AvidXchange Holdings, Inc. (AVDX) closed the latest trading day at $8.46, indicating a +0.48% change from the previous session's end. The stock outperformed the S&P 500, which registered a daily loss of 0.22%. At the same time, the Dow lost 0.03%, and the tech-heavy Nasdaq lost 0.33%.
Shares of the company witnessed a loss of 13.82% over the previous month, trailing the performance of the Computer and Technology sector with its loss of 12% and the S&P 500's loss of 7.48%.
Analysts and investors alike will be keeping a close eye on the performance of AvidXchange Holdings, Inc. in its upcoming earnings disclosure. The company is forecasted to report an EPS of $0.06, showcasing no movement from the corresponding quarter of the prior year. Our most recent consensus estimate is calling for quarterly revenue of $109.74 million, up 3.92% from the year-ago period.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $0.28 per share and a revenue of $457.33 million, signifying shifts of +7.69% and +4.19%, respectively, from the last year.
Any recent changes to analyst estimates for AvidXchange Holdings, Inc. should also be noted by investors. These revisions help to show the ever-changing nature of near-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, 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 witnessed a 36.36% decrease. AvidXchange Holdings, Inc. is currently sporting a Zacks Rank of #3 (Hold).
In terms of valuation, AvidXchange Holdings, Inc. is currently trading at a Forward P/E ratio of 30.07. For comparison, its industry has an average Forward P/E of 27.92, which means AvidXchange Holdings, Inc. is trading at a premium to the group.
The Internet - Software industry is part of the Computer and Technology sector. With its current Zacks Industry Rank of 84, this industry ranks in the top 34% of all industries, numbering over 250.
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.
Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.
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
This article originally published on Zacks Investment Research (zacks.com).
Zacks Investment Research
Comments