CastleKnight Management LP Buys Shares of 352,100 Adeia Inc. $ADEA

CastleKnight Management LP bought a new stake in shares of Adeia Inc. (NASDAQ:ADEA) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 352,100 shares of the company’s stock, valued at approximately $6,074,000.

A number of other institutional investors have also added to or reduced their stakes in ADEA. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Adeia by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 64,701 shares of the company’s stock valued at $855,000 after purchasing an additional 2,829 shares during the period. Caxton Associates LLP purchased a new position in shares of Adeia in the 1st quarter worth approximately $174,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of Adeia by 22.8% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 231,421 shares of the company’s stock worth $3,059,000 after buying an additional 42,918 shares during the last quarter. Jane Street Group LLC grew its position in shares of Adeia by 1,193.2% in the 1st quarter. Jane Street Group LLC now owns 348,961 shares of the company’s stock worth $4,613,000 after buying an additional 321,976 shares during the last quarter. Finally, Focus Partners Wealth purchased a new position in shares of Adeia in the 1st quarter worth approximately $167,000. Hedge funds and other institutional investors own 97.36% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on ADEA. Wall Street Zen downgraded shares of Adeia from a “buy” rating to a “hold” rating in a research report on Saturday, May 9th. Weiss Ratings downgraded shares of Adeia from a “buy (b)” rating to a “buy (b-)” rating in a research report on Monday, May 18th. Maxim Group set a $35.00 price objective on shares of Adeia in a research report on Wednesday, May 6th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $40.00 price objective on shares of Adeia in a research report on Tuesday, May 5th. Finally, Roth Mkm reaffirmed a “buy” rating and issued a $43.00 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 stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $33.60.

Adeia Stock Down 1.3%

NASDAQ:ADEA opened at $31.38 on Thursday. The company has a market cap of $3.46 billion, a PE ratio of 29.06 and a beta of 1.40. Adeia Inc. has a twelve month low of $11.61 and a twelve month high of $34.34. The company has a current ratio of 3.44, a quick ratio of 3.44 and a debt-to-equity ratio of 0.79. The company’s 50 day moving average is $29.26 and its two-hundred day moving average is $22.52.

Adeia (NASDAQ:ADEA) last released its earnings results 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 the consensus estimate of $99.72 million. Adeia had a net margin of 26.50% and a return on equity of 39.49%. Analysts anticipate that Adeia Inc. will post 1.15 EPS for the current year.

Adeia Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Tuesday, May 26th were given a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a yield of 0.6%. The ex-dividend date of this dividend was Tuesday, May 26th. Adeia’s payout ratio is currently 18.52%.

Adeia 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.