AvidXchange Holdings, Inc. (AVDX) Stock Falls Amid Market Uptick: What Investors Need to Know
In the latest trading session, AvidXchange Holdings, Inc. (AVDX) closed at $9.21, marking a -0.97% move from the previous day. The stock's change was less than the S&P 500's daily gain of 0.43%. At the same time, the Dow added 0.19%, and the tech-heavy Nasdaq gained 0.71%.
Coming into today, shares of the company had lost 6.72% in the past month. In that same time, the Computer and Technology sector lost 1.56%, while the S&P 500 lost 2.1%.
Market participants will be closely following the financial results of AvidXchange Holdings, Inc. in its upcoming release. The company plans to announce its earnings on November 8, 2023. 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 latest consensus estimate predicts the revenue to be $94.49 million, indicating a 14.66% increase compared to the same quarter of the previous year.
For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of -$0.12 per share and a revenue of $369.43 million, representing changes of +50% and +16.78%, respectively, from the prior year.
Investors should also note any recent changes to analyst estimates for AvidXchange Holdings, Inc. Such recent modifications usually signify the changing landscape of near-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. 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.
The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding 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 holding a Zacks Rank of #3 (Hold) right now.
The Internet - Software industry is part of the Computer and Technology sector. At present, this industry carries a Zacks Industry Rank of 74, placing it within the top 30% of over 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.
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
