AvidXchange Holdings, Inc. (AVDX) Falls More Steeply Than Broader Market: What Investors Need to Know
The most recent trading session ended with AvidXchange Holdings, Inc. (AVDX) standing at $11.28, reflecting a -0.35% shift from the previouse trading day's closing. The stock's performance was behind the S&P 500's daily loss of 0.32%. At the same time, the Dow lost 0.71%, and the tech-heavy Nasdaq lost 0.2%.
Prior to today's trading, shares of the company had gained 0.09% over the past month. This has lagged the Computer and Technology sector's gain of 9.33% and the S&P 500's gain of 4.59% in that time.
Analysts and investors alike will be keeping a close eye on the performance of AvidXchange Holdings, Inc. in its upcoming earnings disclosure. The company's earnings report is set to go public on February 28, 2024. On that day, AvidXchange Holdings, Inc. is projected to report earnings of $0 per share, which would represent year-over-year growth of 100%. Alongside, our most recent consensus estimate is anticipating revenue of $98.64 million, indicating a 14.45% upward movement from the same quarter last year.
Investors should also pay attention to any latest changes in analyst estimates for AvidXchange Holdings, Inc. 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.
Our research shows that these estimate changes are directly correlated with near-term stock prices. 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, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% 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 #1 (Strong Buy) right now.
In the context of valuation, AvidXchange Holdings, Inc. is at present trading with a Forward P/E ratio of 92.41. Its industry sports an average Forward P/E of 31.21, 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. This group has a Zacks Industry Rank of 80, putting it in the top 32% of all 250+ industries.
The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.
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AvidXchange Holdings, Inc. (AVDX) : Free Stock Analysis Report
