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Adeia (ADEA - Free Report) closed at $8.60 in the latest trading session, marking a +0.94% move from the prior day. The stock exceeded the S&P 500, which registered a gain of 0.73% for the day. Meanwhile, the Dow gained 0.62%, and the Nasdaq, a tech-heavy index, added 0.93%.
Shares of the provider of chip technology for small electronic devices witnessed a loss of 18.93% over the previous month, trailing the performance of the Business Services sector with its loss of 3.49% and the S&P 500's loss of 2.29%.
The upcoming earnings release of Adeia will be of great interest to investors. The company's earnings report is expected on November 6, 2023. The company's earnings per share (EPS) are projected to be $0.26, reflecting a 16.13% decrease from the same quarter last year. Meanwhile, the latest consensus estimate predicts the revenue to be $89.63 million, indicating a 57.51% decrease compared to the same quarter of the previous year.
For the full year, the Zacks Consensus Estimates are projecting earnings of $1.30 per share and revenue of $387.7 million, which would represent changes of -36.27% and -51.88%, respectively, from the prior year.
Investors might also notice recent changes to analyst estimates for Adeia. These revisions help to show the ever-changing nature of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional 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. Over the past month, there's been a 5.51% fall in the Zacks Consensus EPS estimate. As of now, Adeia holds a Zacks Rank of #4 (Sell).
Digging into valuation, Adeia currently has a Forward P/E ratio of 6.55. This represents a discount compared to its industry's average Forward P/E of 21.71.
The Technology Services industry is part of the Business Services sector. This group has a Zacks Industry Rank of 92, putting it in the top 37% 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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Adeia (ADEA) Laps the Stock Market: Here's Why
Adeia (ADEA - Free Report) closed at $8.60 in the latest trading session, marking a +0.94% move from the prior day. The stock exceeded the S&P 500, which registered a gain of 0.73% for the day. Meanwhile, the Dow gained 0.62%, and the Nasdaq, a tech-heavy index, added 0.93%.
Shares of the provider of chip technology for small electronic devices witnessed a loss of 18.93% over the previous month, trailing the performance of the Business Services sector with its loss of 3.49% and the S&P 500's loss of 2.29%.
The upcoming earnings release of Adeia will be of great interest to investors. The company's earnings report is expected on November 6, 2023. The company's earnings per share (EPS) are projected to be $0.26, reflecting a 16.13% decrease from the same quarter last year. Meanwhile, the latest consensus estimate predicts the revenue to be $89.63 million, indicating a 57.51% decrease compared to the same quarter of the previous year.
For the full year, the Zacks Consensus Estimates are projecting earnings of $1.30 per share and revenue of $387.7 million, which would represent changes of -36.27% and -51.88%, respectively, from the prior year.
Investors might also notice recent changes to analyst estimates for Adeia. These revisions help to show the ever-changing nature of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional 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. Over the past month, there's been a 5.51% fall in the Zacks Consensus EPS estimate. As of now, Adeia holds a Zacks Rank of #4 (Sell).
Digging into valuation, Adeia currently has a Forward P/E ratio of 6.55. This represents a discount compared to its industry's average Forward P/E of 21.71.
The Technology Services industry is part of the Business Services sector. This group has a Zacks Industry Rank of 92, putting it in the top 37% 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.