AvidXchange (NASDAQ:AVDX) Releases FY 2024 Earnings Guidance

AvidXchange (NASDAQ:AVDX) issued an update on its FY 2024 earnings guidance on Wednesday morning. The company provided EPS guidance of 0.240-0.250 for the period, compared to the consensus EPS estimate of 0.250. The company issued revenue guidance of $437.0 million-$439.0 million, compared to the consensus revenue estimate of $437.2 million. AvidXchange also updated its FY24 guidance to $0.24-$0.25 EPS.

AvidXchange Stock Performance

AVDX stock traded up $1.18 during midday trading on Wednesday, reaching $9.68. The stock had a trading volume of 4,442,423 shares, compared to its average volume of 2,069,259. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.36 and a current ratio of 1.36. The firm has a fifty day simple moving average of $8.10 and a two-hundred day simple moving average of $9.84. The stock has a market cap of $2.01 billion, a PE ratio of -161.33 and a beta of 1.00. AvidXchange has a 52-week low of $7.38 and a 52-week high of $13.56.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the company. Wells Fargo & Company decreased their target price on AvidXchange from $10.00 to $9.00 and set an “equal weight” rating for the company in a report on Monday, October 21st. JPMorgan Chase & Co. downgraded shares of AvidXchange from an “overweight” rating to a “neutral” rating and dropped their price objective for the company from $11.00 to $9.00 in a report on Tuesday, August 20th. BMO Capital Markets reduced their target price on shares of AvidXchange from $13.00 to $10.00 and set a “market perform” rating for the company in a report on Thursday, August 1st. 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 report on Thursday, August 1st. Finally, The Goldman Sachs Group reduced their price objective on AvidXchange from $9.00 to $7.00 and set a “sell” rating for the company in a research note on Monday, October 14th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $10.57.

Insider Buying and Selling at AvidXchange

In related news, CEO Michael Praeger sold 6,701 shares of AvidXchange stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $8.17, for a total value of $54,747.17. Following 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Michael Praeger sold 6,701 shares of the firm’s stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $8.17, for a total value of $54,747.17. Following the transaction, the chief executive officer now directly 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 sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Joel Wilhite sold 18,028 shares of AvidXchange stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $7.98, for a total value of $143,863.44. Following the completion of the sale, the insider now owns 419,636 shares in the company, valued at approximately $3,348,695.28. 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 three months, insiders have sold 166,386 shares of company stock valued at $1,343,044. Company insiders own 10.40% of the company’s stock.

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.