AvidXchange (NASDAQ:AVDX) Earns "Sell (D-)" Rating from Weiss Ratings

Key Points

• AvidXchange's stock has received a "sell (D-)" rating from Weiss Ratings, indicating potential concerns about its performance in the market.
• In its latest earnings report, AvidXchange missed analysts' consensus estimates by reporting $0.05 per share, while revenues were slightly above expectations at $110.57 million.
• Approximately 80.58% of AvidXchange's stock is currently held by institutional investors, reflecting strong interest from major financial players.

AvidXchange (NASDAQ:AVDX - Get Free Report)'s stock had its "sell (d-)" rating reiterated by equities research analysts at Weiss Ratings in a report issued on Wednesday,Weiss Ratings reports.

AvidXchange Stock Performance

Shares of AVDX stock remained flat at $9.95 during trading hours on Wednesday. The stock had a trading volume of 848,595 shares, compared to its average volume of 2,600,930. AvidXchange has a 52 week low of $6.61 and a 52 week high of $11.68. The company has a market cap of $2.07 billion, a price-to-earnings ratio of -198.96 and a beta of 1.20. The stock's 50 day moving average is $9.92 and its two-hundred day moving average is $9.41. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.33 and a quick ratio of 1.33.

AvidXchange (NASDAQ:AVDX - Get Free Report) last announced its earnings results on Wednesday, August 6th. The company reported $0.05 earnings per share for the quarter, missing analysts' consensus estimates of $0.06 by ($0.01). The business had revenue of $110.57 million during the quarter, compared to analyst estimates of $110.18 million. AvidXchange had a negative net margin of 1.80% and a positive return on equity of 1.15%. The business's quarterly revenue was up 5.2% compared to the same quarter last year. During the same quarter last year, the business posted $0.05 earnings per share. On average, sell-side analysts expect that AvidXchange will post 0.02 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. Wealth Enhancement Advisory Services LLC increased its holdings in shares of AvidXchange by 25.9% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 16,629 shares of the company's stock valued at $172,000 after purchasing an additional 3,418 shares during the last quarter. SG Americas Securities LLC lifted its position in AvidXchange by 208.9% during the first quarter. SG Americas Securities LLC now owns 35,947 shares of the company's stock worth $305,000 after acquiring an additional 24,309 shares during the last quarter. Public Employees Retirement System of Ohio acquired a new stake in AvidXchange during the second quarter worth approximately $818,000. Envestnet Asset Management Inc. lifted its position in AvidXchange by 6.4% during the first quarter. Envestnet Asset Management Inc. now owns 494,944 shares of the company's stock worth $4,197,000 after acquiring an additional 29,781 shares during the last quarter. Finally, Vanguard Group Inc. grew its holdings in AvidXchange by 0.7% in the 1st quarter. Vanguard Group Inc. now owns 18,236,837 shares of the company's stock valued at $154,648,000 after buying an additional 126,786 shares in the last quarter. 80.58% of the stock is currently owned by institutional investors and hedge funds.

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.

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