AvidXchange (NASDAQ:AVDX) Updates FY24 Earnings Guidance

AvidXchange (NASDAQ:AVDX) issued an update on its FY24 earnings guidance on Wednesday morning. The company provided EPS guidance of $0.24-$0.25 for the period, compared to the consensus EPS estimate of $0.24. The company issued revenue guidance of $437-$439 million, compared to the consensus revenue estimate of $436.50 million. AvidXchange also updated its FY 2024 guidance to 0.240-0.250 EPS.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. Barclays reduced their price target on AvidXchange from $14.00 to $10.00 and set an “overweight” rating on the stock in a research report on Monday, August 5th. Keefe, Bruyette & Woods cut their price target on shares of AvidXchange from $13.50 to $11.00 and set a “market perform” rating on the stock in a report on Thursday, August 1st. Susquehanna decreased their price objective on shares of AvidXchange from $16.00 to $14.00 and set a “positive” rating for the company in a report on Thursday, August 1st. Bank of America cut their target price on shares of AvidXchange from $12.00 to $8.00 and set an “underperform” rating on the stock in a research note on Tuesday, October 15th. Finally, JPMorgan Chase & Co. lowered shares of AvidXchange from an “overweight” rating to a “neutral” rating and lowered their price objective for the stock from $11.00 to $9.00 in a report on Tuesday, August 20th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $10.57.

AvidXchange Trading Up 8.5 %

AvidXchange stock opened at $9.22 on Wednesday. AvidXchange has a 12 month low of $7.38 and a 12 month high of $13.56. The company has a current ratio of 1.36, a quick ratio of 1.36 and a debt-to-equity ratio of 0.19. The business’s fifty day simple moving average is $8.07 and its two-hundred day simple moving average is $9.84. The company has a market capitalization of $1.92 billion, a price-to-earnings ratio of -141.67 and a beta of 1.00.

Insider Activity at AvidXchange

In other news, CEO Michael Praeger sold 6,701 shares of the stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $8.17, for a total transaction of $54,747.17. Following the sale, the chief executive officer now owns 10,410,983 shares in the company, valued at $85,057,731.11. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other news, insider Joel Wilhite sold 18,028 shares of AvidXchange stock in a transaction that occurred on Tuesday, August 27th. The shares were 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 directly owns 419,636 shares in the company, valued at $3,348,695.28. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Michael Praeger sold 6,701 shares of the business’s stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $8.17, for a total transaction 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 $85,057,731.11. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 166,386 shares of company stock valued at $1,343,044. 10.40% of the stock is owned by insiders.

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.