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Why the Market Dipped But Adeia (ADEA) Gained Today
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The most recent trading session ended with Adeia (ADEA - Free Report) standing at $8.43, reflecting a +0.84% shift from the previouse trading day's closing. The stock's change was more than the S&P 500's daily loss of 1.26%. At the same time, the Dow lost 0.86%, and the tech-heavy Nasdaq lost 1.54%.
Coming into today, shares of the provider of chip technology for small electronic devices had lost 18.84% in the past month. In that same time, the Business Services sector lost 4.74%, while the S&P 500 lost 3.67%.
Analysts and investors alike will be keeping a close eye on the performance of Adeia in its upcoming earnings disclosure. The company's earnings report is set to go public on November 6, 2023. The company is predicted to post an EPS of $0.26, indicating a 16.13% decline compared to the equivalent 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 annual period, the Zacks Consensus Estimates anticipate earnings of $1.30 per share and a revenue of $387.7 million, signifying shifts of -36.27% and -51.88%, respectively, from the last 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.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. 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, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 5.51% downward. Currently, Adeia is carrying a Zacks Rank of #5 (Strong Sell).
Looking at its valuation, Adeia is holding a Forward P/E ratio of 6.43. This denotes a discount relative to the industry's average Forward P/E of 22.19.
The Technology Services industry is part of the Business Services sector. Currently, this industry holds a Zacks Industry Rank of 88, positioning it in the top 35% of all 250+ industries.
The Zacks Industry Rank is ordered 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.
To follow ADEA in the coming trading sessions, be sure to utilize Zacks.com.
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Why the Market Dipped But Adeia (ADEA) Gained Today
The most recent trading session ended with Adeia (ADEA - Free Report) standing at $8.43, reflecting a +0.84% shift from the previouse trading day's closing. The stock's change was more than the S&P 500's daily loss of 1.26%. At the same time, the Dow lost 0.86%, and the tech-heavy Nasdaq lost 1.54%.
Coming into today, shares of the provider of chip technology for small electronic devices had lost 18.84% in the past month. In that same time, the Business Services sector lost 4.74%, while the S&P 500 lost 3.67%.
Analysts and investors alike will be keeping a close eye on the performance of Adeia in its upcoming earnings disclosure. The company's earnings report is set to go public on November 6, 2023. The company is predicted to post an EPS of $0.26, indicating a 16.13% decline compared to the equivalent 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 annual period, the Zacks Consensus Estimates anticipate earnings of $1.30 per share and a revenue of $387.7 million, signifying shifts of -36.27% and -51.88%, respectively, from the last 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.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. 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, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 5.51% downward. Currently, Adeia is carrying a Zacks Rank of #5 (Strong Sell).
Looking at its valuation, Adeia is holding a Forward P/E ratio of 6.43. This denotes a discount relative to the industry's average Forward P/E of 22.19.
The Technology Services industry is part of the Business Services sector. Currently, this industry holds a Zacks Industry Rank of 88, positioning it in the top 35% of all 250+ industries.
The Zacks Industry Rank is ordered 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.
To follow ADEA in the coming trading sessions, be sure to utilize Zacks.com.