Brokerages Anticipate AvidXchange Holdings, Inc. (NASDAQ:AVDX) Will Announce Earnings of -$0.13 Per Share

Wall Street analysts expect AvidXchange Holdings, Inc. (NASDAQ:AVDXGet Rating) to announce earnings per share (EPS) of ($0.13) for the current 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 expected to report its next earnings results on Monday, January 1st.

According to Zacks, analysts expect that AvidXchange will report full year earnings of ($0.43) per share for the current fiscal year, with EPS estimates ranging from ($0.51) to ($0.32). For the next fiscal year, analysts expect that the business will report earnings of ($0.45) per share, with EPS estimates ranging from ($0.57) to ($0.30). Zacks’ earnings per share calculations are a mean average based on a survey of sell-side research analysts that cover AvidXchange.

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

AVDX has been the topic of several recent analyst reports. The Goldman Sachs Group lowered AvidXchange from a “buy” rating to a “neutral” rating and reduced their target price for the company from $13.00 to $10.00 in a research report on Friday, April 8th. Piper Sandler reduced their target price on AvidXchange from $25.00 to $13.00 and set an “overweight” rating on the stock in a research report on Tuesday, March 8th. Morgan Stanley initiated coverage on AvidXchange in a research report on Thursday, April 28th. They set an “equal weight” rating and a $9.00 target price on the stock. Credit Suisse Group reduced their target price on AvidXchange from $24.00 to $16.00 and set an “outperform” rating on the stock in a research report on Tuesday, March 8th. Finally, Zacks Investment Research raised AvidXchange from a “hold” rating to a “buy” rating and set a $9.75 target price on the stock in a research report on Wednesday. Two investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of 17.06.

Shares of NASDAQ AVDX traded up 0.44 during mid-day trading on Thursday, reaching 9.44. 92,913 shares of the company were exchanged, compared to its average volume of 1,236,640. The company has a current ratio of 1.49, a quick ratio of 1.49 and a debt-to-equity ratio of 0.26. AvidXchange has a 1 year low of 5.95 and a 1 year high of 27.43. The firm has a 50-day moving average of 8.27 and a 200 day moving average of 11.70.

In other AvidXchange news, insider Michael Praeger purchased 69,500 shares of the stock in a transaction on Thursday, March 10th. The shares were bought at an average price of 7.11 per share, for a total transaction of 494,145.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Hedge funds have recently modified their holdings of the business. HarbourVest Partners LLC purchased a new position in AvidXchange during the first quarter worth approximately $27,272,000. Canada Pension Plan Investment Board boosted its position in AvidXchange by 7.1% during the first quarter. Canada Pension Plan Investment Board now owns 4,886,508 shares of the company’s stock worth $39,336,000 after purchasing an additional 322,000 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund purchased a new position in shares of AvidXchange in the first quarter valued at approximately $2,566,000. HST Ventures LLC purchased a new position in shares of AvidXchange in the first quarter valued at approximately $2,116,000. Finally, Accretive Wealth Partners LLC purchased a new position in shares of AvidXchange in the first quarter valued at approximately $444,000. Institutional investors own 64.58% of the company’s stock.

AvidXchange Company Profile (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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