AvidXchange (AVDX) to Release Quarterly Earnings on Wednesday

AvidXchange (NASDAQ:AVDX) is scheduled to be issuing its quarterly 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. Parties that are interested in registering for the company’s conference call can do so using this link.

AvidXchange Price Performance

AVDX opened at $12.14 on Tuesday. The stock has a 50-day moving average price of $12.37 and a 200-day moving average price of $11.38. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.25 and a quick ratio of 1.25. The firm has a market cap of $2.51 billion, a PE ratio of -52.78 and a beta of 1.07. AvidXchange has a 1 year low of $6.88 and a 1 year high of $13.56.

Wall Street Analysts Forecast Growth

AVDX has been the subject of several recent analyst reports. JPMorgan Chase & Co. lifted their price target on AvidXchange from $14.00 to $15.00 and gave the stock an “overweight” rating in a research report on Thursday, February 29th. BMO Capital Markets lifted their price objective on AvidXchange from $11.00 to $13.00 and gave the stock a “market perform” rating in a report on Thursday, February 29th. Susquehanna lifted their price objective on AvidXchange from $15.00 to $16.00 and gave the stock a “positive” rating in a report on Thursday, February 29th. Keefe, Bruyette & Woods initiated coverage on AvidXchange in a report on Tuesday, April 9th. They issued a “market perform” rating and a $13.50 price objective for the company. Finally, The Goldman Sachs Group reiterated a “sell” rating and issued a $11.50 price objective (down from $13.00) on shares of AvidXchange in a report on Monday, April 15th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $13.14.

Insider Buying and Selling at AvidXchange

In other news, insider Todd Alan Cunningham sold 11,340 shares of AvidXchange stock in a transaction dated 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 directly owns 173,019 shares of the company’s stock, valued at approximately $2,249,247. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, insider Todd Alan Cunningham sold 11,340 shares of the business’s stock in a transaction that occurred on Wednesday, February 28th. The stock was sold at an average price of $13.00, for a total value of $147,420.00. Following the transaction, the insider now directly owns 173,019 shares of the company’s stock, valued at approximately $2,249,247. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Ryan Stahl sold 4,217 shares of the business’s stock in a transaction that occurred on Monday, March 18th. The stock was sold at an average price of $12.43, for a total value of $52,417.31. Following the completion of the transaction, the insider now directly owns 384,588 shares in the company, valued at $4,780,428.84. The disclosure for this sale can be found here. Insiders sold a total of 3,010,167 shares of company stock worth $39,077,190 in the last three months. 10.30% of the stock is currently owned by company insiders.

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.