AvidXchange (AVDX) to Release Quarterly Earnings on Wednesday

AvidXchange (NASDAQ:AVDX) is scheduled to announce its earnings results before the market opens on Wednesday, November 6th. Analysts expect the company to announce earnings of $0.07 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

Shares of AVDX opened at $8.38 on Tuesday. The stock has a 50 day moving average of $8.06 and a 200 day moving average of $9.86. The company has a current ratio of 1.36, a quick ratio of 1.36 and a debt-to-equity ratio of 0.19. AvidXchange has a 12 month low of $7.38 and a 12 month high of $13.56. The company has a market capitalization of $1.74 billion, a price-to-earnings ratio of -139.67 and a beta of 1.00.

Insider Buying and Selling at AvidXchange

In other AvidXchange news, insider Ryan Stahl sold 7,621 shares of the company’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $8.13, for a total value of $61,958.73. Following the sale, the insider now owns 377,030 shares in the company, valued at approximately $3,065,253.90. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other AvidXchange news, insider Ryan Stahl sold 7,621 shares of the business’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $8.13, for a total transaction of $61,958.73. Following the completion of the sale, the insider now directly owns 377,030 shares in the company, valued at approximately $3,065,253.90. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Joel Wilhite sold 18,028 shares of the stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $7.98, for a total value of $143,863.44. Following the completion of the transaction, the insider now directly owns 419,636 shares of the company’s stock, valued at approximately $3,348,695.28. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 166,386 shares of company stock valued at $1,343,044. 10.40% of the stock is owned by insiders.

Analyst Ratings Changes

A number of research analysts have weighed in on the company. The Goldman Sachs Group reduced their target price on AvidXchange from $9.00 to $7.00 and set a “sell” rating for the company in a report on Monday, October 14th. KeyCorp cut their price objective on AvidXchange from $15.00 to $12.00 and set an “overweight” rating for the company in a report on Thursday, August 1st. BMO Capital Markets dropped their target price on shares of AvidXchange from $13.00 to $10.00 and set a “market perform” rating for the company in a research report on Thursday, August 1st. Bank of America lowered their price objective on shares of AvidXchange from $12.00 to $8.00 and set an “underperform” rating on the stock in a research report on Tuesday, October 15th. Finally, Keefe, Bruyette & Woods reduced their target price on AvidXchange from $13.50 to $11.00 and set a “market perform” rating on the stock in a research note on Thursday, August 1st. Two analysts have rated the stock with a sell rating, seven have given a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $10.57.

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.