AvidXchange Holdings, Inc. (AVDX) Stock Moves -0.59%: What You Should Know
The latest trading session saw AvidXchange Holdings, Inc. (AVDX) ending at $8.48, denoting a -0.59% adjustment from its last day's close. The stock's change was more than the S&P 500's daily loss of 1.18%. On the other hand, the Dow registered a loss of 0.76%, and the technology-centric Nasdaq decreased by 1.76%.
Heading into today, shares of the company had lost 7.48% over the past month, lagging the Computer and Technology sector's loss of 2.96% and the S&P 500's loss of 3.35% in that time.
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 November 8, 2023. It is anticipated that the company will report an EPS of -$0.05, marking a 16.67% rise compared to the same quarter of the previous year. Alongside, our most recent consensus estimate is anticipating revenue of $94.49 million, indicating a 14.66% upward movement from the same quarter last year.
For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of -$0.12 per share and a revenue of $369.37 million, representing changes of +50% and +16.76%, respectively, from the prior 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. Consequently, upward revisions in estimates express analysts' positivity towards the company's business operations and its ability to generate profits.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable 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. Within the past 30 days, our consensus EPS projection remained stagnant. At present, AvidXchange Holdings, Inc. boasts a Zacks Rank of #3 (Hold).
The Internet - Software industry is part of the Computer and Technology sector. This industry, currently bearing a Zacks Industry Rank of 72, finds itself in the top 29% 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.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
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AvidXchange Holdings, Inc. (AVDX) : Free Stock Analysis Report
