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AvidXchange Holdings, Inc. (AVDX) Stock Slides as Market Rises: Facts to Know Before You Trade
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The most recent trading session ended with AvidXchange Holdings, Inc. (AVDX - Free Report) standing at $12.43, reflecting a -1.97% shift from the previouse trading day's closing. The stock trailed the S&P 500, which registered a daily gain of 1.11%. At the same time, the Dow added 1.64%, and the tech-heavy Nasdaq gained 1.03%.
Shares of the company witnessed a gain of 6.82% over the previous month, beating the performance of the Computer and Technology sector with its loss of 5.32% and the S&P 500's loss of 1.16%.
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 July 31, 2024. Alongside, our most recent consensus estimate is anticipating revenue of $106.32 million, indicating a 16.64% upward movement from the same quarter last year.
In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $0.22 per share and a revenue of $445.05 million, indicating changes of +214.29% and +16.9%, respectively, from the former year.
It is also important to note the recent changes to analyst estimates for AvidXchange Holdings, Inc. These recent revisions tend to reflect the evolving nature of short-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. 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 past month, there's been no change in the Zacks Consensus EPS estimate. Currently, AvidXchange Holdings, Inc. is carrying a Zacks Rank of #2 (Buy).
In the context of valuation, AvidXchange Holdings, Inc. is at present trading with a Forward P/E ratio of 56.99. This signifies a premium in comparison to the average Forward P/E of 31.06 for its industry.
The Internet - Software industry is part of the Computer and Technology sector. This industry, currently bearing a Zacks Industry Rank of 96, finds itself in the top 39% echelons of all 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.
You can find more information on all of these metrics, and much more, on Zacks.com.
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AvidXchange Holdings, Inc. (AVDX) Stock Slides as Market Rises: Facts to Know Before You Trade
The most recent trading session ended with AvidXchange Holdings, Inc. (AVDX - Free Report) standing at $12.43, reflecting a -1.97% shift from the previouse trading day's closing. The stock trailed the S&P 500, which registered a daily gain of 1.11%. At the same time, the Dow added 1.64%, and the tech-heavy Nasdaq gained 1.03%.
Shares of the company witnessed a gain of 6.82% over the previous month, beating the performance of the Computer and Technology sector with its loss of 5.32% and the S&P 500's loss of 1.16%.
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 July 31, 2024. Alongside, our most recent consensus estimate is anticipating revenue of $106.32 million, indicating a 16.64% upward movement from the same quarter last year.
In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $0.22 per share and a revenue of $445.05 million, indicating changes of +214.29% and +16.9%, respectively, from the former year.
It is also important to note the recent changes to analyst estimates for AvidXchange Holdings, Inc. These recent revisions tend to reflect the evolving nature of short-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. 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 past month, there's been no change in the Zacks Consensus EPS estimate. Currently, AvidXchange Holdings, Inc. is carrying a Zacks Rank of #2 (Buy).
In the context of valuation, AvidXchange Holdings, Inc. is at present trading with a Forward P/E ratio of 56.99. This signifies a premium in comparison to the average Forward P/E of 31.06 for its industry.
The Internet - Software industry is part of the Computer and Technology sector. This industry, currently bearing a Zacks Industry Rank of 96, finds itself in the top 39% echelons of all 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.
You can find more information on all of these metrics, and much more, on Zacks.com.