AvidXchange Holdings, Inc. (AVDX) closed at $8.55 in the latest trading session, marking a -0.47% move from the prior day. This change lagged the S&P 500's 0.33% loss on the day. Elsewhere, the Dow lost 0.37%, while the tech-heavy Nasdaq lost 0.53%.
Prior to today's trading, shares of the company had gained 18.4% over the past month. This has outpaced the Computer and Technology sector's loss of 7.14% and the S&P 500's loss of 4.03% in that time.
Analysts and investors alike will be keeping a close eye on the performance of AvidXchange Holdings, Inc. in its upcoming earnings disclosure. The company is forecasted to report an EPS of $0.06, showcasing no movement from the corresponding quarter of the prior year. Alongside, our most recent consensus estimate is anticipating revenue of $109.74 million, indicating a 3.92% upward movement from the same quarter last year.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $0.28 per share and revenue of $457.33 million, indicating changes of +7.69% and +4.19%, respectively, compared to the previous year.
Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections for AvidXchange Holdings, Inc. These revisions typically reflect the latest short-term business trends, which can change frequently. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 36.36% decrease. AvidXchange Holdings, Inc. is currently a Zacks Rank #3 (Hold).
In terms of valuation, AvidXchange Holdings, Inc. is presently being traded at a Forward P/E ratio of 30.68. For comparison, its industry has an average Forward P/E of 27.65, which means AvidXchange Holdings, Inc. is trading at a premium to the group.
The Internet - Software industry is part of the Computer and Technology sector. Currently, this industry holds a Zacks Industry Rank of 73, positioning it in the top 30% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
AvidXchange Holdings, Inc. (AVDX): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).
Zacks Investment Research
