction of $483,097.80. Following the completion of the sale, the chief executive officer now directly owns 10,381,033 shares in the company, valued at $118,343,776.20. This trade represents a 0.41 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director James E. Hausman sold 25,000 shares of AvidXchange stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $11.25, for a total transaction of $281,250.00. Following the sale, the director now owns 2,112,232 shares of the company’s stock, valued at approximately $23,762,610. This represents a 1.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 80,693 shares of company stock worth $916,683 over the last three months. Insiders own 10.40% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently commented on AVDX shares. Barclays increased their target price on shares of AvidXchange from $11.00 to $13.00 and gave the company an “overweight” rating in a research report on Monday, November 18th. KeyCorp increased their target price on shares of AvidXchange from $12.00 to $13.00 and gave the company an “overweight” rating in a research report on Thursday, December 5th. The Goldman Sachs Group increased their target price on shares of AvidXchange from $9.00 to $10.00 and gave the company a “sell” rating in a research report on Monday, December 2nd. Wells Fargo & Company increased their target price on shares of AvidXchange from $9.00 to $10.00 and gave the company an “equal weight” rating in a research report on Thursday, November 7th. Finally, Piper Sandler increased their target price on shares of AvidXchange from $9.00 to $10.00 and gave the company a “neutral” rating in a research report on Thursday, November 7th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $11.61.

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.