Adeia (NASDAQ:ADEA) Reaches New 1-Year High – Here’s What Happened

Adeia Inc. (NASDAQ:ADEA)’s share price hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $21.07 and last traded at $21.00, with a volume of 1329442 shares traded. The stock had previously closed at $20.75.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. UBS Group set a $20.00 price objective on shares of Adeia in a research note on Tuesday, December 23rd. Maxim Group boosted their target price on shares of Adeia from $17.00 to $20.00 and gave the stock a “buy” rating in a research report on Tuesday, December 23rd. BWS Financial raised their price target on Adeia from $24.00 to $30.00 and gave the company a “buy” rating in a research report on Tuesday, February 24th. Weiss Ratings raised Adeia from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, January 12th. Finally, Rosenblatt Securities increased their target price on Adeia from $20.00 to $30.00 and gave the company a “buy” rating in a research note on Tuesday, February 24th. Five research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $25.20.

Adeia Stock Up 1.2%

The firm has a 50 day moving average of $18.73 and a 200-day moving average of $16.30. The company has a debt-to-equity ratio of 0.83, a current ratio of 3.81 and a quick ratio of 3.81. The stock has a market capitalization of $2.29 billion, a P/E ratio of 21.43 and a beta of 1.41.

Adeia (NASDAQ:ADEA) last announced its quarterly earnings data on Monday, February 23rd. The company reported $0.86 earnings per share for the quarter, topping the consensus estimate of $0.73 by $0.13. The company had revenue of $182.64 million for the quarter, compared to analyst estimates of $168.45 million. Adeia had a return on equity of 38.01% and a net margin of 25.05%. On average, equities research analysts expect that Adeia Inc. will post 1.09 earnings per share for the current fiscal year.

Adeia Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 30th. Stockholders of record on Monday, March 16th will be paid a $0.05 dividend. The ex-dividend date is Monday, March 16th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.0%. Adeia’s dividend payout ratio is currently 20.41%.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in ADEA. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Adeia by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 64,701 shares of the company’s stock valued at $855,000 after purchasing an additional 2,829 shares in the last quarter. Caxton Associates LLP acquired a new stake in Adeia in the 1st quarter valued at $174,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in Adeia by 22.8% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 231,421 shares of the company’s stock valued at $3,059,000 after acquiring an additional 42,918 shares during the period. Jane Street Group LLC raised its stake in Adeia by 1,193.2% during the first quarter. Jane Street Group LLC now owns 348,961 shares of the company’s stock worth $4,613,000 after acquiring an additional 321,976 shares in the last quarter. Finally, Focus Partners Wealth bought a new position in shares of Adeia during the first quarter valued at $167,000. Institutional investors and hedge funds own 97.36% of the company’s stock.

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.