AvidXchange Holdings, Inc. (AVDX) Advances While Market Declines: Some Information for Investors

AvidXchange Holdings, Inc. (AVDX) closed at $10.25 in the latest trading session, marking a +0.84% move from the prior day. The stock's performance was ahead of the S&P 500's daily loss of 0.21%. Meanwhile, the Dow experienced a drop of 0.16%, and the technology-dominated Nasdaq saw a decrease of 0.89%.The company's shares have seen a decrease of 4.51% over the last month, not keeping up with the Computer and Technology sector's loss of 2.15% and the S&P 500's loss of 1.56%.The investment community will be paying close attention to the earnings performance of AvidXchange Holdings, Inc. in its upcoming release. It is anticipated that the company will report an EPS of $0.06, marking a 20% rise compared to the same quarter of the previous year. At the same time, our most recent consensus estimate is projecting a revenue of $114.98 million, reflecting a 10.49% rise from the equivalent quarter last year.Investors might also notice recent changes to analyst estimates for AvidXchange Holdings, Inc. These latest adjustments often mirror the shifting dynamics of short-term business patterns. 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. 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, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. The Zacks Consensus EPS estimate remained stagnant within the past month. AvidXchange Holdings, Inc. is currently a Zacks Rank #3 (Hold).In the context of valuation, AvidXchange Holdings, Inc. is at present trading with a Forward P/E ratio of 31.02. This expresses a premium compared to the average Forward P/E of 28.24 of its industry.The Internet - Software industry is part of the Computer and Technology sector. Currently, this industry holds a Zacks Industry Rank of 33, positioning it in the top 14% 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.Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.Zacks Names #1 Semiconductor StockIt's only 1/9,000th the size of NVIDIA which skyrocketed more than +800% since we recommended it. NVIDIA is still strong, but our new top chip stock has much more room to boom.With strong earnings growth and an expanding customer base, it's positioned to feed the rampant demand for Artificial Intelligence, Machine Learning, and Internet of Things. Global semiconductor manufacturing is projected to explode from $452 billion in 2021 to $803 billion by 2028.See This Stock Now for Free >>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 ReportTo read this article on Zacks.com click here.Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks