A better buy-in window may exist right now for AvidXchange Holdings Inc. (AVDX)

AvidXchange Holdings Inc. (NASDAQ: AVDX) stock jumped 8.84% on Friday to $7.88 against a previous-day closing price of $7.24. With 2.04 million shares changed hands, the volume of the stock remained lighter than its average volume of 2.33 million shares. During the session, the Software – Infrastructure company that operates in wider Technology sector, reached to the highest price of $7.99 whereas the lowest price it dropped to was $7.33. The 52-week range on AVDX shows that it touched its highest point at $27.43 and its lowest point at $5.86 during that stretch. It currently has a 1-year price target of $10.68.

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Price Performance and Earnings:

Stock performance is one of the indicators that investors use to determine whether they will profit from a stock. The price performance of AVDX was up-trending over the past week, with a rise of 13.54%, but this was up by 14.53% over a month. Three-month performance dropped to -2.84% while six-month performance fell -30.08%. A look at the trailing 12-month EPS for AVDX yields -0.93 with Next year EPS estimates of -0.43. For the next quarter, that number is -0.13. This implies an EPS growth rate of -210.30% for this year and 0.00% for next year.

Float and Shares Shorts:

At present, 197.02 million AVDX shares are outstanding with a float of 178.15 million shares on hand for trading. On Jul 14, 2022, short shares totaled 8.05 million, which was 4.07% higher than short shares on Jun 14, 2022. In addition to Mr. Michael Praeger as the firm’s Co-Founder, Chairman, Pres & CEO, Mr. Joel Wilhite serves as its Sr. VP & CFO.

Institutional Ownership:

Through their ownership of 61.94% of AVDX’s outstanding shares, institutional investors have majority control over the company. Other institutions hold 26.37% of AVDX, in contrast to 20.02% held by mutual funds. Shares owned by individuals account for 18.71%. As the largest shareholder in AVDX with 7.00% of the stake, Capital Research & Management Co holds 13,838,867 shares worth 13,838,867. A second-largest stockholder of AVDX, The Caisse de dépôt et placement, holds 11,578,968 shares, controlling over 5.85% of the firm’s shares. Temasek Holdings Pte Ltd. is the third largest shareholder in AVDX, holding 11,463,172 shares or 5.80% stake. With a 5.86% stake in AVDX, the Caisse de Dépôt & Placement du Qu is the largest stakeholder. A total of 11,580,694 shares are owned by the mutual fund manager. The American Funds Small Cap World Fu, which owns about 3.99% of AVDX stock, is the second-largest Mutual Fund holder. It holds 7,896,642 shares valued at 48.49 million. Canada Pension Plan holds 2.31% of the stake in AVDX, owning 4,565,000 shares worth 28.03 million.

Analysts Ratings:

Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for AVDX since 12 analysts follow the stock currently. There are 7 analysts who recommend BUY ratings, while 0 suggest SELL ratings. Of the remaining analysts, 3 believe that the stock is worth HOLDING, 2 give it an OVERWEIGHT rating, and 0 thinks that it’s UNDERWEIGHT. In the same way, a target price assigned to a stock can also reveal much about its potential. With AVDX analysts setting a high price target of $13.00 and a low target of $8.00, the average target price over the next 12 months is $10.71. Based on these targets, AVDX could surge 64.97% to reach the target high and rise by 1.52% to reach the target low. Reaching the average price target will result in a growth of 35.91% from current levels.

EPS: Estimates vs Actual

It is also common to use earnings estimates to evaluate a firm’s growth potential and to determine trading strategy. AVDX will report FY 2022 earnings on 03/06/2023. Analysts have provided yearly estimates in a range of -$0.33 being high and -$0.55 being low. For AVDX, this leads to a yearly average estimate of -$0.42. The earnings surprise of a firm occurs when the actual results change from the consensus earnings estimate. AvidXchange Holdings Inc. reported -$0.07 EPS against a consensus estimate of -$0.07. The surprise factor in the prior quarter was $0.07. Based on analyst estimates, the high estimate for the next quarter is -$0.10 and the low estimate is -$0.15. The average estimate for the next quarter is thus -$0.12.

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