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Adeia (ADEA) Outpaces Stock Market Gains: What You Should Know
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In the latest market close, Adeia (ADEA - Free Report) reached $11.88, with a +1.63% movement compared to the previous day. The stock outperformed the S&P 500, which registered a daily gain of 0.96%. Elsewhere, the Dow saw an upswing of 0.4%, while the tech-heavy Nasdaq appreciated by 1.3%.
Shares of the provider of chip technology for small electronic devices witnessed a gain of 4.66% over the previous month, trailing the performance of the Business Services sector with its gain of 5.87% and outperforming the S&P 500's gain of 3.69%.
Market participants will be closely following the financial results of Adeia in its upcoming release. The company plans to announce its earnings on February 20, 2024. It is anticipated that the company will report an EPS of $0.26, marking a 36.59% fall compared to the same quarter of the previous year. Meanwhile, our latest consensus estimate is calling for revenue of $89.23 million, down 13.61% from the prior-year quarter.
It is also important to note the recent changes to analyst estimates for Adeia. Such recent modifications usually signify the changing landscape of near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
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, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has remained steady. At present, Adeia boasts a Zacks Rank of #3 (Hold).
Investors should also note Adeia's current valuation metrics, including its Forward P/E ratio of 8.23. This valuation marks a discount compared to its industry's average Forward P/E of 24.12.
The Technology Services industry is part of the Business Services sector. With its current Zacks Industry Rank of 89, this industry ranks in the top 36% of all industries, numbering over 250.
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.
To follow ADEA in the coming trading sessions, be sure to utilize Zacks.com.
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Adeia (ADEA) Outpaces Stock Market Gains: What You Should Know
In the latest market close, Adeia (ADEA - Free Report) reached $11.88, with a +1.63% movement compared to the previous day. The stock outperformed the S&P 500, which registered a daily gain of 0.96%. Elsewhere, the Dow saw an upswing of 0.4%, while the tech-heavy Nasdaq appreciated by 1.3%.
Shares of the provider of chip technology for small electronic devices witnessed a gain of 4.66% over the previous month, trailing the performance of the Business Services sector with its gain of 5.87% and outperforming the S&P 500's gain of 3.69%.
Market participants will be closely following the financial results of Adeia in its upcoming release. The company plans to announce its earnings on February 20, 2024. It is anticipated that the company will report an EPS of $0.26, marking a 36.59% fall compared to the same quarter of the previous year. Meanwhile, our latest consensus estimate is calling for revenue of $89.23 million, down 13.61% from the prior-year quarter.
It is also important to note the recent changes to analyst estimates for Adeia. Such recent modifications usually signify the changing landscape of near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
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, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has remained steady. At present, Adeia boasts a Zacks Rank of #3 (Hold).
Investors should also note Adeia's current valuation metrics, including its Forward P/E ratio of 8.23. This valuation marks a discount compared to its industry's average Forward P/E of 24.12.
The Technology Services industry is part of the Business Services sector. With its current Zacks Industry Rank of 89, this industry ranks in the top 36% of all industries, numbering over 250.
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.
To follow ADEA in the coming trading sessions, be sure to utilize Zacks.com.