AvidXchange (AVDX) to Release Quarterly Earnings on Wednesday

AvidXchange (NASDAQ:AVDX) is anticipated to announce its earnings results before the market opens on Wednesday, February 26th. Analysts expect the company to announce earnings of $0.06 per share for the quarter. Investors that wish to register for the company’s conference call can do so using this link.

AvidXchange Stock Down 2.8 %

AvidXchange stock opened at $9.22 on Monday. The firm has a 50 day simple moving average of $10.31 and a 200 day simple moving average of $9.40. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.11. AvidXchange has a 1-year low of $7.38 and a 1-year high of $13.56. The firm has a market capitalization of $1.90 billion, a price-to-earnings ratio of 474.50 and a beta of 1.22.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on AVDX shares. BMO Capital Markets boosted their price objective on AvidXchange from $10.00 to $11.00 and gave the company a “market perform” rating in a research note on Friday, November 8th. Piper Sandler upped their price target on AvidXchange from $9.00 to $10.00 and gave the company a “neutral” rating in a research report on Thursday, November 7th. Barclays increased their price target on shares of AvidXchange from $11.00 to $13.00 and gave the stock an “overweight” rating in a report on Monday, November 18th. Keefe, Bruyette & Woods reduced their price objective on shares of AvidXchange from $12.00 to $11.00 and set a “market perform” rating for the company in a research note on Monday, January 6th. Finally, KeyCorp increased their target price on shares of AvidXchange from $12.00 to $13.00 and gave the stock an “overweight” rating in a research note on Thursday, December 5th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $11.61.

Insider Buying and Selling

In other news, Director James E. Hausman sold 25,000 shares of the company’s stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $11.25, for a total value of $281,250.00. Following the completion of the transaction, the director now directly owns 2,112,232 shares in the company, valued at approximately $23,762,610. This represents a 1.17 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Michael Praeger sold 42,377 shares of the stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $11.40, for a total value of $483,097.80. Following the transaction, the chief executive officer now owns 10,381,033 shares in the company, valued at $118,343,776.20. This trade represents a 0.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 80,693 shares of company stock worth $916,683. Corporate insiders own 10.40% of the company’s stock.

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.