AvidXchange Holdings, Inc. (AVDX) Dips More Than Broader Markets: What You Should Know
AvidXchange Holdings, Inc. (AVDX) closed at $10.23 in the latest trading session, marking a -0.58% move from the prior day. This change lagged the S&P 500's 0.32% loss on the day. Elsewhere, the Dow gained 0.17%, while the tech-heavy Nasdaq lost 0.89%.
Prior to today's trading, shares of the company had lost 1.63% over the past month. This has lagged the Computer and Technology sector's gain of 1.88% and the S&P 500's loss of 0.12% in that time.
Wall Street will be looking for positivity from AvidXchange Holdings, Inc. as it approaches its next earnings report date. On that day, AvidXchange Holdings, Inc. is projected to report earnings of -$0.05 per share, which would represent year-over-year growth of 16.67%. Meanwhile, our latest consensus estimate is calling for revenue of $94.49 million, up 14.66% from the prior-year quarter.
For the full year, our Zacks Consensus Estimates are projecting earnings of -$0.12 per share and revenue of $369.43 million, which would represent changes of +50% and +16.78%, respectively, from the prior year.
It is also important to note the recent changes to analyst estimates for AvidXchange Holdings, Inc.Recent revisions tend to reflect the latest near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. 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 remained stagnant. AvidXchange Holdings, Inc. is currently sporting a Zacks Rank of #3 (Hold).
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 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.
You can find more information on all of these metrics, and much more, on Zacks.com.
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AvidXchange Holdings, Inc. (AVDX) : Free Stock Analysis Report
