Adeia (NASDAQ:ADEA) Trading 10.2% Higher – Here’s What Happened

Shares of Adeia Inc. (NASDAQ:ADEA) were up 10.2% during mid-day trading on Monday . The stock traded as high as $31.78 and last traded at $31.9220. Approximately 971,333 shares were traded during mid-day trading, a decline of 33% from the average daily volume of 1,440,882 shares. The stock had previously closed at $28.98.

Analysts Set New Price Targets

A number of equities analysts have commented on ADEA shares. Weiss Ratings lowered Adeia from a “buy (b)” rating to a “buy (b-)” rating in a research note on Monday, May 18th. Maxim Group set a $35.00 target price on Adeia in a research report on Wednesday, May 6th. Zacks Research lowered Adeia from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 26th. Roth Mkm restated a “buy” rating and issued a $43.00 price target on shares of Adeia in a research report on Tuesday, May 5th. Finally, BWS Financial reaffirmed a “buy” rating and set a $30.00 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 given a Hold rating to the company’s stock. According to data from MarketBeat, Adeia has an average rating of “Moderate Buy” and an average target price of $33.60.

Adeia Stock Down 3.2%

The firm has a 50 day simple moving average of $28.40 and a two-hundred day simple moving average of $21.69. The company has a quick ratio of 3.44, a current ratio of 3.44 and a debt-to-equity ratio of 0.79. The stock has a market capitalization of $3.37 billion, a P/E ratio of 28.27 and a beta of 1.40.

Adeia (NASDAQ:ADEA) last issued its quarterly earnings results on Monday, May 4th. The company reported $0.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.36 by $0.02. Adeia had a return on equity of 39.49% and a net margin of 26.50%.The company had revenue of $104.77 million for the quarter, compared to analyst estimates of $99.72 million. On average, equities research analysts expect that Adeia Inc. will post 1.15 earnings per share for the current year.

Adeia Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Tuesday, May 26th will be paid a dividend of $0.05 per share. The ex-dividend date of this dividend is Tuesday, May 26th. This represents a $0.20 annualized dividend and a yield of 0.7%. Adeia’s payout ratio is presently 18.52%.

Institutional Investors Weigh In On Adeia

Several hedge funds and other institutional investors have recently made changes to their positions in ADEA. Ameriprise Financial Inc. lifted its stake in Adeia by 0.7% in the 2nd quarter. Ameriprise Financial Inc. now owns 14,509,642 shares of the company’s stock valued at $205,166,000 after purchasing an additional 97,666 shares during the last quarter. Systematic Financial Management LP increased its holdings in shares of Adeia by 27.9% during the fourth quarter. Systematic Financial Management LP now owns 2,891,131 shares of the company’s stock worth $49,872,000 after buying an additional 630,039 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Adeia by 0.5% during the third quarter. Dimensional Fund Advisors LP now owns 2,819,336 shares of the company’s stock worth $47,364,000 after buying an additional 13,412 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of Adeia by 0.7% in the 4th quarter. Geode Capital Management LLC now owns 2,799,445 shares of the company’s stock valued at $48,299,000 after acquiring an additional 19,601 shares during the last quarter. Finally, The Manufacturers Life Insurance Company boosted its holdings in shares of Adeia by 19.3% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 2,765,859 shares of the company’s stock valued at $39,109,000 after acquiring an additional 448,274 shares in the last quarter. 97.36% of the stock is owned by institutional investors.

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.