Zacks Research Upgrades Adeia (NASDAQ:ADEA) to Strong-Buy

Adeia (NASDAQ:ADEA) was upgraded by equities research analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a note issued to investors on Thursday,Zacks.com reports.

Several other brokerages have also recently issued reports on ADEA. Weiss Ratings reiterated a “hold (c+)” rating on shares of Adeia in a research report on Monday, December 29th. Roth Capital reaffirmed a “buy” rating on shares of Adeia in a research note on Monday, December 22nd. Rosenblatt Securities lifted their target price on Adeia from $17.00 to $20.00 and gave the stock a “buy” rating in a report on Monday, December 22nd. BWS Financial upped their price target on shares of Adeia from $18.00 to $24.00 and gave the company a “buy” rating in a report on Monday, December 29th. Finally, UBS Group set a $20.00 price objective on shares of Adeia in a research report on Tuesday, December 23rd. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $22.00.

Adeia Trading Up 3.3%

Shares of NASDAQ:ADEA opened at $18.54 on Thursday. The company has a 50 day moving average of $14.30 and a 200-day moving average of $14.96. The company has a current ratio of 3.72, a quick ratio of 3.72 and a debt-to-equity ratio of 1.01. The firm has a market cap of $2.03 billion, a P/E ratio of 28.52 and a beta of 1.46. Adeia has a twelve month low of $10.59 and a twelve month high of $19.01.

Adeia (NASDAQ:ADEA) last posted its quarterly earnings data on Monday, November 3rd. The company reported $0.28 EPS for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.08). Adeia had a net margin of 19.32% and a return on equity of 29.36%. The company had revenue of $87.34 million for the quarter, compared to analyst estimates of $99.24 million. As a group, analysts anticipate that Adeia will post 1.09 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Adeia

A number of institutional investors have recently bought and sold shares of ADEA. Vident Advisory LLC raised its holdings in Adeia by 2.6% during the 2nd quarter. Vident Advisory LLC now owns 37,366 shares of the company’s stock worth $528,000 after buying an additional 937 shares during the period. Wealth Enhancement Advisory Services LLC increased its position in shares of Adeia by 31.3% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 4,332 shares of the company’s stock worth $81,000 after acquiring an additional 1,033 shares in the last quarter. Amalgamated Bank increased its position in shares of Adeia by 3.5% in the third quarter. Amalgamated Bank now owns 31,992 shares of the company’s stock worth $537,000 after acquiring an additional 1,070 shares in the last quarter. Quarry LP raised its holdings in shares of Adeia by 245.5% during the third quarter. Quarry LP now owns 1,586 shares of the company’s stock valued at $27,000 after acquiring an additional 1,127 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Adeia by 3.3% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 36,605 shares of the company’s stock valued at $615,000 after acquiring an additional 1,176 shares in the last quarter. Hedge funds and other institutional investors 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.