AvidXchange (AVDX) Scheduled to Post Earnings on Wednesday

AvidXchange (NASDAQ:AVDX) will release its earnings data before the market opens on Wednesday, May 8th. Analysts expect AvidXchange to post earnings of $0.03 per share for the quarter. Persons that are interested in registering for the company’s earnings conference call can do so using this link.

AvidXchange Stock Performance

NASDAQ:AVDX opened at $11.66 on Wednesday. The company has a fifty day simple moving average of $12.37 and a two-hundred day simple moving average of $11.30. The company has a market cap of $2.38 billion, a price-to-earnings ratio of -50.69 and a beta of 1.04. The company has a quick ratio of 1.25, a current ratio of 1.25 and a debt-to-equity ratio of 0.20. AvidXchange has a 52 week low of $6.88 and a 52 week high of $13.56.

Insider Activity

In related news, insider Todd Alan Cunningham sold 11,340 shares of the stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $13.00, for a total transaction of $147,420.00. Following the completion of the transaction, the insider now directly owns 173,019 shares of the company’s stock, valued at $2,249,247. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, President Daniel Drees sold 17,604 shares of the stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $13.02, for a total transaction of $229,204.08. Following the completion of the transaction, the president now directly owns 750,744 shares of the company’s stock, valued at $9,774,686.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Todd Alan Cunningham sold 11,340 shares of the 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 $2,249,247. The disclosure for this sale can be found here. Over the last three months, insiders sold 3,010,167 shares of company stock valued at $39,077,190. Insiders own 10.30% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on AVDX shares. Susquehanna boosted their target price on shares of AvidXchange from $15.00 to $16.00 and gave the stock a “positive” rating in a research note on Thursday, February 29th. The Goldman Sachs Group reiterated a “sell” rating and set a $11.50 target price (down previously from $13.00) on shares of AvidXchange in a research note on Monday, April 15th. JPMorgan Chase & Co. upped their price objective on shares of AvidXchange from $14.00 to $15.00 and gave the company an “overweight” rating in a research note on Thursday, February 29th. Piper Sandler decreased their price objective on shares of AvidXchange from $14.00 to $12.00 and set a “neutral” rating for the company in a research note on Friday, April 12th. Finally, BMO Capital Markets upped their price objective on shares of AvidXchange from $11.00 to $13.00 and gave the company a “market perform” rating in a research note on Thursday, February 29th. One analyst has rated the stock with a sell rating, five have issued a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, AvidXchange currently has a consensus rating of “Hold” and a consensus target price of $13.07.

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.