AvidXchange (NASDAQ:AVDX) Announces Quarterly Earnings Results

AvidXchange (NASDAQ:AVDXGet Rating) released its quarterly earnings data on Wednesday. The company reported -0.07 earnings per share (EPS) for the quarter, beating the consensus estimate of -0.13 by 0.06, Fidelity Earnings reports. AvidXchange had a negative return on equity of 33.45% and a negative net margin of 56.17%. AvidXchange updated its FY 2022 guidance to EPS.

AvidXchange Trading Down 0.7 %

Shares of AVDX stock traded down 0.06 during trading hours on Friday, reaching 7.98. The company’s stock had a trading volume of 1,554,600 shares, compared to its average volume of 1,861,917. The firm’s 50 day simple moving average is 7.22 and its 200-day simple moving average is 8.32. AvidXchange has a fifty-two week low of 5.86 and a fifty-two week high of 27.43. The company has a current ratio of 1.49, a quick ratio of 1.49 and a debt-to-equity ratio of 0.26.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. Credit Suisse Group upped their price objective on AvidXchange from $10.50 to $11.00 and gave the company an “outperform” rating in a research note on Thursday. Piper Sandler upped their price objective on AvidXchange from $11.00 to $12.00 and gave the company an “overweight” rating in a research note on Thursday. Robert W. Baird dropped their price objective on AvidXchange from $16.00 to $12.00 in a research note on Friday, July 15th. Deutsche Bank Aktiengesellschaft lowered their target price on AvidXchange from $16.00 to $13.00 in a research note on Monday, May 9th. Finally, Morgan Stanley began coverage on AvidXchange in a research report on Thursday, April 28th. They set an “equal weight” rating and a $9.00 price target on the stock. Two equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, AvidXchange presently has an average rating of “Moderate Buy” and an average price target of 16.27.

Institutional Investors Weigh In On AvidXchange

A number of large investors have recently modified their holdings of AVDX. Neuberger Berman Group LLC lifted its stake in shares of AvidXchange by 31.6% in the 1st quarter. Neuberger Berman Group LLC now owns 4,324,233 shares of the company’s stock valued at $34,647,000 after acquiring an additional 1,039,536 shares during the last quarter. Federated Hermes Inc. lifted its stake in shares of AvidXchange by 66.7% in the 1st quarter. Federated Hermes Inc. now owns 2,500,000 shares of the company’s stock valued at $20,125,000 after acquiring an additional 1,000,000 shares during the last quarter. Goldman Sachs Group Inc. lifted its stake in shares of AvidXchange by 8,560.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,196,063 shares of the company’s stock valued at $9,628,000 after acquiring an additional 1,182,253 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in shares of AvidXchange by 21.2% in the 1st quarter. Bank of New York Mellon Corp now owns 1,103,712 shares of the company’s stock valued at $8,885,000 after acquiring an additional 192,843 shares during the last quarter. Finally, Lord Abbett & CO. LLC bought a new position in shares of AvidXchange in the 1st quarter valued at $6,484,000. Institutional investors and hedge funds own 64.58% of the company’s stock.

About AvidXchange

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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 cash flow manager that provides cash management solutions.

Further Reading

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