Adeia (NASDAQ:ADEA) Trading Up 14.1% – Here’s Why

Adeia Inc. (NASDAQ:ADEA)’s share price was up 14.1% during mid-day trading on Monday . The stock traded as high as $30.16 and last traded at $30.49. Approximately 1,459,384 shares were traded during mid-day trading, an increase of 9% from the average daily volume of 1,333,994 shares. The stock had previously closed at $26.72.

Analyst Ratings Changes

Several equities research analysts recently issued reports on ADEA shares. Zacks Research downgraded Adeia from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 26th. Roth Mkm reissued a “buy” rating and set a $43.00 price objective on shares of Adeia in a report on Tuesday, May 5th. Wall Street Zen lowered Adeia from a “buy” rating to a “hold” rating in a report on Saturday, May 9th. BWS Financial reissued a “buy” rating and set a $30.00 price objective on shares of Adeia in a report on Tuesday, May 5th. Finally, Weiss Ratings lowered Adeia from a “buy (b)” rating to a “buy (b-)” rating in a report on Monday, May 18th. Five investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $33.60.

Adeia Price Performance

The company has a market cap of $3.38 billion, a price-to-earnings ratio of 28.48 and a beta of 1.40. The company has a fifty day moving average price of $27.51 and a two-hundred day moving average price of $20.82. The company has a current ratio of 3.44, a quick ratio of 3.44 and a debt-to-equity ratio of 0.79.

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

Adeia Announces Dividend

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

Hedge Funds Weigh In On Adeia

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Bank of America Corp DE lifted its position in shares of Adeia by 22.9% during the 1st quarter. Bank of America Corp DE now owns 740,728 shares of the company’s stock worth $17,800,000 after buying an additional 138,034 shares during the period. Janus Henderson Group PLC lifted its position in shares of Adeia by 948.3% during the 1st quarter. Janus Henderson Group PLC now owns 473,438 shares of the company’s stock worth $11,378,000 after buying an additional 428,275 shares during the period. Irenic Capital Management LP bought a new position in Adeia in the 1st quarter valued at $4,804,000. Amundi raised its position in Adeia by 75.1% in the 1st quarter. Amundi now owns 33,270 shares of the company’s stock valued at $800,000 after purchasing an additional 14,267 shares during the last quarter. Finally, California State Teachers Retirement System raised its position in Adeia by 9.3% in the 1st quarter. California State Teachers Retirement System now owns 109,889 shares of the company’s stock valued at $2,641,000 after purchasing an additional 9,317 shares during the last quarter. Institutional investors 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.