Adeia (NASDAQ:ADEA) Trading Up 13.2% – Here’s What Happened

Adeia Inc. (NASDAQ:ADEA) was up 13.2% on Monday . The company traded as high as $33.24 and last traded at $33.4380. Approximately 2,570,625 shares were traded during mid-day trading, an increase of 113% from the average daily volume of 1,205,905 shares. The stock had previously closed at $29.53.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on ADEA shares. Weiss Ratings upgraded Adeia from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, May 4th. Maxim Group set a $35.00 price objective on Adeia in a research note on Wednesday, May 6th. Rosenblatt Securities restated a “buy” rating and set a $40.00 price objective on shares of Adeia in a research note on Tuesday, May 5th. Zacks Research upgraded Adeia from a “hold” rating to a “strong-buy” rating in a research note on Monday, April 27th. Finally, Roth Mkm restated a “buy” rating and set a $43.00 price objective on shares of Adeia in a research note on Tuesday, May 5th. One analyst has rated the stock with a Strong Buy rating and five have issued a Buy rating to the company’s stock. According to data from MarketBeat, Adeia currently has a consensus rating of “Buy” and an average price target of $33.60.

Adeia Stock Performance

The stock has a market capitalization of $3.51 billion, a P/E ratio of 29.48 and a beta of 1.48. The stock has a 50 day moving average of $25.34 and a 200 day moving average of $19.40. The company has a debt-to-equity ratio of 0.79, a quick ratio of 3.44 and a current ratio of 3.44.

Adeia (NASDAQ:ADEA) last issued its quarterly earnings data on Monday, May 4th. The company reported $0.38 EPS for the quarter, topping analysts’ consensus estimates of $0.36 by $0.02. The firm had revenue of $104.77 million during the quarter, compared to the consensus estimate of $99.72 million. Adeia had a return on equity of 39.49% and a net margin of 26.50%. Equities analysts predict that Adeia Inc. will post 1.18 EPS for the current year.

Adeia Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Tuesday, May 26th will be given a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a yield of 0.6%. The ex-dividend date is Tuesday, May 26th. Adeia’s payout ratio is 18.52%.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. Allspring Global Investments Holdings LLC acquired a new position in Adeia during the 1st quarter worth $3,362,000. Principal Financial Group Inc. boosted its position in Adeia by 2.2% during the 1st quarter. Principal Financial Group Inc. now owns 535,037 shares of the company’s stock worth $12,857,000 after acquiring an additional 11,595 shares during the period. Fifth Third Bancorp boosted its position in Adeia by 13,439.1% during the 1st quarter. Fifth Third Bancorp now owns 56,052 shares of the company’s stock worth $1,347,000 after acquiring an additional 55,638 shares during the period. Sequoia Financial Advisors LLC acquired a new position in Adeia during the 1st quarter worth $314,000. Finally, Abel Hall LLC acquired a new position in Adeia during the 1st quarter worth $239,000. 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.