Adeia (NASDAQ:ADEA) Sets New 52-Week High Following Analyst Upgrade

Adeia Inc. (NASDAQ:ADEA) shares hit a new 52-week high during mid-day trading on Wednesday after BWS Financial raised their price target on the stock from $16.00 to $18.00. BWS Financial currently has a buy rating on the stock. Adeia traded as high as $16.46 and last traded at $16.75, with a volume of 289289 shares traded. The stock had previously closed at $13.47.

Separately, Rosenblatt Securities restated a “buy” rating and issued a $18.00 price objective on shares of Adeia in a research report on Tuesday.

Institutional Investors Weigh In On Adeia

A number of hedge funds have recently modified their holdings of ADEA. Ameriprise Financial Inc. grew its position in shares of Adeia by 6.3% in the 4th quarter. Ameriprise Financial Inc. now owns 14,656,979 shares of the company’s stock valued at $204,902,000 after purchasing an additional 874,098 shares during the period. Vanguard Group Inc. lifted its stake in Adeia by 1.0% in the fourth quarter. Vanguard Group Inc. now owns 14,423,573 shares of the company’s stock valued at $201,642,000 after buying an additional 143,297 shares in the last quarter. State Street Corp boosted its holdings in shares of Adeia by 2.1% in the third quarter. State Street Corp now owns 4,346,537 shares of the company’s stock valued at $51,767,000 after buying an additional 91,288 shares during the period. Harvey Partners LLC raised its holdings in shares of Adeia by 5.8% during the third quarter. Harvey Partners LLC now owns 3,052,000 shares of the company’s stock worth $36,349,000 after acquiring an additional 168,000 shares during the period. Finally, Dimensional Fund Advisors LP raised its holdings in shares of Adeia by 2.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,853,732 shares of the company’s stock worth $39,894,000 after acquiring an additional 60,941 shares during the period. Institutional investors and hedge funds own 97.36% of the company’s stock.

Adeia Stock Up 21.7 %

The firm has a market capitalization of $1.79 billion, a P/E ratio of 45.68 and a beta of 1.37. The company has a debt-to-equity ratio of 1.32, a quick ratio of 3.42 and a current ratio of 3.42. The firm’s 50-day moving average is $13.42 and its 200 day moving average is $12.50.

Adeia (NASDAQ:ADEA) last issued its quarterly earnings results on Tuesday, February 18th. The company reported $0.42 EPS for the quarter, meeting analysts’ consensus estimates of $0.42. The company had revenue of $119.17 million for the quarter, compared to analyst estimates of $114.22 million. Adeia had a return on equity of 28.37% and a net margin of 12.01%. During the same period in the previous year, the company posted $0.27 earnings per share. As a group, equities research analysts predict that Adeia Inc. will post 1 EPS for the current fiscal year.

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.