Zacks: Brokerages Anticipate AvidXchange Holdings, Inc. (NASDAQ:AVDX) Will Announce Earnings of -$0.12 Per Share

Brokerages forecast that AvidXchange Holdings, Inc. (NASDAQ:AVDXGet Rating) will post earnings of ($0.12) per share for the current fiscal quarter, according to Zacks Investment Research. Five analysts have issued estimates for AvidXchange’s earnings, with the lowest EPS estimate coming in at ($0.15) and the highest estimate coming in at ($0.11). The firm is scheduled to report its next earnings report on Monday, January 1st.

According to Zacks, analysts expect that AvidXchange will report full year earnings of ($0.47) per share for the current year, with EPS estimates ranging from ($0.58) to ($0.38). For the next year, analysts forecast that the firm will report earnings of ($0.47) per share, with EPS estimates ranging from ($0.53) to ($0.43). Zacks Investment Research’s EPS calculations are an average based on a survey of research firms that that provide coverage for AvidXchange.

AvidXchange (NASDAQ:AVDXGet Rating) last issued its quarterly earnings results on Monday, March 7th. The company reported -0.26 earnings per share (EPS) for the quarter, missing the consensus estimate of -0.11 by -0.15. The company had revenue of 69.27 million during the quarter, compared to analyst estimates of 66.06 million.

Several brokerages recently issued reports on AVDX. KeyCorp cut their price target on AvidXchange from $30.00 to $15.00 and set an “overweight” rating for the company in a research note on Tuesday, January 25th. Deutsche Bank Aktiengesellschaft cut their target price on AvidXchange from $16.00 to $13.00 in a research note on Monday. Morgan Stanley initiated coverage on AvidXchange in a research note on Thursday, April 28th. They set an “equal weight” rating and a $9.00 target price for the company. Piper Sandler cut their target price on AvidXchange from $25.00 to $13.00 and set an “overweight” rating for the company in a research note on Tuesday, March 8th. Finally, Zacks Investment Research upgraded AvidXchange from a “sell” rating to a “hold” rating in a research note on Wednesday, May 4th. Three research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, AvidXchange currently has an average rating of “Buy” and a consensus target price of 17.73.

Shares of AVDX stock opened at 6.25 on Thursday. The company has a current ratio of 1.39, a quick ratio of 1.39 and a debt-to-equity ratio of 0.25. The stock has a 50 day simple moving average of 8.14 and a 200 day simple moving average of 13.27. AvidXchange has a 1 year low of 6.22 and a 1 year high of 27.43.

In related news, insider Michael Praeger acquired 69,500 shares of the firm’s stock in a transaction that occurred on Thursday, March 10th. The stock was acquired at an average cost of 7.11 per share, for a total transaction of 494,145.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Brown Advisory Inc. boosted its position in AvidXchange by 66.1% during the first quarter. Brown Advisory Inc. now owns 815,314 shares of the company’s stock valued at $6,563,000 after acquiring an additional 324,447 shares during the last quarter. Bank of New York Mellon Corp boosted its position in AvidXchange by 21.2% during the first 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. Principal Financial Group Inc. boosted its position in AvidXchange by 13.9% during the first quarter. Principal Financial Group Inc. now owns 637,347 shares of the company’s stock valued at $5,131,000 after acquiring an additional 78,006 shares during the last quarter. Victory Capital Management Inc. bought a new position in shares of AvidXchange during the 1st quarter worth about $150,000. Finally, Los Angeles Capital Management LLC bought a new position in shares of AvidXchange during the 1st quarter worth about $139,000. Institutional investors and hedge funds own 64.58% of the company’s stock.

About AvidXchange (Get Rating)

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.

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