AvidXchange Holdings, Inc. (AVDX) Registers a Bigger Fall Than the Market: Important Facts to Note
AvidXchange Holdings, Inc. (AVDX) ended the recent trading session at $12.24, demonstrating a -0.24% swing from the preceding day's closing price. The stock fell short of the S&P 500, which registered a loss of 0.1% for the day. Elsewhere, the Dow gained 0.33%, while the tech-heavy Nasdaq lost 0.3%.
Shares of the company have appreciated by 8.49% over the course of the past month, underperforming the Computer and Technology sector's gain of 11.35% and outperforming the S&P 500's gain of 5.78%.
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. The company's upcoming EPS is projected at $0, signifying a 100% increase compared to the same quarter of the previous year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $98.64 million, up 14.45% from the year-ago period.
Investors might also notice recent changes to analyst estimates for AvidXchange Holdings, Inc. These latest adjustments often mirror the shifting dynamics of short-term business patterns. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. 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 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. The Zacks Consensus EPS estimate remained stagnant within the past month. AvidXchange Holdings, Inc. presently features a Zacks Rank of #3 (Hold).
In the context of valuation, AvidXchange Holdings, Inc. is at present trading with a Forward P/E ratio of 100.16. This valuation marks a premium compared to its industry's average Forward P/E of 32.97.
The Internet - Software industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 77, putting it in the top 31% of all 250+ industries.
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.
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
