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Adeia (ADEA) Gains But Lags Market: What You Should Know
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Adeia (ADEA - Free Report) closed at $11.71 in the latest trading session, marking a +0.26% move from the prior day. The stock lagged the S&P 500's daily gain of 0.28%. Meanwhile, the Dow gained 0.08%, and the Nasdaq, a tech-heavy index, added 0.61%.
Coming into today, shares of the provider of chip technology for small electronic devices had gained 13.07% in the past month. In that same time, the Business Services sector gained 4.27%, while the S&P 500 gained 4.86%.
Investors will be hoping for strength from Adeia as it approaches its next earnings release, which is expected to be August 7, 2023. On that day, Adeia is projected to report earnings of $0.22 per share, which would represent a year-over-year decline of 57.69%. Meanwhile, our latest consensus estimate is calling for revenue of $84.17 million, down 64.03% from the prior-year quarter.
For the full year, our Zacks Consensus Estimates are projecting earnings of $1.37 per share and revenue of $407.17 million, which would represent changes of -32.84% and -49.46%, respectively, from the prior year.
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. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, the Zacks Consensus EPS estimate remained stagnant. Adeia currently has a Zacks Rank of #3 (Hold).
Digging into valuation, Adeia currently has a Forward P/E ratio of 8.53. This represents a discount compared to its industry's average Forward P/E of 22.34.
The Technology Services industry is part of the Business Services sector. This group has a Zacks Industry Rank of 119, putting it in the top 48% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our 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.
To follow ADEA in the coming trading sessions, be sure to utilize Zacks.com.
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Adeia (ADEA) Gains But Lags Market: What You Should Know
Adeia (ADEA - Free Report) closed at $11.71 in the latest trading session, marking a +0.26% move from the prior day. The stock lagged the S&P 500's daily gain of 0.28%. Meanwhile, the Dow gained 0.08%, and the Nasdaq, a tech-heavy index, added 0.61%.
Coming into today, shares of the provider of chip technology for small electronic devices had gained 13.07% in the past month. In that same time, the Business Services sector gained 4.27%, while the S&P 500 gained 4.86%.
Investors will be hoping for strength from Adeia as it approaches its next earnings release, which is expected to be August 7, 2023. On that day, Adeia is projected to report earnings of $0.22 per share, which would represent a year-over-year decline of 57.69%. Meanwhile, our latest consensus estimate is calling for revenue of $84.17 million, down 64.03% from the prior-year quarter.
For the full year, our Zacks Consensus Estimates are projecting earnings of $1.37 per share and revenue of $407.17 million, which would represent changes of -32.84% and -49.46%, respectively, from the prior year.
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. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, the Zacks Consensus EPS estimate remained stagnant. Adeia currently has a Zacks Rank of #3 (Hold).
Digging into valuation, Adeia currently has a Forward P/E ratio of 8.53. This represents a discount compared to its industry's average Forward P/E of 22.34.
The Technology Services industry is part of the Business Services sector. This group has a Zacks Industry Rank of 119, putting it in the top 48% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our 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.
To follow ADEA in the coming trading sessions, be sure to utilize Zacks.com.