In the latest trading session, AvidXchange Holdings, Inc. (AVDX) closed at $7.84, marking a -1.88% move from the previous day. This change was narrower than the S&P 500's 5.98% loss on the day. Meanwhile, the Dow lost 5.5%, and the Nasdaq, a tech-heavy index, lost 5.82%.
The company's shares have seen an increase of 11.9% over the last month, surpassing the Computer and Technology sector's loss of 10.81% and the S&P 500's loss of 7.66%.
Investors will be eagerly watching for the performance of AvidXchange Holdings, Inc. in its upcoming earnings disclosure. On that day, AvidXchange Holdings, Inc. is projected to report earnings of $0.06 per share, which would represent no growth from the prior-year quarter. In the meantime, our current consensus estimate forecasts the revenue to be $109.74 million, indicating a 3.92% growth compared to the corresponding quarter of the prior 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.
Any recent changes to analyst estimates for AvidXchange Holdings, Inc. should also be noted by investors. These revisions typically reflect the latest short-term business trends, which can change frequently. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, there's been no change in the Zacks Consensus EPS estimate. AvidXchange Holdings, Inc. is holding a Zacks Rank of #3 (Hold) right now.
Valuation is also important, so investors should note that AvidXchange Holdings, Inc. has a Forward P/E ratio of 28.54 right now. For comparison, its industry has an average Forward P/E of 25.29, 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. This group has a Zacks Industry Rank of 84, putting it in the top 34% of all 250+ industries.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding 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
