AvidXchange Holdings, Inc. (AVDX) Stock Moves -1.22%: What You Should Know
In the latest trading session, AvidXchange Holdings, Inc. (AVDX) closed at $8.93, marking a -1.22% move from the previous day. This move was narrower than the S&P 500's daily loss of 1.26%. Elsewhere, the Dow saw a downswing of 0.86%, while the tech-heavy Nasdaq depreciated by 1.54%.
Coming into today, shares of the company had lost 1.31% in the past month. In that same time, the Computer and Technology sector lost 2.39%, while the S&P 500 lost 3.67%.
Investors will be eagerly watching for the performance of AvidXchange Holdings, Inc. in its upcoming earnings disclosure. The company's earnings report is set to be unveiled on November 8, 2023. The company is forecasted to report an EPS of -$0.05, showcasing a 16.67% upward movement from the corresponding quarter of the prior year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $94.49 million, up 14.66% from the year-ago period.
Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of -$0.12 per share and revenue of $369.43 million. These totals would mark changes of +50% and +16.78%, respectively, from last year.
Investors should also take note of any recent adjustments to analyst estimates for AvidXchange Holdings, Inc. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. 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, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has remained unchanged. AvidXchange Holdings, Inc. is currently a Zacks Rank #3 (Hold).
The Internet - Software industry is part of the Computer and Technology sector. At present, this industry carries a Zacks Industry Rank of 69, placing it within the top 28% of over 250 industries.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these 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
