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AvidXchange Holdings, Inc. (AVDX) Stock Sinks As Market Gains: Here's Why
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AvidXchange Holdings, Inc. (AVDX - Free Report) closed the latest trading day at $8.17, indicating a -1.09% change from the previous session's end. The stock's performance was behind the S&P 500's daily gain of 0.22%. On the other hand, the Dow registered a loss of 0.33%, and the technology-centric Nasdaq increased by 0.76%.
The company's stock has climbed by 2.1% in the past month, falling short of the Computer and Technology sector's gain of 2.29% and outpacing the S&P 500's gain of 1.47%.
Investors will be eagerly watching for the performance of AvidXchange Holdings, Inc. in its upcoming earnings disclosure. The company's earnings report is set to be unveiled on November 6, 2024. The company is predicted to post an EPS of $0.07, indicating a 133.33% growth compared to the equivalent quarter last year. At the same time, our most recent consensus estimate is projecting a revenue of $110.89 million, reflecting a 12.37% rise from the equivalent quarter last year.
For the full year, the Zacks Consensus Estimates are projecting earnings of $0.24 per share and revenue of $438.08 million, which would represent changes of +242.86% and +15.07%, respectively, from the prior 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. Consequently, upward revisions in estimates express analysts' positivity towards the company's business operations and its ability to generate profits.
Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational 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. Over the last 30 days, the Zacks Consensus EPS estimate has remained unchanged. As of now, AvidXchange Holdings, Inc. holds a Zacks Rank of #3 (Hold).
Investors should also note AvidXchange Holdings, Inc.'s current valuation metrics, including its Forward P/E ratio of 34.42. This valuation marks a premium compared to its industry's average Forward P/E of 31.81.
The Internet - Software industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 66, putting it in the top 27% of all 250+ industries.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these 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.
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AvidXchange Holdings, Inc. (AVDX) Stock Sinks As Market Gains: Here's Why
AvidXchange Holdings, Inc. (AVDX - Free Report) closed the latest trading day at $8.17, indicating a -1.09% change from the previous session's end. The stock's performance was behind the S&P 500's daily gain of 0.22%. On the other hand, the Dow registered a loss of 0.33%, and the technology-centric Nasdaq increased by 0.76%.
The company's stock has climbed by 2.1% in the past month, falling short of the Computer and Technology sector's gain of 2.29% and outpacing the S&P 500's gain of 1.47%.
Investors will be eagerly watching for the performance of AvidXchange Holdings, Inc. in its upcoming earnings disclosure. The company's earnings report is set to be unveiled on November 6, 2024. The company is predicted to post an EPS of $0.07, indicating a 133.33% growth compared to the equivalent quarter last year. At the same time, our most recent consensus estimate is projecting a revenue of $110.89 million, reflecting a 12.37% rise from the equivalent quarter last year.
For the full year, the Zacks Consensus Estimates are projecting earnings of $0.24 per share and revenue of $438.08 million, which would represent changes of +242.86% and +15.07%, respectively, from the prior 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. Consequently, upward revisions in estimates express analysts' positivity towards the company's business operations and its ability to generate profits.
Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational 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. Over the last 30 days, the Zacks Consensus EPS estimate has remained unchanged. As of now, AvidXchange Holdings, Inc. holds a Zacks Rank of #3 (Hold).
Investors should also note AvidXchange Holdings, Inc.'s current valuation metrics, including its Forward P/E ratio of 34.42. This valuation marks a premium compared to its industry's average Forward P/E of 31.81.
The Internet - Software industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 66, putting it in the top 27% of all 250+ industries.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these 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.