AvidXchange (AVDX) to Release Quarterly Earnings on Wednesday

AvidXchange (NASDAQ:AVDX) is projected 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 interested in participating in the company’s conference call can do so using this link.

AvidXchange Price Performance

NASDAQ:AVDX opened at $9.12 on Tuesday. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.11. The business’s 50-day simple moving average is $10.31 and its two-hundred day simple moving average is $9.42. The stock has a market cap of $1.88 billion, a PE ratio of 474.50 and a beta of 1.22. AvidXchange has a 52 week low of $7.38 and a 52 week high of $13.56.

Insider Buying and Selling

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

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on AVDX. Wells Fargo & Company raised their price objective on AvidXchange from $9.00 to $10.00 and gave the company an “equal weight” rating in a research report on Thursday, November 7th. Keefe, Bruyette & Woods cut their price objective on AvidXchange from $12.00 to $11.00 and set a “market perform” rating for the company in a research report on Monday, January 6th. BTIG Research began coverage on AvidXchange in a research report on Wednesday, December 11th. They set a “buy” rating and a $14.00 price objective for the company. BMO Capital Markets raised their price objective on AvidXchange from $10.00 to $11.00 and gave the company a “market perform” rating in a research report on Friday, November 8th. Finally, Compass Point upgraded AvidXchange from a “neutral” rating to a “buy” rating and raised their price objective for the company from $8.00 to $15.00 in a research report on Thursday, November 7th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $11.61.

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.