Adeia (NASDAQ:ADEA) Shares Up 14.1% – What’s Next?

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

Analyst Upgrades and Downgrades

Several brokerages have issued reports on ADEA. Maxim Group set a $35.00 target price on shares of Adeia in a research note on Wednesday, May 6th. Roth Mkm reiterated a “buy” rating and set a $43.00 price target on shares of Adeia in a report on Tuesday, May 5th. Rosenblatt Securities reiterated a “buy” rating and set a $40.00 price target 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. Finally, BWS Financial reiterated a “buy” rating and set a $30.00 price target on shares of Adeia in a report on Tuesday, May 5th. Five research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $33.60.

Adeia Stock Performance

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 firm has a fifty day moving average price of $27.61 and a 200 day moving average price of $20.92. The firm has a market cap of $3.38 billion, a PE ratio of 28.39 and a beta of 1.40.

Adeia (NASDAQ:ADEA) last posted its quarterly earnings results on Monday, May 4th. The company reported $0.38 EPS for the quarter, topping the consensus estimate of $0.36 by $0.02. The business 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 expect that Adeia Inc. will post 1.15 earnings per share for the current fiscal year.

Adeia Dividend Announcement

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

Institutional Trading of Adeia

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Bank of America Corp DE raised its holdings in Adeia by 22.9% in the 1st quarter. Bank of America Corp DE now owns 740,728 shares of the company’s stock valued at $17,800,000 after buying an additional 138,034 shares during the period. Janus Henderson Group PLC raised its holdings in Adeia by 948.3% in the 1st quarter. Janus Henderson Group PLC now owns 473,438 shares of the company’s stock valued at $11,378,000 after buying an additional 428,275 shares during the period. Irenic Capital Management LP purchased a new stake in Adeia in the 1st quarter valued at about $4,804,000. Amundi raised its holdings 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 buying an additional 14,267 shares during the period. Finally, California State Teachers Retirement System raised its holdings 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 buying an additional 9,317 shares during the period. 97.36% of the stock is currently owned by hedge funds and other institutional investors.

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.