AvidXchange Holdings, Inc. (AVDX) Declines More Than Market: Some Information for Investors
AvidXchange Holdings, Inc. (AVDX) closed at $11.26 in the latest trading session, marking a -1.57% move from the prior day. The stock fell short of the S&P 500, which registered a loss of 0.06% for the day. Elsewhere, the Dow gained 0.35%, while the tech-heavy Nasdaq lost 0.76%.
Shares of the company have depreciated by 7.67% over the course of the past month, underperforming the Computer and Technology sector's gain of 6.36% and the S&P 500's gain of 3.36%.
Investors will be eagerly watching for the performance of AvidXchange Holdings, Inc. in its upcoming earnings disclosure. The company's earnings report is set to be unveiled on February 28, 2024. It is anticipated that the company will report an EPS of $0, marking a 100% rise compared to the same quarter of the previous year. In the meantime, our current consensus estimate forecasts the revenue to be $98.64 million, indicating a 14.45% growth compared to the corresponding quarter of the prior 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. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical 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. The Zacks Consensus EPS estimate remained stagnant within the past month. At present, AvidXchange Holdings, Inc. boasts a Zacks Rank of #1 (Strong Buy).
Looking at its valuation, AvidXchange Holdings, Inc. is holding a Forward P/E ratio of 93.39. Its industry sports an average Forward P/E of 34.36, so one might conclude that AvidXchange Holdings, Inc. is trading at a premium comparatively.
The Internet - Software industry is part of the Computer and Technology sector. With its current Zacks Industry Rank of 66, this industry ranks in the top 27% of all industries, numbering over 250.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
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AvidXchange Holdings, Inc. (AVDX) : Free Stock Analysis Report
