Shares of Adeia Inc. (NASDAQ:ADEA – Get Free Report) were up 13.2% during trading on Monday . The stock traded as high as $33.24 and last traded at $33.4380. Approximately 2,570,625 shares traded hands during mid-day trading, an increase of 113% from the average daily volume of 1,205,905 shares. The stock had previously closed at $29.53.
Analysts Set New Price Targets
Several equities analysts have commented on ADEA shares. BWS Financial reissued a “buy” rating and issued a $30.00 price target on shares of Adeia in a research report on Tuesday, May 5th. Zacks Research raised shares of Adeia from a “hold” rating to a “strong-buy” rating in a research report on Monday, April 27th. Rosenblatt Securities reissued a “buy” rating and issued a $40.00 price target on shares of Adeia in a research report on Tuesday, May 5th. Weiss Ratings raised shares of Adeia from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, May 4th. Finally, Roth Mkm reissued a “buy” rating and issued a $43.00 price target on shares of Adeia in a research report on Tuesday, May 5th. One analyst has rated the stock with a Strong Buy rating and five have given a Buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $33.60.
View Our Latest Stock Report on ADEA
Adeia Trading Up 1.7%
Adeia (NASDAQ:ADEA – Get Free Report) last released its quarterly earnings data on Monday, May 4th. The company reported $0.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.36 by $0.02. The business had revenue of $104.77 million during the quarter, compared to analysts’ expectations of $99.72 million. Adeia had a net margin of 26.50% and a return on equity of 39.49%. On average, sell-side analysts expect that Adeia Inc. will post 1.15 earnings per share for the current year.
Adeia Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Tuesday, May 26th will be given a $0.05 dividend. The ex-dividend date of this dividend is Tuesday, May 26th. This represents a $0.20 dividend on an annualized basis and a yield of 0.6%. Adeia’s payout ratio is 18.52%.
Institutional Investors Weigh In On Adeia
Institutional investors and hedge funds have recently bought and sold shares of the stock. NewEdge Wealth LLC increased its stake in Adeia by 36.2% in the first quarter. NewEdge Wealth LLC now owns 82,878 shares of the company’s stock valued at $1,992,000 after purchasing an additional 22,027 shares during the period. Allspring Global Investments Holdings LLC acquired a new position in Adeia in the first quarter valued at $3,362,000. Principal Financial Group Inc. increased its stake in Adeia by 2.2% in the first quarter. Principal Financial Group Inc. now owns 535,037 shares of the company’s stock valued at $12,857,000 after purchasing an additional 11,595 shares during the period. Fifth Third Bancorp increased its stake in Adeia by 13,439.1% in the first quarter. Fifth Third Bancorp now owns 56,052 shares of the company’s stock valued at $1,347,000 after purchasing an additional 55,638 shares during the period. Finally, Sequoia Financial Advisors LLC acquired a new position in Adeia in the first quarter valued at $314,000. 97.36% of the stock is owned by hedge funds and other institutional investors.
Adeia Company Profile
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.
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