Adeia (NASDAQ:ADEA) Shares Gap Up – Here’s What Happened

Adeia Inc. (NASDAQ:ADEA)’s share price gapped up prior to trading on Monday . The stock had previously closed at $19.87, but opened at $20.80. Adeia shares last traded at $20.70, with a volume of 300,184 shares.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. UBS Group set a $20.00 price objective on shares of Adeia in a research report on Tuesday, December 23rd. Maxim Group boosted their target price on Adeia from $17.00 to $20.00 and gave the company a “buy” rating in a research report on Tuesday, December 23rd. Rosenblatt Securities upped their target price on Adeia to $40.00 and gave the company a “buy” rating in a research note on Monday. Roth Mkm reiterated a “buy” rating on shares of Adeia in a report on Monday, December 22nd. Finally, Weiss Ratings raised Adeia from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, January 12th. Five investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat.com, Adeia currently has a consensus rating of “Moderate Buy” and an average price target of $27.20.

Adeia Stock Up 3.0%

The business’s 50 day moving average is $19.07 and its 200 day moving average is $16.50. The company has a quick ratio of 3.81, a current ratio of 3.81 and a debt-to-equity ratio of 0.83. The company has a market cap of $2.51 billion, a P/E ratio of 23.46 and a beta of 1.41.

Adeia (NASDAQ:ADEA) last announced its earnings results on Monday, February 23rd. The company reported $0.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.73 by $0.13. The business had revenue of $182.64 million for the quarter, compared to analysts’ expectations of $168.45 million. Adeia had a return on equity of 38.01% and a net margin of 25.05%. As a group, equities analysts anticipate that Adeia Inc. will post 1.09 earnings per share for the current fiscal year.

Adeia Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, March 30th. Shareholders of record on Monday, March 16th will be paid a $0.05 dividend. This represents a $0.20 annualized dividend and a yield of 0.9%. The ex-dividend date is Monday, March 16th. Adeia’s payout ratio is 20.41%.

Hedge Funds Weigh In On Adeia

Large investors have recently added to or reduced their stakes in the company. ProShare Advisors LLC boosted its holdings in shares of Adeia by 3.2% in the 4th quarter. ProShare Advisors LLC now owns 21,153 shares of the company’s stock valued at $365,000 after buying an additional 656 shares in the last quarter. Redmond Asset Management LLC raised its stake in shares of Adeia by 0.4% during the 4th quarter. Redmond Asset Management LLC now owns 192,350 shares of the company’s stock worth $3,318,000 after acquiring an additional 727 shares in the last quarter. Amundi lifted its position in Adeia by 4.5% during the fourth quarter. Amundi now owns 19,003 shares of the company’s stock valued at $328,000 after acquiring an additional 827 shares during the last quarter. Vident Advisory LLC lifted its position in Adeia by 2.6% during the second quarter. Vident Advisory LLC now owns 37,366 shares of the company’s stock valued at $528,000 after acquiring an additional 937 shares during the last quarter. Finally, Police & Firemen s Retirement System of New Jersey boosted its stake in Adeia by 3.2% in the fourth quarter. Police & Firemen s Retirement System of New Jersey now owns 31,066 shares of the company’s stock valued at $536,000 after acquiring an additional 971 shares in the last quarter. 97.36% of the stock is currently owned by 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.