Short Interest in Adeia Inc. (NASDAQ:ADEA) Declines By 14.4%

Adeia Inc. (NASDAQ:ADEA) was the target of a large decline in short interest during the month of January. As of January 30th, there was short interest totaling 3,799,473 shares, a decline of 14.4% from the January 15th total of 4,437,935 shares. Approximately 3.5% of the shares of the company are sold short. Based on an average daily volume of 837,649 shares, the days-to-cover ratio is presently 4.5 days. Based on an average daily volume of 837,649 shares, the days-to-cover ratio is presently 4.5 days. Approximately 3.5% of the shares of the company are sold short.

Adeia Stock Down 0.4%

ADEA stock opened at $18.73 on Wednesday. Adeia has a 52 week low of $10.59 and a 52 week high of $20.33. The firm has a 50-day simple moving average of $17.50 and a 200-day simple moving average of $15.88. The company has a quick ratio of 3.72, a current ratio of 3.72 and a debt-to-equity ratio of 1.01. The stock has a market capitalization of $2.05 billion, a P/E ratio of 28.82 and a beta of 1.44.

Hedge Funds Weigh In On Adeia

Several institutional investors have recently bought and sold shares of the company. Hantz Financial Services Inc. boosted its position in shares of Adeia by 447.0% during the 4th quarter. Hantz Financial Services Inc. now owns 1,444 shares of the company’s stock worth $25,000 after acquiring an additional 1,180 shares in the last quarter. Quarry LP increased its position in Adeia by 245.5% in the 3rd 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. IFP Advisors Inc purchased a new stake in shares of Adeia during the third quarter worth approximately $28,000. Osaic Holdings Inc. raised its position 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 buying an additional 2,309 shares during the last quarter. Finally, CWM LLC lifted its position in Adeia by 436.0% in the third quarter. CWM LLC now owns 2,444 shares of the company’s stock valued at $41,000 after purchasing an additional 1,988 shares during the period. 97.36% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Zacks Research upgraded shares of Adeia from a “hold” rating to a “strong-buy” rating in a research note on Thursday, January 8th. Maxim Group boosted their price objective on Adeia from $17.00 to $20.00 and gave the company a “buy” rating in a report on Tuesday, December 23rd. Rosenblatt Securities upped their target price on Adeia from $17.00 to $20.00 and gave the stock a “buy” rating in a research note on Monday, December 22nd. UBS Group set a $20.00 price target on Adeia in a research report on Tuesday, December 23rd. Finally, Weiss Ratings raised Adeia from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, January 12th. One research analyst has rated the stock with a Strong Buy rating and five have given a Buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $22.00.

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.