Adeia (NASDAQ:ADEA) Sets New 12-Month High – Here’s What Happened

Adeia Inc. (NASDAQ:ADEA) shares hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $19.71 and last traded at $19.7950, with a volume of 110978 shares traded. The stock had previously closed at $19.15.

Wall Street Analysts Forecast Growth

ADEA has been the subject of several recent research reports. UBS Group set a $20.00 target price on shares of Adeia in a research note on Tuesday, December 23rd. Weiss Ratings raised Adeia from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, January 12th. Zacks Research upgraded Adeia from a “hold” rating to a “strong-buy” rating in a report on Thursday, January 8th. Rosenblatt Securities boosted their target price on Adeia from $17.00 to $20.00 and gave the stock a “buy” rating in a research report on Monday, December 22nd. Finally, BWS Financial increased their price target on Adeia from $18.00 to $24.00 and gave the company a “buy” rating in a research report on Monday, December 29th. One equities research analyst has rated the stock with a Strong Buy rating and five have issued a Buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $22.00.

Adeia Stock Down 3.0%

The firm has a 50-day moving average of $15.30 and a two-hundred day moving average of $15.27. The stock has a market capitalization of $2.12 billion, a price-to-earnings ratio of 29.72 and a beta of 1.46. 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 issued its earnings results on Monday, November 3rd. The company reported $0.28 earnings per share for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.08). The business had revenue of $87.34 million during the quarter, compared to analyst estimates of $99.24 million. Adeia had a net margin of 19.32% and a return on equity of 29.36%. As a group, sell-side analysts anticipate that Adeia Inc. will post 1.09 earnings per share for the current year.

Adeia Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 15th. Investors of record on Monday, November 24th were paid a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 1.0%. The ex-dividend date of this dividend was Monday, November 24th. Adeia’s payout ratio is presently 30.77%.

Hedge Funds Weigh In On Adeia

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