In the latest trading session, AvidXchange Holdings, Inc. (AVDX) closed at $9.78, marking no change from the previous day. The stock's performance was ahead of the S&P 500's daily loss of 0.53%. At the same time, the Dow lost 0.26%, and the tech-heavy Nasdaq lost 0.83%.
Prior to today's trading, shares of the company had gained 0.41% over the past month. This has lagged the Computer and Technology sector's gain of 8.67% and the S&P 500's gain of 5.17% in that time.
The investment community will be closely monitoring the performance of AvidXchange Holdings, Inc. in its forthcoming earnings report. In that report, analysts expect AvidXchange Holdings, Inc. to post earnings of $0.06 per share. This would mark year-over-year growth of 20%. Alongside, our most recent consensus estimate is anticipating revenue of $111.03 million, indicating a 5.61% upward movement from the same quarter last year.
AVDX's full-year Zacks Consensus Estimates are calling for earnings of $0.26 per share and revenue of $454.18 million. These results would represent year-over-year changes of 0% and +3.47%, respectively.
Investors might also notice recent changes to analyst estimates for AvidXchange Holdings, Inc. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 60.71% higher. AvidXchange Holdings, Inc. currently has a Zacks Rank of #2 (Buy).
Valuation is also important, so investors should note that AvidXchange Holdings, Inc. has a Forward P/E ratio of 37.62 right now. This represents a premium compared to its industry's average Forward P/E of 29.65.
The Internet - Software industry is part of the Computer and Technology sector. This industry currently has a Zacks Industry Rank of 55, which puts it in the top 23% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual 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.
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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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