AvidXchange Holdings, Inc. (AVDX) Stock Sinks As Market Gains: What You Should Know
AvidXchange Holdings, Inc. (AVDX) closed at $8.58 in the latest trading session, marking a -0.69% move from the prior day. The stock trailed the S&P 500, which registered a daily gain of 1.05%. On the other hand, the Dow registered a gain of 0.67%, and the technology-centric Nasdaq increased by 1.64%.
The company's shares have seen a decrease of 2.04% over the last month, surpassing the Computer and Technology sector's loss of 2.51% and the S&P 500's loss of 2.21%.
The upcoming earnings release of AvidXchange Holdings, Inc. will be of great interest to investors. The company's earnings report is expected on November 8, 2023. The company is predicted to post an EPS of -$0.05, indicating a 16.67% growth compared to the equivalent quarter last year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $94.49 million, up 14.66% from the year-ago period.
In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of -$0.12 per share and a revenue of $369.37 million, indicating changes of +50% and +16.76%, respectively, from the former year.
Investors should also take note of any recent adjustments to analyst estimates for AvidXchange Holdings, Inc. These revisions help to show the ever-changing nature of near-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding 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, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed an unchanged state. AvidXchange Holdings, Inc. is holding a Zacks Rank of #3 (Hold) right now.
The Internet - Software industry is part of the Computer and Technology sector. This industry, currently bearing a Zacks Industry Rank of 67, finds itself in the top 27% echelons of all 250+ industries.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming 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
