AvidXchange Holdings, Inc. (AVDX) closed at $8.38 in the latest trading session, marking a -1.99% move from the prior day. The stock's performance was behind the S&P 500's daily loss of 1.97%. Elsewhere, the Dow lost 1.69%, while the tech-heavy Nasdaq lost 2.7%.
Heading into today, shares of the company had gained 16.17% over the past month, outpacing the Computer and Technology sector's loss of 4.83% and the S&P 500's loss of 2.79% in that time.
Market participants will be closely following the financial results of AvidXchange Holdings, Inc. in its upcoming release. In that report, analysts expect AvidXchange Holdings, Inc. to post earnings of $0.06 per share. This would mark no growth from the prior-year quarter. At the same time, our most recent consensus estimate is projecting a revenue of $109.74 million, reflecting a 3.92% rise from the equivalent quarter last year.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $0.28 per share and a revenue of $457.33 million, signifying shifts of +7.69% and +4.19%, respectively, from the last year.
It's also important for investors to be aware of any recent modifications to analyst estimates for AvidXchange Holdings, Inc. Such recent modifications usually signify the changing landscape of near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. 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 ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 36.36% downward. AvidXchange Holdings, Inc. is currently a Zacks Rank #3 (Hold).
From a valuation perspective, AvidXchange Holdings, Inc. is currently exchanging hands at a Forward P/E ratio of 30.54. This signifies a premium in comparison to the average Forward P/E of 27.75 for its industry.
The Internet - Software industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 74, putting 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.
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AvidXchange Holdings, Inc. (AVDX): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).
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