Adeia (NASDAQ:ADEA) Trading Up 3.5% After Analyst Upgrade

Shares of Adeia Inc. (NASDAQ:ADEA) rose 3.5% during trading on Tuesday after Maxim Group raised their price target on the stock from $17.00 to $20.00. Maxim Group currently has a buy rating on the stock. Adeia traded as high as $17.94 and last traded at $17.2570. Approximately 141,363 shares changed hands during trading, a decline of 78% from the average daily volume of 639,522 shares. The stock had previously closed at $16.67.

ADEA has been the subject of several other reports. Roth Capital reiterated a “buy” rating on shares of Adeia in a research note on Monday. UBS Group set a $20.00 price objective on Adeia in a report on Tuesday. Zacks Research lowered Adeia from a “strong-buy” rating to a “hold” rating in a report on Monday, October 6th. Rosenblatt Securities raised their price target on Adeia from $17.00 to $20.00 and gave the stock a “buy” rating in a research report on Monday. Finally, BWS Financial reaffirmed a “buy” rating and issued a $18.00 price target on shares of Adeia in a research note on Tuesday, November 4th. Four investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $20.80.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Vident Advisory LLC raised its stake in Adeia by 2.6% during the second quarter. Vident Advisory LLC now owns 37,366 shares of the company’s stock worth $528,000 after acquiring an additional 937 shares in the last quarter. Amalgamated Bank grew its holdings in shares of Adeia by 3.5% during the 3rd quarter. Amalgamated Bank now owns 31,992 shares of the company’s stock valued at $537,000 after purchasing an additional 1,070 shares during the last quarter. Quarry LP increased its position in Adeia by 245.5% during the 3rd quarter. Quarry LP now owns 1,586 shares of the company’s stock worth $27,000 after purchasing an additional 1,127 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Adeia by 3.3% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 36,605 shares of the company’s stock valued at $615,000 after purchasing an additional 1,176 shares during the last quarter. Finally, Orion Porfolio Solutions LLC boosted its position in Adeia by 2.1% in the second quarter. Orion Porfolio Solutions LLC now owns 59,360 shares of the company’s stock valued at $839,000 after buying an additional 1,208 shares in the last quarter. Institutional investors own 97.36% of the company’s stock.

Adeia Trading Up 1.6%

The business’s 50 day simple moving average is $14.14 and its two-hundred day simple moving average is $14.61. The stock has a market cap of $1.90 billion, a P/E ratio of 26.68 and a beta of 1.51. The company has a quick ratio of 3.72, a current ratio of 3.72 and a debt-to-equity ratio of 1.01.

Adeia (NASDAQ:ADEA) last announced its quarterly earnings results on Monday, November 3rd. The company reported $0.28 EPS for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.08). The firm had revenue of $87.34 million during the quarter, compared to the consensus estimate of $99.24 million. Adeia had a net margin of 19.32% and a return on equity of 29.36%. As a group, analysts expect that Adeia Inc. will post 1.09 EPS for the current year.

Adeia Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, December 15th. Stockholders of record on Monday, November 24th were issued a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a dividend yield of 1.2%. The ex-dividend date was Monday, November 24th. Adeia’s payout ratio is 30.77%.

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.