AvidXchange (NASDAQ:AVDX) Hits New 52-Week Low Following Weak Earnings

AvidXchange Holdings, Inc. (NASDAQ:AVDX)’s share price reached a new 52-week low on Thursday following a dissappointing earnings announcement. The company traded as low as $6.89 and last traded at $7.33, with a volume of 210346 shares trading hands. The stock had previously closed at $7.26.

The company reported $0.03 EPS for the quarter, missing the consensus estimate of $0.06 by ($0.03). The firm had revenue of $115.44 million during the quarter, compared to analysts’ expectations of $114.98 million. AvidXchange had a negative net margin of 0.23% and a positive return on equity of 0.74%.

Wall Street Analyst Weigh In

AVDX has been the subject of a number of analyst reports. Barclays raised their price objective 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. UBS Group raised their target price on shares of AvidXchange from $10.00 to $10.50 and gave the company a “neutral” rating in a research note on Thursday, November 7th. Morgan Stanley decreased their price target on shares of AvidXchange from $11.00 to $8.00 and set an “equal weight” rating on the stock in a research note on Thursday. The Goldman Sachs Group lifted their price target on shares of AvidXchange from $9.00 to $10.00 and gave the stock a “sell” rating in a research note on Monday, December 2nd. Finally, BTIG Research assumed coverage on shares of AvidXchange in a research note on Wednesday, December 11th. They set a “buy” rating and a $14.00 price target on the stock. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $11.03.

Insider Activity at AvidXchange

In related news, CEO Michael Praeger sold 42,377 shares of AvidXchange stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $11.40, for a total value of $483,097.80. Following the sale, the chief executive officer now owns 10,381,033 shares in the company, valued at $118,343,776.20. The trade was a 0.41 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Teresa Mackintosh sold 13,316 shares of AvidXchange stock in a transaction on Friday, December 6th. The shares were sold at an average price of $11.44, for a total transaction of $152,335.04. Following the completion of the sale, the director now owns 47,388 shares in the company, valued at approximately $542,118.72. This trade represents a 21.94 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 80,693 shares of company stock worth $916,683 over the last quarter. Corporate insiders own 10.40% of the company’s stock.

Institutional Trading of AvidXchange

A number of hedge funds have recently modified their holdings of AVDX. Blue Trust Inc. boosted its holdings in shares of AvidXchange by 90.1% during the 4th quarter. Blue Trust Inc. now owns 2,697 shares of the company’s stock valued at $28,000 after buying an additional 1,278 shares in the last quarter. Point72 DIFC Ltd bought a new stake in shares of AvidXchange during the 3rd quarter valued at $37,000. Allspring Global Investments Holdings LLC bought a new stake in shares of AvidXchange during the 3rd quarter valued at $38,000. R Squared Ltd bought a new stake in shares of AvidXchange during the 4th quarter valued at $41,000. Finally, Quarry LP boosted its holdings in shares of AvidXchange by 126.6% during the 4th quarter. Quarry LP now owns 5,518 shares of the company’s stock valued at $57,000 after buying an additional 3,083 shares in the last quarter. Institutional investors own 80.58% of the company’s stock.

AvidXchange Trading Up 1.4 %

The stock has a market cap of $1.51 billion, a P/E ratio of 461.00 and a beta of 1.22. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.11. The stock’s fifty day moving average price is $10.16 and its 200 day moving average price is $9.42.

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.