Adeia (NASDAQ:ADEA) Shares Gap Up Following Analyst Upgrade

Adeia Inc. (NASDAQ:ADEA) shares gapped up before the market opened on Monday after Maxim Group raised their price target on the stock from $17.00 to $20.00. The stock had previously closed at $12.77, but opened at $16.20. Maxim Group currently has a buy rating on the stock. Adeia shares last traded at $15.93, with a volume of 609,085 shares trading hands.

A number of other brokerages also recently commented on ADEA. Rosenblatt Securities lifted their price objective on shares of Adeia from $17.00 to $20.00 and gave the company a “buy” rating in a research report on Monday. Roth Capital restated a “buy” rating on shares of Adeia in a research note on Monday. BWS Financial reissued a “buy” rating and issued a $18.00 price target on shares of Adeia in a report on Tuesday, November 4th. Zacks Research downgraded shares of Adeia from a “strong-buy” rating to a “hold” rating in a report on Monday, October 6th. Finally, UBS Group set a $20.00 price target on Adeia in a research report on Tuesday. Four analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, Adeia has an average rating of “Moderate Buy” and a consensus price target of $20.80.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. JPMorgan Chase & Co. lifted its stake in shares of Adeia by 110.7% in the 2nd quarter. JPMorgan Chase & Co. now owns 752,786 shares of the company’s stock valued at $10,644,000 after purchasing an additional 395,462 shares during the period. Assenagon Asset Management S.A. purchased a new stake in Adeia during the 3rd quarter worth approximately $3,353,000. Cresset Asset Management LLC acquired a new position in Adeia in the 2nd quarter valued at $1,874,000. Cubist Systematic Strategies LLC purchased a new position in shares of Adeia in the first quarter worth about $301,000. Finally, Campbell & CO Investment Adviser LLC boosted its holdings in shares of Adeia by 320.9% during the 2nd quarter. Campbell & CO Investment Adviser LLC now owns 88,917 shares of the company’s stock worth $1,257,000 after purchasing an additional 67,794 shares during the last quarter. Institutional investors own 97.36% of the company’s stock.

Adeia Price Performance

The company has a debt-to-equity ratio of 1.01, a current ratio of 3.72 and a quick ratio of 3.72. The stock has a 50 day simple moving average of $14.14 and a two-hundred day simple moving average of $14.59. The company has a market cap of $1.90 billion, a price-to-earnings ratio of 26.68 and a beta of 1.51.

Adeia (NASDAQ:ADEA) last issued its quarterly earnings data on Monday, November 3rd. The company reported $0.28 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.08). The business had revenue of $87.34 million for the quarter, compared to analyst estimates of $99.24 million. Adeia had a return on equity of 29.36% and a net margin of 19.32%. On average, equities research analysts predict that Adeia Inc. will post 1.09 earnings per share for the current fiscal year.

Adeia Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, December 15th. Shareholders of record on Monday, November 24th were paid a $0.05 dividend. The ex-dividend date was Monday, November 24th. This represents a $0.20 dividend on an annualized basis and a yield of 1.2%. Adeia’s dividend payout ratio (DPR) is currently 30.77%.

About Adeia

Adeia Inc (NASDAQ: ADEA) is a technology licensing company that focuses on acquiring, managing and monetizing intellectual property assets in the electronics and communications sectors. The company’s core business involves the strategic purchase of patent portfolios followed by the negotiation of licensing agreements, collaborative partnerships and, where necessary, enforcement actions to generate revenue from those assets. Adeia’s technology coverage spans semiconductor design, data communications, wireless networking, imaging systems and other advanced electronics applications.

By assembling a diversified collection of high-value patent families, Adeia works closely with original equipment manufacturers, semiconductor suppliers and service providers across North America, Europe and Asia.