AvidXchange (AVDX) to Release Quarterly Earnings on Wednesday

AvidXchange (NASDAQ:AVDX) is scheduled to be releasing its earnings data before the market opens on Wednesday, May 8th. Analysts expect the company to announce earnings of $0.03 per share for the quarter. Investors that are interested in participating in the company’s conference call can do so using this link.

AvidXchange Stock Up 0.2 %

AVDX opened at $12.14 on Tuesday. The company has a market cap of $2.51 billion, a PE ratio of -52.78 and a beta of 1.07. The company has a quick ratio of 1.25, a current ratio of 1.25 and a debt-to-equity ratio of 0.20. The business has a 50 day moving average price of $12.37 and a two-hundred day moving average price of $11.38. AvidXchange has a 52 week low of $6.88 and a 52 week high of $13.56.

Insiders Place Their Bets

In other AvidXchange news, insider Todd Alan Cunningham sold 11,340 shares of the stock in a transaction on Wednesday, February 28th. The stock was sold at an average price of $13.00, for a total transaction of $147,420.00. Following the transaction, the insider now owns 173,019 shares of the company’s stock, valued at approximately $2,249,247. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, Director Matthew C. Harris sold 2,500,000 shares of the stock in a transaction on Thursday, February 29th. The stock was sold at an average price of $13.03, for a total value of $32,575,000.00. Following the transaction, the director now directly owns 9,139,898 shares of the company’s stock, valued at approximately $119,092,870.94. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Todd Alan Cunningham sold 11,340 shares of the firm’s stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $13.00, for a total value of $147,420.00. Following the completion of the transaction, the insider now directly owns 173,019 shares in the company, valued at $2,249,247. The disclosure for this sale can be found here. Insiders have sold a total of 3,010,167 shares of company stock valued at $39,077,190 in the last quarter. 10.30% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several research firms have issued reports on AVDX. Piper Sandler dropped their target price on AvidXchange from $14.00 to $12.00 and set a “neutral” rating on the stock in a research report on Friday, April 12th. JPMorgan Chase & Co. boosted their price target on AvidXchange from $14.00 to $15.00 and gave the stock an “overweight” rating in a research note on Thursday, February 29th. The Goldman Sachs Group reaffirmed a “sell” rating and issued a $11.50 target price (down previously from $13.00) on shares of AvidXchange in a research note on Monday, April 15th. Keefe, Bruyette & Woods began coverage on AvidXchange in a research note on Tuesday, April 9th. They issued a “market perform” rating and a $13.50 target price on the stock. Finally, Susquehanna upped their target price on AvidXchange from $15.00 to $16.00 and gave the company a “positive” rating in a research note on Thursday, February 29th. One analyst has rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $13.14.

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.