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The latest trading session saw Adeia (ADEA - Free Report) ending at $8.37, denoting a +1.21% adjustment from its last day's close. This move outpaced the S&P 500's daily gain of 1.2%. On the other hand, the Dow registered a gain of 1.58%, and the technology-centric Nasdaq increased by 1.16%.
Prior to today's trading, shares of the provider of chip technology for small electronic devices had lost 22.57% over the past month. This has lagged the Business Services sector's loss of 5.43% and the S&P 500's loss of 3.58% in that time.
The investment community will be closely monitoring the performance of Adeia in its forthcoming earnings report. The company is scheduled to release its earnings on November 6, 2023. In that report, analysts expect Adeia to post earnings of $0.26 per share. This would mark a year-over-year decline of 16.13%. Alongside, our most recent consensus estimate is anticipating revenue of $89.63 million, indicating a 57.51% downward movement from the same quarter last year.
For the full year, the Zacks Consensus Estimates project earnings of $1.30 per share and a revenue of $387.7 million, demonstrating changes of -36.27% and -51.88%, respectively, from the preceding year.
Investors should also take note of any recent adjustments to analyst estimates for Adeia. Recent revisions tend to reflect the latest near-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 suggests that these changes in estimates have a direct relationship with upcoming stock price performance. 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 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 last 30 days, the Zacks Consensus EPS estimate has witnessed a 5.51% decrease. Right now, Adeia possesses a Zacks Rank of #5 (Strong Sell).
From a valuation perspective, Adeia is currently exchanging hands at a Forward P/E ratio of 6.36. For comparison, its industry has an average Forward P/E of 21.98, which means Adeia is trading at a discount to the group.
The Technology Services industry is part of the Business Services sector. With its current Zacks Industry Rank of 94, this industry ranks in the top 38% of all industries, numbering over 250.
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.
You can find more information on all of these metrics, and much more, on Zacks.com.
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Adeia (ADEA) Rises Higher Than Market: Key Facts
The latest trading session saw Adeia (ADEA - Free Report) ending at $8.37, denoting a +1.21% adjustment from its last day's close. This move outpaced the S&P 500's daily gain of 1.2%. On the other hand, the Dow registered a gain of 1.58%, and the technology-centric Nasdaq increased by 1.16%.
Prior to today's trading, shares of the provider of chip technology for small electronic devices had lost 22.57% over the past month. This has lagged the Business Services sector's loss of 5.43% and the S&P 500's loss of 3.58% in that time.
The investment community will be closely monitoring the performance of Adeia in its forthcoming earnings report. The company is scheduled to release its earnings on November 6, 2023. In that report, analysts expect Adeia to post earnings of $0.26 per share. This would mark a year-over-year decline of 16.13%. Alongside, our most recent consensus estimate is anticipating revenue of $89.63 million, indicating a 57.51% downward movement from the same quarter last year.
For the full year, the Zacks Consensus Estimates project earnings of $1.30 per share and a revenue of $387.7 million, demonstrating changes of -36.27% and -51.88%, respectively, from the preceding year.
Investors should also take note of any recent adjustments to analyst estimates for Adeia. Recent revisions tend to reflect the latest near-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 suggests that these changes in estimates have a direct relationship with upcoming stock price performance. 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 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 last 30 days, the Zacks Consensus EPS estimate has witnessed a 5.51% decrease. Right now, Adeia possesses a Zacks Rank of #5 (Strong Sell).
From a valuation perspective, Adeia is currently exchanging hands at a Forward P/E ratio of 6.36. For comparison, its industry has an average Forward P/E of 21.98, which means Adeia is trading at a discount to the group.
The Technology Services industry is part of the Business Services sector. With its current Zacks Industry Rank of 94, this industry ranks in the top 38% of all industries, numbering over 250.
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.
You can find more information on all of these metrics, and much more, on Zacks.com.