AvidXchange Holdings Inc. (NASDAQ: AVDX) stock jumped 0.18% on Tuesday to $10.99 against a previous-day closing price of $10.97. With 0.72 million shares changed hands, the volume of the stock remained lighter than its average volume of 1.45 million shares. During the session, the Software – Infrastructure company that operates in wider Technology sector, reached to the highest price of $11.13 whereas the lowest price it dropped to was $10.85. The 52-week range on AVDX shows that it touched its highest point at $12.93 and its lowest point at $5.86 during that stretch. It currently has a 1-year price target of $11.25.
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 4.87%, but this was up by 18.68% over a month. Three-month performance surged to 32.09% while six-month performance rose 66.77%. The stock gained 9.35% in the past year, while it has gained 10.56% so far this year. A look at the trailing 12-month EPS for AVDX yields -0.85 with Next year EPS estimates of -0.32. For the next quarter, that number is -0.09. This implies an EPS growth rate of -210.30% for this year and -10.30% for next year.
Float and Shares Shorts:
At present, 198.23 million AVDX shares are outstanding with a float of 179.01 million shares on hand for trading. On Oct 13, 2022, short shares totaled 5.8 million, which was 2.93% higher than short shares on Sep 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.
Through their ownership of 69.40% of AVDX’s outstanding shares, institutional investors have majority control over the company. Other institutions hold 30.09% of AVDX, in contrast to 25.52% held by mutual funds. Shares owned by individuals account for 18.66%. As the largest shareholder in AVDX with 6.52% of the stake, The Vanguard Group, Inc. holds 12,944,795 shares worth 12,944,795. A second-largest stockholder of AVDX, The Caisse de dépôt et placement, holds 11,578,968 shares, controlling over 5.83% of the firm’s shares. Biltmore Family Office LLC is the third largest shareholder in AVDX, holding 8,418,858 shares or 4.24% stake. With a 5.83% 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 Canada Pension Plan, which owns about 2.30% of AVDX stock, is the second-largest Mutual Fund holder. It holds 4,565,000 shares valued at 45.38 million. American Funds New Economy Fund holds 1.98% of the stake in AVDX, owning 3,943,000 shares worth 39.19 million.
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, 2 believe that the stock is worth HOLDING, 2 give it an OVERWEIGHT rating, and 1 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 $14.00 and a low target of $8.00, the average target price over the next 12 months is $11.42. Based on these targets, AVDX could surge 27.39% to reach the target high and fall by -27.21% to reach the target low. Reaching the average price target will result in a growth of 3.91% 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 03/04/2024. Analysts have provided yearly estimates in a range of -$0.25 being high and -$0.35 being low. For AVDX, this leads to a yearly average estimate of -$0.30. The earnings surprise of a firm occurs when the actual results change from the consensus earnings estimate. AvidXchange Holdings Inc. surprised analysts by $0.05 when it reported -$0.06 EPS against a consensus estimate of -$0.11. The surprise factor in the prior quarter was $0.06. Based on analyst estimates, the high estimate for the next quarter is -$0.05 and the low estimate is -$0.13. The average estimate for the next quarter is thus -$0.09.