Adeia (NASDAQ:ADEA) Issues Earnings Results, Beats Expectations By $0.03 EPS

Adeia (NASDAQ:ADEA) released its quarterly earnings results on Monday. The company reported $0.34 EPS for the quarter, beating the consensus estimate of $0.31 by $0.03, FiscalAI reports. Adeia had a net margin of 26.50% and a return on equity of 39.49%. The company had revenue of $96.12 million for the quarter, compared to analyst estimates of $96.79 million.

Adeia Price Performance

ADEA traded up $1.14 during midday trading on Monday, hitting $27.79. 1,945,503 shares of the company traded hands, compared to its average volume of 1,511,160. The business has a 50 day simple moving average of $29.13 and a two-hundred day simple moving average of $25.52. Adeia has a 52-week low of $11.61 and a 52-week high of $34.34. The company has a market capitalization of $3.07 billion, a price-to-earnings ratio of 25.73 and a beta of 1.36. The company has a current ratio of 3.44, a quick ratio of 3.44 and a debt-to-equity ratio of 0.79.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. Maxim Group set a $35.00 target price on shares of Adeia in a research note on Wednesday, May 6th. BWS Financial restated a “buy” rating and issued a $30.00 price target on shares of Adeia in a research note on Tuesday, May 5th. Weiss Ratings cut Adeia from a “buy (b)” rating to a “buy (b-)” rating in a report on Monday, May 18th. Wall Street Zen downgraded Adeia from a “buy” rating to a “hold” rating in a research report on Saturday, May 9th. Finally, Rosenblatt Securities restated a “buy” rating and issued a $40.00 price objective on shares of Adeia in a research report on Tuesday, May 5th. Five investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Adeia has a consensus rating of “Moderate Buy” and an average target price of $33.60.

Institutional Investors Weigh In On Adeia

Several institutional investors have recently bought and sold shares of ADEA. Corient Private Wealth LLC raised its holdings in shares of Adeia by 13.7% during the fourth quarter. Corient Private Wealth LLC now owns 11,738 shares of the company’s stock valued at $202,000 after acquiring an additional 1,410 shares during the last quarter. CIBC Bancorp USA Inc. purchased a new position in shares of Adeia in the third quarter valued at approximately $195,000. Zacks Investment Management acquired a new stake in shares of Adeia in the third quarter worth approximately $192,000. HighTower Advisors LLC purchased a new stake in shares of Adeia during the fourth quarter worth approximately $192,000. Finally, Caxton Associates LLP purchased a new stake in shares of Adeia during the first quarter worth approximately $174,000. 97.36% of the stock is currently owned by institutional investors and hedge funds.

Adeia Company Profile

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.