AvidXchange (NASDAQ:AVDX) Posts Earnings Results, Beats Expectations By $0.06 EPS

AvidXchange (NASDAQ:AVDXGet Rating) issued its quarterly earnings results on Wednesday. The company reported -0.07 earnings per share for the quarter, beating analysts’ consensus estimates of -0.13 by 0.06, Fidelity Earnings reports. AvidXchange had a negative return on equity of 33.45% and a negative net margin of 56.17%. AvidXchange updated its FY 2022 guidance to EPS.

AvidXchange Stock Performance

AVDX stock traded down 0.06 during trading on Friday, reaching 7.98. 1,554,600 shares of the company’s stock were exchanged, compared to its average volume of 1,612,191. The company has a quick ratio of 1.49, a current ratio of 1.49 and a debt-to-equity ratio of 0.26. AvidXchange has a 1-year low of 5.86 and a 1-year high of 27.43. The company’s fifty day moving average price is 7.22 and its 200-day moving average price is 8.32. The firm has a market cap of $1.58 billion and a PE ratio of -5.54.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in AVDX. Envestnet Asset Management Inc. boosted its position in AvidXchange by 80.2% during the 1st quarter. Envestnet Asset Management Inc. now owns 19,378 shares of the company’s stock worth $156,000 after acquiring an additional 8,624 shares during the period. JPMorgan Chase & Co. boosted its position in AvidXchange by 14.0% during the 1st quarter. JPMorgan Chase & Co. now owns 24,188 shares of the company’s stock worth $195,000 after acquiring an additional 2,979 shares during the period. Rhumbline Advisers lifted its holdings in shares of AvidXchange by 42.1% in the first quarter. Rhumbline Advisers now owns 25,380 shares of the company’s stock valued at $204,000 after buying an additional 7,516 shares during the period. Graham Capital Management L.P. lifted its holdings in shares of AvidXchange by 219.4% in the first quarter. Graham Capital Management L.P. now owns 38,870 shares of the company’s stock valued at $312,000 after buying an additional 26,701 shares during the period. Finally, Quantbot Technologies LP lifted its holdings in shares of AvidXchange by 7,849.9% in the first quarter. Quantbot Technologies LP now owns 42,373 shares of the company’s stock valued at $341,000 after buying an additional 41,840 shares during the period. Institutional investors and hedge funds own 64.58% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on AVDX shares. KeyCorp lowered their price target on AvidXchange from $14.00 to $10.00 and set an “overweight” rating for the company in a report on Thursday, July 7th. Robert W. Baird lowered their price target on AvidXchange from $16.00 to $12.00 in a report on Friday, July 15th. Credit Suisse Group boosted their price target on AvidXchange from $10.50 to $11.00 and gave the company an “outperform” rating in a report on Thursday. Deutsche Bank Aktiengesellschaft lowered their price target on AvidXchange from $16.00 to $13.00 in a report on Monday, May 9th. Finally, Morgan Stanley initiated coverage on AvidXchange in a research report on Thursday, April 28th. They set an “equal weight” rating and a $9.00 price objective for the company. Two research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of 16.27.

AvidXchange Company Profile

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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 cash flow manager that provides cash management solutions.

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