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Adeia (ADEA - Free Report) closed at $12.95 in the latest trading session, marking a +0.86% move from the prior day. This move outpaced the S&P 500's daily gain of 0.06%. Elsewhere, the Dow gained 0.13%, while the tech-heavy Nasdaq added 0.24%.
Shares of the provider of chip technology for small electronic devices witnessed a gain of 8.81% over the previous month, beating the performance of the Business Services sector with its gain of 7.07% and the S&P 500's gain of 6.45%.
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 February 20, 2024. The company is predicted to post an EPS of $0.26, indicating a 36.59% decline compared to the equivalent quarter last year. In the meantime, our current consensus estimate forecasts the revenue to be $89.23 million, indicating a 13.61% decline compared to the corresponding quarter of the prior year.
Investors should also pay attention to any latest changes in analyst estimates for Adeia. These recent revisions tend to reflect the evolving nature of short-term business trends. Consequently, upward revisions in estimates express analysts' positivity towards the company's business operations and its ability to generate profits.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable 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. The Zacks Consensus EPS estimate remained stagnant within the past month. Currently, Adeia is carrying a Zacks Rank of #3 (Hold).
From a valuation perspective, Adeia is currently exchanging hands at a Forward P/E ratio of 9.04. This denotes a discount relative to the industry's average Forward P/E of 23.96.
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 assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.
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Why Adeia (ADEA) Outpaced the Stock Market Today
Adeia (ADEA - Free Report) closed at $12.95 in the latest trading session, marking a +0.86% move from the prior day. This move outpaced the S&P 500's daily gain of 0.06%. Elsewhere, the Dow gained 0.13%, while the tech-heavy Nasdaq added 0.24%.
Shares of the provider of chip technology for small electronic devices witnessed a gain of 8.81% over the previous month, beating the performance of the Business Services sector with its gain of 7.07% and the S&P 500's gain of 6.45%.
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 February 20, 2024. The company is predicted to post an EPS of $0.26, indicating a 36.59% decline compared to the equivalent quarter last year. In the meantime, our current consensus estimate forecasts the revenue to be $89.23 million, indicating a 13.61% decline compared to the corresponding quarter of the prior year.
Investors should also pay attention to any latest changes in analyst estimates for Adeia. These recent revisions tend to reflect the evolving nature of short-term business trends. Consequently, upward revisions in estimates express analysts' positivity towards the company's business operations and its ability to generate profits.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable 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. The Zacks Consensus EPS estimate remained stagnant within the past month. Currently, Adeia is carrying a Zacks Rank of #3 (Hold).
From a valuation perspective, Adeia is currently exchanging hands at a Forward P/E ratio of 9.04. This denotes a discount relative to the industry's average Forward P/E of 23.96.
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 assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.