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Adeia (ADEA) Outpaces Stock Market Gains: What You Should Know
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Adeia (ADEA - Free Report) closed the most recent trading day at $11.99, moving +1.7% from the previous trading session. This change outpaced the S&P 500's 0.71% gain on the day. Elsewhere, the Dow gained 1.06%, while the tech-heavy Nasdaq added 4.62%.
Prior to today's trading, shares of the provider of chip technology for small electronic devices had gained 10.7% over the past month. This has outpaced the Business Services sector's gain of 2.93% and the S&P 500's gain of 2.65% in that time.
Adeia will be looking to display strength as it nears its next earnings release, which is expected to be August 7, 2023. The company is expected to report EPS of $0.22, down 57.69% from the prior-year quarter. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $84.17 million, down 64.03% from the year-ago period.
ADEA's full-year Zacks Consensus Estimates are calling for earnings of $1.37 per share and revenue of $407.17 million. These results would represent year-over-year changes of -32.84% and -49.46%, respectively.
Investors should also note any recent changes to analyst estimates for Adeia. These recent revisions tend to reflect the evolving nature of short-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
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, the Zacks Consensus EPS estimate remained stagnant. Adeia is currently sporting a Zacks Rank of #3 (Hold).
Digging into valuation, Adeia currently has a Forward P/E ratio of 8.61. Its industry sports an average Forward P/E of 23.19, so we one might conclude that Adeia is trading at a discount comparatively.
The Technology Services industry is part of the Business Services sector. This industry currently has a Zacks Industry Rank of 113, which puts it in the top 45% of all 250+ industries.
The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
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Adeia (ADEA) Outpaces Stock Market Gains: What You Should Know
Adeia (ADEA - Free Report) closed the most recent trading day at $11.99, moving +1.7% from the previous trading session. This change outpaced the S&P 500's 0.71% gain on the day. Elsewhere, the Dow gained 1.06%, while the tech-heavy Nasdaq added 4.62%.
Prior to today's trading, shares of the provider of chip technology for small electronic devices had gained 10.7% over the past month. This has outpaced the Business Services sector's gain of 2.93% and the S&P 500's gain of 2.65% in that time.
Adeia will be looking to display strength as it nears its next earnings release, which is expected to be August 7, 2023. The company is expected to report EPS of $0.22, down 57.69% from the prior-year quarter. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $84.17 million, down 64.03% from the year-ago period.
ADEA's full-year Zacks Consensus Estimates are calling for earnings of $1.37 per share and revenue of $407.17 million. These results would represent year-over-year changes of -32.84% and -49.46%, respectively.
Investors should also note any recent changes to analyst estimates for Adeia. These recent revisions tend to reflect the evolving nature of short-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
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, the Zacks Consensus EPS estimate remained stagnant. Adeia is currently sporting a Zacks Rank of #3 (Hold).
Digging into valuation, Adeia currently has a Forward P/E ratio of 8.61. Its industry sports an average Forward P/E of 23.19, so we one might conclude that Adeia is trading at a discount comparatively.
The Technology Services industry is part of the Business Services sector. This industry currently has a Zacks Industry Rank of 113, which puts it in the top 45% of all 250+ industries.
The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.