Short Interest in Adeia Inc. (NASDAQ:ADEA) Decreases By 9.4%

Adeia Inc. (NASDAQ:ADEA) was the recipient of a large decrease in short interest in the month of June. As of June 15th, there was short interest totalling 2,790,000 shares, a decrease of 9.4% from the May 31st total of 3,080,000 shares. Based on an average daily volume of 468,100 shares, the days-to-cover ratio is presently 6.0 days. Currently, 2.7% of the shares of the company are sold short.

Hedge Funds Weigh In On Adeia

Hedge funds have recently modified their holdings of the stock. Norges Bank acquired a new position in shares of Adeia in the 4th quarter worth approximately $9,198,000. Vanguard Group Inc. grew its position in Adeia by 1.7% during the 3rd quarter. Vanguard Group Inc. now owns 13,941,966 shares of the company’s stock worth $148,900,000 after acquiring an additional 233,675 shares during the last quarter. Wellington Management Group LLP grew its position in Adeia by 16.1% during the 4th quarter. Wellington Management Group LLP now owns 576,745 shares of the company’s stock worth $7,146,000 after acquiring an additional 80,146 shares during the last quarter. The Manufacturers Life Insurance Company grew its position in Adeia by 4.2% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 2,441,865 shares of the company’s stock worth $26,079,000 after acquiring an additional 97,792 shares during the last quarter. Finally, Pacer Advisors Inc. grew its position in Adeia by 35.4% during the 4th quarter. Pacer Advisors Inc. now owns 3,456,033 shares of the company’s stock worth $42,820,000 after acquiring an additional 903,568 shares during the last quarter. 97.36% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on ADEA. Rosenblatt Securities restated a “buy” rating and set a $15.00 target price on shares of Adeia in a research note on Thursday, June 20th. BWS Financial restated a “buy” rating and set a $16.00 target price on shares of Adeia in a research note on Tuesday, May 7th.

Adeia Trading Down 0.3 %

Adeia stock opened at $11.17 on Wednesday. The business has a 50 day moving average price of $11.12 and a two-hundred day moving average price of $11.34. The company has a quick ratio of 2.23, a current ratio of 2.23 and a debt-to-equity ratio of 1.46. The stock has a market cap of $1.21 billion, a price-to-earnings ratio of 32.85 and a beta of 1.47. Adeia has a 12 month low of $8.11 and a 12 month high of $13.39.

Adeia (NASDAQ:ADEA) last posted its quarterly earnings results on Monday, May 6th. The company reported $0.21 EPS for the quarter, beating the consensus estimate of $0.19 by $0.02. Adeia had a return on equity of 33.89% and a net margin of 11.06%. The firm had revenue of $83.41 million during the quarter, compared to analysts’ expectations of $83.55 million. As a group, equities analysts forecast that Adeia will post 1.2 EPS for the current year.

Adeia Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 18th. Stockholders of record on Tuesday, May 28th were issued a $0.05 dividend. The ex-dividend date of this dividend was Friday, May 24th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.79%. Adeia’s payout ratio is presently 58.83%.

Adeia Company Profile

Adeia Inc, together with its subsidiaries, operates as a media and semiconductor intellectual property licensing company in the United States, Canada, Asia, Europe, the Middle East, and internationally. The company licenses its patent portfolios across various markets, including multichannel video programming distributors comprising cable, satellite, and telecommunications television providers that aggregate and distribute linear content over networks, as well as television providers that aggregate and stream linear content over broadband networks; over-the-top video service providers and social media companies, such as subscription video-on-demand and advertising-supported streaming service providers, as well as content providers, networks, and media companies.