Adeia (NASDAQ:ADEA) Trading Down 14.9% – Here’s What Happened

Adeia Inc. (NASDAQ:ADEA)’s share price dropped 14.9% during mid-day trading on Tuesday . The stock traded as low as $12.10 and last traded at $12.1750. Approximately 309,220 shares changed hands during mid-day trading, a decline of 47% from the average daily volume of 580,247 shares. The stock had previously closed at $14.30.

Wall Street Analyst Weigh In

ADEA has been the subject of several research reports. Weiss Ratings reissued a “hold (c)” rating on shares of Adeia in a research report on Wednesday, October 8th. Wall Street Zen cut shares of Adeia from a “buy” rating to a “hold” rating in a research report on Saturday, August 9th. Roth Capital reaffirmed a “buy” rating on shares of Adeia in a research report on Monday. BWS Financial reaffirmed a “buy” rating and issued a $18.00 price target on shares of Adeia in a research report on Tuesday. Finally, Zacks Research cut shares of Adeia from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 6th. Four research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, Adeia presently has a consensus rating of “Moderate Buy” and an average price target of $19.50.

Adeia Price Performance

The company has a debt-to-equity ratio of 1.06, a quick ratio of 3.09 and a current ratio of 3.09. The firm has a market cap of $1.36 billion, a price-to-earnings ratio of 16.79 and a beta of 1.74. The stock’s 50 day simple moving average is $16.33 and its 200-day simple moving average is $14.54.

Adeia Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 15th. Stockholders of record on Monday, November 24th will be paid a $0.05 dividend. The ex-dividend date is Monday, November 24th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.6%. Adeia’s dividend payout ratio is presently 27.03%.

Institutional Trading of Adeia

A number of hedge funds and other institutional investors have recently made changes to their positions in ADEA. Quarry LP acquired a new stake in shares of Adeia in the first quarter worth $29,000. Osaic Holdings Inc. increased its stake in shares of Adeia by 714.9% in the second quarter. Osaic Holdings Inc. now owns 2,632 shares of the company’s stock worth $37,000 after acquiring an additional 2,309 shares during the period. CWM LLC increased its stake in shares of Adeia by 436.0% in the third quarter. CWM LLC now owns 2,444 shares of the company’s stock worth $41,000 after acquiring an additional 1,988 shares during the period. BI Asset Management Fondsmaeglerselskab A S acquired a new stake in Adeia during the first quarter valued at $43,000. Finally, Brooklyn Investment Group acquired a new stake in Adeia during the first quarter valued at $44,000. Institutional investors and hedge funds own 97.36% of the company’s stock.

About Adeia

Adeia Inc, together with its subsidiaries, operates as a media and semiconductor intellectual property licensing company in the United States, Canada, Asia, Europe, the Middle East, and internationally. The company licenses its patent portfolios across various markets, including multichannel video programming distributors comprising cable, satellite, and telecommunications television providers that aggregate and distribute linear content over networks, as well as television providers that aggregate and stream linear content over broadband networks; over-the-top video service providers and social media companies, such as subscription video-on-demand and advertising-supported streaming service providers, as well as content providers, networks, and media companies.