Adeia (NASDAQ:ADEA) Shares Gap Up – Here’s What Happened

Adeia Inc. (NASDAQ:ADEA)’s stock price gapped up before the market opened on Monday . The stock had previously closed at $19.87, but opened at $20.80. Adeia shares last traded at $20.70, with a volume of 300,184 shares.

Wall Street Analyst Weigh In

A number of analysts have recently commented on ADEA shares. Roth Mkm reissued a “buy” rating on shares of Adeia in a research note on Monday, December 22nd. Rosenblatt Securities raised their price target on shares of Adeia from $20.00 to $30.00 and gave the company a “buy” rating in a research note on Tuesday, February 24th. UBS Group set a $20.00 price objective on Adeia in a research note on Tuesday, December 23rd. Maxim Group lifted their target price on shares of Adeia from $17.00 to $20.00 and gave the stock a “buy” rating in a research note on Tuesday, December 23rd. Finally, Wall Street Zen raised shares of Adeia from a “hold” rating to a “strong-buy” rating in a report on Saturday. Five analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $25.20.

Adeia Stock Performance

The stock has a market cap of $2.35 billion, a price-to-earnings ratio of 22.01 and a beta of 1.41. The firm’s 50-day moving average price is $18.86 and its two-hundred day moving average price is $16.39. The company has a debt-to-equity ratio of 0.83, a quick ratio of 3.81 and a current ratio of 3.81.

Adeia (NASDAQ:ADEA) last issued its earnings results on Monday, February 23rd. The company reported $0.86 EPS for the quarter, topping analysts’ consensus estimates of $0.73 by $0.13. Adeia had a net margin of 25.05% and a return on equity of 38.01%. The company had revenue of $182.64 million for the quarter, compared to the consensus estimate of $168.45 million. On average, analysts expect that Adeia Inc. will post 1.09 EPS for the current fiscal year.

Adeia Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 30th. Investors of record on Monday, March 16th will be issued a $0.05 dividend. The ex-dividend date is Monday, March 16th. This represents a $0.20 dividend on an annualized basis and a yield of 0.9%. Adeia’s dividend payout ratio is currently 20.41%.

Institutional Investors Weigh In On Adeia

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Wellington Management Group LLP grew its holdings in shares of Adeia by 64.5% during the 4th quarter. Wellington Management Group LLP now owns 1,998,488 shares of the company’s stock worth $34,474,000 after purchasing an additional 783,869 shares during the period. Systematic Financial Management LP lifted its position in Adeia by 27.9% in the fourth quarter. Systematic Financial Management LP now owns 2,891,131 shares of the company’s stock valued at $49,872,000 after buying an additional 630,039 shares during the last quarter. Deutsche Bank AG boosted its stake in Adeia by 386.1% during the fourth quarter. Deutsche Bank AG now owns 732,859 shares of the company’s stock worth $12,642,000 after buying an additional 582,106 shares during the period. The Manufacturers Life Insurance Company boosted its stake in Adeia by 19.3% during the second quarter. The Manufacturers Life Insurance Company now owns 2,765,859 shares of the company’s stock worth $39,109,000 after buying an additional 448,274 shares during the period. Finally, JPMorgan Chase & Co. lifted its holdings in shares of Adeia by 110.7% in the 2nd quarter. JPMorgan Chase & Co. now owns 752,786 shares of the company’s stock worth $10,644,000 after acquiring an additional 395,462 shares during the last quarter. Institutional investors and hedge funds own 97.36% of the company’s stock.

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.