Adeia Inc. (NASDAQ:ADEA) Short Interest Update

Adeia Inc. (NASDAQ:ADEA) saw a large drop in short interest during the month of September. As of September 15th, there was short interest totalling 3,470,000 shares, a drop of 6.5% from the August 31st total of 3,710,000 shares. Based on an average daily volume of 467,500 shares, the days-to-cover ratio is currently 7.4 days. Currently, 3.4% of the company’s shares are sold short.

Analyst Upgrades and Downgrades

ADEA has been the subject of several research reports. BWS Financial reiterated a “buy” rating and set a $16.00 price objective on shares of Adeia in a research note on Thursday, September 26th. Rosenblatt Securities reaffirmed a “buy” rating and set a $15.00 price target on shares of Adeia in a research report on Thursday, June 20th.

Adeia Stock Down 1.4 %

Shares of Adeia stock opened at $11.74 on Wednesday. The business has a 50-day moving average price of $11.68 and a 200 day moving average price of $11.23. Adeia has a fifty-two week low of $8.11 and a fifty-two week high of $13.39. The firm has a market cap of $1.28 billion, a P/E ratio of 34.53 and a beta of 1.46. The company has a quick ratio of 3.00, a current ratio of 3.00 and a debt-to-equity ratio of 1.42.

Adeia (NASDAQ:ADEA) last posted its quarterly earnings results on Tuesday, August 6th. The company reported $0.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.20 by $0.03. The company had revenue of $87.35 million for the quarter, compared to the consensus estimate of $83.74 million. Adeia had a net margin of 12.87% and a return on equity of 33.28%. On average, sell-side analysts forecast that Adeia will post 1.18 earnings per share for the current fiscal year.

Adeia Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 17th. Investors of record on Tuesday, August 27th were given a $0.05 dividend. The ex-dividend date was Tuesday, August 27th. This represents a $0.20 annualized dividend and a yield of 1.70%. Adeia’s dividend payout ratio is presently 58.83%.

Institutional Investors Weigh In On Adeia

Large investors have recently made changes to their positions in the company. Wedge Capital Management L L P NC grew its stake in shares of Adeia by 0.9% in the second quarter. Wedge Capital Management L L P NC now owns 100,905 shares of the company’s stock worth $1,129,000 after purchasing an additional 875 shares in the last quarter. Gallacher Capital Management LLC increased its stake in Adeia by 5.2% during the 2nd quarter. Gallacher Capital Management LLC now owns 23,803 shares of the company’s stock valued at $266,000 after buying an additional 1,186 shares during the period. Texas Permanent School Fund Corp raised its position in shares of Adeia by 1.3% during the 1st quarter. Texas Permanent School Fund Corp now owns 93,797 shares of the company’s stock worth $1,024,000 after buying an additional 1,215 shares in the last quarter. Illinois Municipal Retirement Fund lifted its stake in shares of Adeia by 2.3% in the 1st quarter. Illinois Municipal Retirement Fund now owns 62,915 shares of the company’s stock worth $687,000 after acquiring an additional 1,420 shares during the period. Finally, ProShare Advisors LLC boosted its holdings in shares of Adeia by 7.4% in the first quarter. ProShare Advisors LLC now owns 21,579 shares of the company’s stock valued at $236,000 after acquiring an additional 1,483 shares in the last quarter. Institutional investors and hedge funds own 97.36% of the company’s stock.

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.