Adeia (NASDAQ:ADEA) Sets New 52-Week High – Here’s What Happened

Adeia Inc. (NASDAQ:ADEA) hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $19.71 and last traded at $19.7950, with a volume of 110978 shares changing hands. The stock had previously closed at $19.15.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on ADEA shares. Roth Capital restated a “buy” rating on shares of Adeia in a research report on Monday, December 22nd. Rosenblatt Securities raised their price target on shares of 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 objective on Adeia in a research report on Tuesday, December 23rd. Weiss Ratings raised shares of Adeia from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, January 12th. Finally, BWS Financial raised their price objective on Adeia from $18.00 to $24.00 and gave the stock a “buy” rating in a report on Monday, December 29th. One investment analyst has rated the stock with a Strong Buy rating and five have issued a Buy rating to the company. Based on data from MarketBeat.com, Adeia presently has an average rating of “Buy” and an average target price of $22.00.

Adeia Trading Up 2.7%

The business’s 50-day simple moving average is $15.04 and its two-hundred day simple moving average is $15.20. The company has a current ratio of 3.72, a quick ratio of 3.72 and a debt-to-equity ratio of 1.01. The company has a market capitalization of $2.15 billion, a PE ratio of 30.34 and a beta of 1.46.

Adeia (NASDAQ:ADEA) last released its quarterly earnings results on Monday, November 3rd. The company reported $0.28 EPS for the quarter, missing the consensus estimate of $0.36 by ($0.08). Adeia had a return on equity of 29.36% and a net margin of 19.32%.The business had revenue of $87.34 million during the quarter, compared to analyst estimates of $99.24 million. On average, analysts predict that Adeia Inc. will post 1.09 earnings per share for the current year.

Adeia Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, December 15th. Stockholders of record on Monday, November 24th were given a dividend of $0.05 per share. The ex-dividend date of this dividend was Monday, November 24th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.0%. Adeia’s dividend payout ratio (DPR) is presently 30.77%.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Wedge Capital Management L L P NC raised its stake in Adeia by 27.2% during the fourth quarter. Wedge Capital Management L L P NC now owns 173,705 shares of the company’s stock worth $2,996,000 after acquiring an additional 37,149 shares during the period. Assenagon Asset Management S.A. grew its holdings in shares of Adeia by 29.0% during the fourth quarter. Assenagon Asset Management S.A. now owns 257,441 shares of the company’s stock valued at $4,441,000 after purchasing an additional 57,878 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its position in shares of Adeia by 31.3% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 4,332 shares of the company’s stock worth $81,000 after purchasing an additional 1,033 shares during the period. JPMorgan Chase & Co. lifted its holdings in shares of Adeia by 39.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,049,528 shares of the company’s stock worth $17,632,000 after purchasing an additional 296,742 shares during the last quarter. Finally, Tudor Investment Corp ET AL acquired a new position in Adeia during the 3rd quarter valued at approximately $3,259,000. 97.36% of the stock is currently owned by institutional investors.

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.