AvidXchange (AVDX) Projected to Post Earnings on Wednesday

AvidXchange (NASDAQ:AVDX) is expected to issue its quarterly earnings data before the market opens on Wednesday, February 26th. Analysts expect the company to announce earnings of $0.06 per share for the quarter. Individual that are interested in participating in the company’s earnings conference call can do so using this link.

AvidXchange Stock Performance

NASDAQ AVDX opened at $9.22 on Monday. The company has a market cap of $1.90 billion, a P/E ratio of 474.50 and a beta of 1.22. The company has a fifty 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 12-month low of $7.38 and a 12-month high of $13.56.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the stock. Wells Fargo & Company lifted their price objective on shares of AvidXchange from $9.00 to $10.00 and gave the company an “equal weight” rating in a report on Thursday, November 7th. The Goldman Sachs Group lifted their price target on AvidXchange from $9.00 to $10.00 and gave the company a “sell” rating in a research note on Monday, December 2nd. Barclays increased their price objective on AvidXchange from $11.00 to $13.00 and gave the stock an “overweight” rating in a research note on Monday, November 18th. UBS Group lifted their target price on AvidXchange from $10.00 to $10.50 and gave the company a “neutral” rating in a research report on Thursday, November 7th. Finally, Keefe, Bruyette & Woods lowered their price target 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. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average 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 firm’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 transaction of $281,250.00. Following the completion of the sale, the director now owns 2,112,232 shares in the company, valued at $23,762,610. This trade represents a 1.17 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Michael Praeger sold 42,377 shares of AvidXchange 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 sale, the chief executive officer now directly owns 10,381,033 shares in the company, valued at $118,343,776.20. This trade represents a 0.41 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 80,693 shares of company stock valued at $916,683. 10.40% of the stock is owned by 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.