Avalara Inc (NYSE:AVLR) shares reached a new 52-week low during mid-day trading on Wednesday following a weaker than expected earnings announcement. The company traded as low as $30.67 and last traded at $31.75, with a volume of 579484 shares. The stock had previously closed at $31.96.
The company reported ($0.20) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.18) by ($0.02). The company had revenue of $69.50 million during the quarter, compared to analysts’ expectations of $66.27 million. The company’s quarterly revenue was up 25.7% compared to the same quarter last year.
Several research firms recently weighed in on AVLR. Zacks Investment Research upgraded Avalara from a “hold” rating to a “buy” rating and set a $40.00 target price on the stock in a research report on Wednesday, October 3rd. KeyCorp reiterated a “buy” rating and set a $47.00 target price on shares of Avalara in a research report on Sunday, October 14th. Goldman Sachs Group increased their target price on Avalara to $44.00 and gave the stock a “buy” rating in a research report on Thursday, August 16th. JMP Securities upgraded Avalara from a “market perform” rating to an “outperform” rating and set a $40.00 target price on the stock in a research report on Thursday. Finally, JPMorgan Chase & Co. increased their target price on Avalara to $38.00 and gave the stock a “neutral” rating in a research report on Thursday. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $44.00.
The company has a debt-to-equity ratio of 0.18, a current ratio of 1.41 and a quick ratio of 1.41.
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About Avalara (NYSE:AVLR)
Avalara, Inc provides transaction tax compliance cloud-based solutions worldwide. It offers a suite of compliance solutions that enable businesses to address the complexity of transaction tax compliance; process transactions in real time; produce detailed records of transaction tax determinations; and reduce errors, audit exposure, and total transaction tax compliance costs.
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