AvidXchange Holdings, Inc. (AVDX) Stock Moves -1.29%: What You Should Know
AvidXchange Holdings, Inc. (AVDX) closed at $9.16 in the latest trading session, marking a -1.29% move from the prior day. This change was narrower than the S&P 500's 1.64% loss on the day. Meanwhile, the Dow lost 1.08%, and the Nasdaq, a tech-heavy index, lost 1.82%.
Prior to today's trading, shares of the company had lost 7.29% over the past month. This has lagged the Computer and Technology sector's gain of 1.8% and the S&P 500's gain of 0.89% in that time.
Wall Street will be looking for positivity from AvidXchange Holdings, Inc. as it approaches its next earnings report date. In that report, analysts expect AvidXchange Holdings, Inc. to post earnings of -$0.05 per share. This would mark year-over-year growth of 16.67%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $94.49 million, up 14.66% from the year-ago period.
AVDX's full-year Zacks Consensus Estimates are calling for earnings of -$0.12 per share and revenue of $369.43 million. These results would represent year-over-year changes of +50% and +16.78%, respectively.
Investors should also note any recent changes to analyst estimates for AvidXchange Holdings, Inc.These revisions help to show the ever-changing nature of near-term business trends. 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 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 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. Within the past 30 days, our consensus EPS projection remained stagnant. AvidXchange Holdings, Inc. is currently sporting a Zacks Rank of #3 (Hold).
The Internet - Software industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 96, putting it in the top 39% of all 250+ industries.
The Zacks Industry Rank includes is listed in order 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.
You can find more information on all of these metrics, and much more, on Zacks.com.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
AvidXchange Holdings, Inc. (AVDX) : Free Stock Analysis Report
