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

AvidXchange (NASDAQ:AVDX) posted its earnings results on Wednesday. The company reported $0.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.04 by $0.01, Briefing.com reports. The business had revenue of $105.30 million for 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% on a year-over-year basis. During the same period in the prior year, the company posted ($0.05) EPS. AvidXchange updated its FY 2024 guidance to EPS.

AvidXchange Stock Performance

Shares of NASDAQ AVDX traded down $0.45 during midday trading on Friday, reaching $7.80. 7,916,570 shares of the stock were exchanged, compared to its average volume of 3,083,959. The company has a 50 day simple moving average of $11.42 and a 200 day simple moving average of $11.76. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.20. AvidXchange has a twelve month low of $6.88 and a twelve month high of $13.56.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on AVDX. Wells Fargo & Company decreased their price target on shares of AvidXchange from $13.00 to $10.00 and set an “equal weight” rating on the stock in a research note on Thursday. Susquehanna decreased their price target on shares of AvidXchange from $16.00 to $14.00 and set a “positive” rating on the stock in a research note on Thursday. BMO Capital Markets decreased their price target on shares of AvidXchange from $13.00 to $10.00 and set a “market perform” rating on the stock in a research note on Thursday. The Goldman Sachs Group decreased their price target on shares of AvidXchange from $11.50 to $9.00 and set a “sell” rating on the stock in a research note on Thursday. Finally, Robert W. Baird cut their price objective on shares of AvidXchange from $16.00 to $14.00 and set an “outperform” rating for the company in a report on Thursday. One investment analyst has rated the stock with a sell rating, six have given a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $12.00.

Insider Transactions at AvidXchange

In other news, President Daniel Drees sold 13,762 shares of the firm’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 completion of the sale, the president now owns 758,406 shares in the company, valued at approximately $8,524,483.44. The sale 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 AvidXchange stock in a transaction that occurred on Wednesday, May 15th. The shares were sold at an average price of $11.24, for a total value of $154,684.88. Following the completion of the sale, the president now owns 758,406 shares in the company, valued at approximately $8,524,483.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Todd Alan Cunningham sold 28,424 shares of AvidXchange stock in a transaction that occurred on Thursday, May 23rd. The shares were sold at an average price of $11.02, for a total transaction of $313,232.48. Following the completion of the sale, the insider now owns 336,017 shares of the company’s stock, valued at approximately $3,702,907.34. The disclosure for this sale can be found here. Insiders sold 152,897 shares of company stock worth $1,695,238 in the last 90 days. Insiders own 10.30% of the company’s stock.

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.