Galaxy Digital Inc. Makes New $1.92 Million Investment in Adeia Inc. $ADEA

Galaxy Digital Inc. bought a new position in Adeia Inc. (NASDAQ:ADEA) during the 1st quarter, Holdings Channel.com reports. The fund bought 80,000 shares of the company’s stock, valued at approximately $1,922,000. Adeia makes up approximately 0.2% of Galaxy Digital Inc.’s holdings, making the stock its 27th biggest holding.

A number of other hedge funds and other institutional investors have also recently modified their holdings of ADEA. Wellington Management Group LLP grew its position in shares of Adeia by 64.5% during the fourth quarter. Wellington Management Group LLP now owns 1,998,488 shares of the company’s stock valued at $34,474,000 after purchasing an additional 783,869 shares in the last quarter. Systematic Financial Management LP boosted its stake in Adeia by 27.9% during the fourth quarter. Systematic Financial Management LP now owns 2,891,131 shares of the company’s stock valued at $49,872,000 after buying an additional 630,039 shares during the last quarter. Deutsche Bank AG increased its position in Adeia by 386.1% in the fourth quarter. Deutsche Bank AG now owns 732,859 shares of the company’s stock worth $12,642,000 after purchasing an additional 582,106 shares during the last quarter. The Manufacturers Life Insurance Company lifted its position in Adeia by 19.3% during the second quarter. The Manufacturers Life Insurance Company now owns 2,765,859 shares of the company’s stock valued at $39,109,000 after purchasing an additional 448,274 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership purchased a new position in shares of Adeia in the 1st quarter worth $10,008,000. Institutional investors own 97.36% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have weighed in on ADEA shares. Rosenblatt Securities reissued a “buy” rating and set a $40.00 price objective on shares of Adeia in a research note on Tuesday, May 5th. Weiss Ratings cut shares of Adeia from a “buy (b)” rating to a “buy (b-)” rating in a research note on Monday, May 18th. Zacks Research downgraded shares of Adeia from a “hold” rating to a “strong sell” rating in a report on Friday, July 3rd. BWS Financial reissued a “buy” rating and set a $30.00 price target on shares of Adeia in a research note on Tuesday, May 5th. Finally, Roth Capital restated a “buy” rating and set a $43.00 price objective on shares of Adeia in a report on Tuesday, May 5th. Five equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Adeia presently has an average rating of “Moderate Buy” and an average target price of $33.60.

Adeia Price Performance

Shares of ADEA stock opened at $25.95 on Friday. Adeia Inc. has a twelve month low of $11.61 and a twelve month high of $34.34. The stock has a market capitalization of $2.86 billion, a price-to-earnings ratio of 24.03 and a beta of 1.36. The stock has a fifty day simple moving average of $29.27 and a two-hundred day simple moving average of $25.23. The company has a current ratio of 3.44, a quick ratio of 3.44 and a debt-to-equity ratio of 0.79.

Adeia (NASDAQ:ADEA) last posted its quarterly earnings results on Monday, May 4th. The company reported $0.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.36 by $0.02. The business had revenue of $104.77 million for the quarter, compared to the consensus estimate of $99.72 million. Adeia had a return on equity of 39.49% and a net margin of 26.50%. On average, analysts predict that Adeia Inc. will post 1.15 EPS for the current fiscal year.

Adeia Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Tuesday, May 26th were issued a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a yield of 0.8%. The ex-dividend date of this dividend was Tuesday, May 26th. Adeia’s dividend payout ratio (DPR) is presently 18.52%.

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.