AvidXchange (NASDAQ:AVDX) Releases 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.

AvidXchange Price Performance

AvidXchange stock opened at $10.07 on Friday. AvidXchange has a 52 week low of $7.38 and a 52 week high of $13.56. The company’s 50 day moving average price is $8.18 and its two-hundred day moving average price is $9.83. The stock has a market cap of $2.09 billion, a P/E ratio of -167.83 and a beta of 1.00. The company has a quick ratio of 1.36, a current ratio of 1.36 and a debt-to-equity ratio of 0.19.

Analysts Set New Price Targets

A number of brokerages have issued reports on AVDX. Keefe, Bruyette & Woods upped their price objective on AvidXchange from $9.00 to $10.00 and gave the company a “market perform” rating in a research note on Thursday. Robert W. Baird decreased 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, August 1st. Compass Point raised shares of AvidXchange from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $8.00 to $15.00 in a research report on Thursday. The Goldman Sachs Group increased their target price on shares of AvidXchange from $7.00 to $9.00 and gave the company a “sell” rating in a research report on Thursday. Finally, Susquehanna lowered their price target on shares of AvidXchange from $16.00 to $14.00 and set a “positive” rating on the stock in a report on Thursday, August 1st. Two analysts have rated the stock with a sell rating, six have issued a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $11.18.

Insider Activity

In other AvidXchange news, President Daniel Drees sold 20,069 shares of the firm’s stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $7.98, for a total value of $160,150.62. Following the completion of the transaction, the president now directly owns 753,644 shares of the company’s stock, valued at $6,014,079.12. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other AvidXchange news, insider Ryan Stahl sold 7,427 shares of the business’s stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $8.58, for a total value of $63,723.66. Following the completion of the transaction, the insider now owns 369,603 shares of the company’s stock, valued at $3,171,193.74. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, President Daniel Drees sold 20,069 shares of the stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $7.98, for a total transaction of $160,150.62. Following the completion of the transaction, the president now directly owns 753,644 shares in the company, valued at $6,014,079.12. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 166,386 shares of company stock worth $1,343,044. 10.40% of the stock is 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.