AvidXchange Holdings, Inc. (NASDAQ: AVDX) shares plummeted 5.03% in pre-market trading on Thursday, February 27th, 2025, following a wave of analyst downgrades and concerns over the company's FY2025 guidance.
Multiple analysts lowered their price targets on AvidXchange after the company reported its Q4 2024 earnings and provided a disappointing outlook for 2025. KeyBanc downgraded the stock to Sector Weight from Overweight, citing the weak fiscal 2025 guidance as a disappointment.
AvidXchange forecasted total revenue for FY2025 to be in the range of $453 million to $460 million, below analyst expectations. The company also projected non-GAAP adjusted EBITDA profit between $86 million and $91 million, and non-GAAP diluted earnings per share of $0.25 to $0.27 for the year.
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