Adeia (NASDAQ:ADEA) Sets New 1-Year High – Here’s What Happened

Shares of Adeia Inc. (NASDAQ:ADEA) hit a new 52-week high on Wednesday . The stock traded as high as $26.41 and last traded at $26.34, with a volume of 3529 shares trading hands. The stock had previously closed at $25.51.

Wall Street Analyst Weigh In

ADEA has been the topic of several analyst reports. BWS Financial reiterated a “buy” rating and issued a $30.00 target price on shares of Adeia in a research note on Monday, March 9th. Rosenblatt Securities reiterated a “buy” rating and issued a $40.00 target price on shares of Adeia in a research note on Thursday, April 2nd. Wall Street Zen upgraded Adeia from a “hold” rating to a “strong-buy” rating in a research note on Saturday, March 7th. Zacks Research downgraded Adeia from a “strong-buy” rating to a “hold” rating in a research note on Thursday, February 26th. Finally, Maxim Group lifted their price target on Adeia from $17.00 to $20.00 and gave the company a “buy” rating in a research note on Tuesday, December 23rd. Five research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $28.80.

Adeia Stock Performance

The company has a debt-to-equity ratio of 0.83, a current ratio of 3.81 and a quick ratio of 3.81. The stock has a market capitalization of $2.89 billion, a PE ratio of 26.72 and a beta of 1.30. The stock has a 50 day moving average of $21.24 and a two-hundred day moving average of $17.71.

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

Adeia Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, March 30th. Investors of record on Monday, March 16th were paid a $0.05 dividend. The ex-dividend date was Monday, March 16th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.8%. Adeia’s payout ratio is 20.41%.

Hedge Funds Weigh In On Adeia

Hedge funds and other institutional investors have recently bought and sold shares of the company. Assenagon Asset Management S.A. acquired a new position in Adeia during the third quarter worth $3,353,000. JPMorgan Chase & Co. raised its holdings in Adeia by 110.7% during the second quarter. JPMorgan Chase & Co. now owns 752,786 shares of the company’s stock worth $10,644,000 after purchasing an additional 395,462 shares during the last quarter. Cresset Asset Management LLC acquired a new position in Adeia during the second quarter worth $1,874,000. Public Sector Pension Investment Board raised its holdings in Adeia by 15.4% during the third quarter. Public Sector Pension Investment Board now owns 515,753 shares of the company’s stock worth $8,665,000 after purchasing an additional 68,745 shares during the last quarter. Finally, Tudor Investment Corp ET AL acquired a new position in Adeia during the third quarter worth $3,259,000. 97.36% of the stock is owned by institutional investors and hedge funds.

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.