Adeia (NASDAQ:ADEA) Raised to Strong-Buy at Zacks Research

Adeia (NASDAQ:ADEA) was upgraded by Zacks Research from a “hold” rating to a “strong-buy” rating in a note issued to investors on Thursday,Zacks.com reports.

Several other analysts have also recently weighed in on ADEA. UBS Group set a $20.00 price objective on shares of Adeia in a research note on Tuesday, December 23rd. Rosenblatt Securities upped their price target on Adeia from $17.00 to $20.00 and gave the company a “buy” rating in a research report on Monday, December 22nd. Weiss Ratings restated a “hold (c+)” rating on shares of Adeia in a research report on Monday, December 29th. Roth Capital reaffirmed a “buy” rating on shares of Adeia in a research note on Monday, December 22nd. Finally, BWS Financial upped their target price on Adeia from $18.00 to $24.00 and gave the company a “buy” rating in a report on Monday, December 29th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $22.00.

Adeia Stock Performance

Adeia stock opened at $18.54 on Thursday. The business has a 50 day moving average of $14.30 and a 200-day moving average of $14.96. The company has a market capitalization of $2.03 billion, a P/E ratio of 28.52 and a beta of 1.46. Adeia has a 1 year low of $10.59 and a 1 year high of $19.01. The company has a debt-to-equity ratio of 1.01, a current ratio of 3.72 and a quick ratio of 3.72.

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of ADEA. IFP Advisors Inc acquired a new stake in Adeia in the third quarter worth $28,000. Quarry LP increased its position in Adeia by 245.5% in the 3rd quarter. Quarry LP now owns 1,586 shares of the company’s stock valued at $27,000 after buying an additional 1,127 shares in the last quarter. CWM LLC raised its stake in Adeia by 436.0% during the 3rd quarter. CWM LLC now owns 2,444 shares of the company’s stock worth $41,000 after buying an additional 1,988 shares during the period. Osaic Holdings Inc. raised its stake in Adeia by 714.9% during the 2nd quarter. Osaic Holdings Inc. now owns 2,632 shares of the company’s stock worth $37,000 after buying an additional 2,309 shares during the period. Finally, Wealth Enhancement Advisory Services LLC bought a new position in Adeia in the third quarter worth approximately $56,000. 97.36% of the stock is 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.