Adeia (NASDAQ:ADEA) Shares Gap Up to $9.99

Shares of Adeia Inc. (NASDAQ:ADEA) gapped up prior to trading on Tuesday . The stock had previously closed at $9.99, but opened at $10.50. Adeia shares last traded at $10.54, with a volume of 71,512 shares.

Wall Street Analysts Forecast Growth

ADEA has been the topic of a number of analyst reports. Rosenblatt Securities started coverage on shares of Adeia in a research note on Friday, February 23rd. They issued a “buy” rating and a $15.00 target price on the stock. BWS Financial restated a “buy” rating and issued a $16.00 price target on shares of Adeia in a research report on Tuesday.

Adeia Stock Up 8.2 %

The stock has a market cap of $1.17 billion, a price-to-earnings ratio of 18.88 and a beta of 1.43. The company has a debt-to-equity ratio of 1.46, a quick ratio of 2.02 and a current ratio of 2.02. The firm’s 50-day simple moving average is $10.65 and its two-hundred day simple moving average is $10.78.

Adeia (NASDAQ:ADEA) last issued its quarterly earnings results on Tuesday, February 20th. The company reported $0.24 earnings per share for the quarter, beating analysts’ consensus estimates of $0.23 by $0.01. Adeia had a net margin of 17.33% and a return on equity of 42.74%. The business had revenue of $86.87 million during the quarter, compared to analyst estimates of $89.23 million. On average, sell-side analysts expect that Adeia Inc. will post 1.18 EPS for the current fiscal year.

Adeia Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, March 26th. Stockholders of record on Tuesday, March 12th were given a dividend of $0.05 per share. The ex-dividend date of this dividend was Monday, March 11th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.85%. Adeia’s payout ratio is currently 33.90%.

Hedge Funds Weigh In On Adeia

Hedge funds have recently added to or reduced their stakes in the company. Illinois Municipal Retirement Fund raised its holdings in Adeia by 2.3% during the 1st quarter. Illinois Municipal Retirement Fund now owns 62,915 shares of the company’s stock worth $687,000 after purchasing an additional 1,420 shares during the last quarter. Empowered Funds LLC boosted its stake in shares of Adeia by 8.2% in the 1st quarter. Empowered Funds LLC now owns 444,173 shares of the company’s stock valued at $4,850,000 after purchasing an additional 33,590 shares during the last quarter. LSV Asset Management grew its position in shares of Adeia by 59.8% during the 1st quarter. LSV Asset Management now owns 3,365,058 shares of the company’s stock worth $36,746,000 after buying an additional 1,259,857 shares during the period. Gallacher Capital Management LLC grew its position in shares of Adeia by 21.8% during the 1st quarter. Gallacher Capital Management LLC now owns 22,617 shares of the company’s stock worth $247,000 after buying an additional 4,053 shares during the period. Finally, Texas Permanent School Fund Corp raised its stake in shares of Adeia by 1.3% during the first quarter. Texas Permanent School Fund Corp now owns 93,797 shares of the company’s stock worth $1,024,000 after buying an additional 1,215 shares during the last quarter. Institutional investors own 97.36% of the company’s stock.

Adeia Company Profile

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.