Adeia (NASDAQ:ADEA) Issues Quarterly Earnings Results, Beats Estimates By $0.03 EPS

Adeia (NASDAQ:ADEA) issued its quarterly earnings data on Monday. The company reported $0.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.31 by $0.03, FiscalAI reports. The business had revenue of $96.12 million during the quarter, compared to the consensus estimate of $96.79 million. Adeia had a net margin of 26.50% and a return on equity of 39.49%.

Adeia Stock Performance

Shares of ADEA traded up $1.14 during trading hours on Monday, hitting $27.79. The company’s stock had a trading volume of 2,006,394 shares, compared to its average volume of 1,512,090. The company has a market cap of $3.07 billion, a price-to-earnings ratio of 25.73 and a beta of 1.36. The company has a debt-to-equity ratio of 0.79, a current ratio of 3.44 and a quick ratio of 3.44. The business has a 50 day simple moving average of $29.13 and a two-hundred day simple moving average of $25.52. Adeia has a 52-week low of $11.61 and a 52-week high of $34.34.

Analysts Set New Price Targets

ADEA has been the topic of several recent analyst reports. Zacks Research cut shares of Adeia from a “hold” rating to a “strong sell” rating in a research report on Friday, July 3rd. Wall Street Zen downgraded Adeia from a “buy” rating to a “hold” rating in a research report on Saturday, May 9th. Roth Capital reiterated a “buy” rating and set a $43.00 price target on shares of Adeia in a report on Tuesday, May 5th. Maxim Group set a $35.00 price objective on Adeia in a research report on Wednesday, May 6th. Finally, BWS Financial reaffirmed a “buy” rating and issued a $30.00 price objective on shares of Adeia in a research report on Tuesday, May 5th. Five equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, Adeia presently has an average rating of “Moderate Buy” and an average price target of $33.60.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the business. Quarry LP lifted its position in shares of Adeia by 245.5% during the third quarter. Quarry LP now owns 1,586 shares of the company’s stock worth $27,000 after acquiring an additional 1,127 shares in the last quarter. IFP Advisors Inc bought a new stake in shares of Adeia during the 3rd quarter valued at $28,000. Osaic Holdings Inc. lifted its holdings in Adeia by 714.9% during the 2nd quarter. Osaic Holdings Inc. now owns 2,632 shares of the company’s stock worth $37,000 after purchasing an additional 2,309 shares in the last quarter. Quadrant Capital Group LLC bought a new position in Adeia in the 3rd quarter worth about $142,000. Finally, Creative Planning bought a new position in Adeia in the 2nd quarter worth about $144,000. 97.36% of the stock is owned by institutional investors.

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.