AvidXchange Holdings, Inc. (AVDX) Stock Sinks As Market Gains: What You Should Know
In the latest trading session, AvidXchange Holdings, Inc. (AVDX) closed at $9.68, marking a -0.62% move from the previous day. This change lagged the S&P 500's daily gain of 0.84%. At the same time, the Dow added 0.96%, and the tech-heavy Nasdaq gained 0.81%.
Heading into today, shares of the company had lost 4.04% over the past month, lagging the Computer and Technology sector's gain of 2.69% and the S&P 500's gain of 0.19% in that time.
Investors will be hoping for strength from AvidXchange Holdings, Inc. as it approaches its next earnings release. On that day, AvidXchange Holdings, Inc. is projected to report earnings of -$0.05 per share, which would represent 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 might also notice recent changes to analyst estimates for AvidXchange Holdings, Inc.Recent revisions tend to reflect the latest near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. 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 industry currently has a Zacks Industry Rank of 97, which puts it in the top 39% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our 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.
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
