AvidXchange Holdings, Inc. (AVDX) Gains As Market Dips: What You Should Know
AvidXchange Holdings, Inc. (AVDX) closed at $12.17 in the latest trading session, marking a +0.58% move from the prior day. This move outpaced the S&P 500's daily loss of 0.02%. Elsewhere, the Dow gained 0.23%, while the tech-heavy Nasdaq lost 0.12%.
Heading into today, shares of the company had gained 17.14% over the past month, outpacing the Computer and Technology sector's gain of 3.63% and the S&P 500's gain of 5.14% in that time.
AvidXchange Holdings, Inc. will be looking to display strength as it nears its next earnings release, which is expected to be August 2, 2023. The company is expected to report EPS of -$0.05, up 28.57% from the prior-year quarter. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $88.98 million, up 16.22% from the year-ago period.
Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of -$0.17 per share and revenue of $367.73 million. These totals would mark changes of +29.17% and +16.24%, respectively, from last 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.
Our research shows that these estimate changes are directly correlated with near-term stock prices. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
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. The Zacks Consensus EPS estimate remained stagnant within the past month. AvidXchange Holdings, Inc. is currently a Zacks Rank #1 (Strong Buy).
The Internet - Software industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 63, putting it in the top 25% 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.
To follow AVDX in the coming trading sessions, be sure to utilize Zacks.com.
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AvidXchange Holdings, Inc. (AVDX) : Free Stock Analysis Report
