Adeia (NASDAQ:ADEA) Sets New 1-Year High Following Analyst Upgrade

Shares of Adeia Inc. (NASDAQ:ADEA) hit a new 52-week high during mid-day trading on Wednesday after BWS Financial raised their price target on the stock from $16.00 to $18.00. BWS Financial currently has a buy rating on the stock. Adeia traded as high as $16.46 and last traded at $16.75, with a volume of 289289 shares trading hands. The stock had previously closed at $13.47.

Separately, Rosenblatt Securities restated a “buy” rating and issued a $18.00 price objective on shares of Adeia in a report on Tuesday.

Hedge Funds Weigh In On Adeia

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Castlekeep Investment Advisors LLC acquired a new stake in Adeia in the fourth quarter valued at $25,000. Ameriprise Financial Inc. raised its holdings in shares of Adeia by 6.3% in the 4th quarter. Ameriprise Financial Inc. now owns 14,656,979 shares of the company’s stock valued at $204,902,000 after purchasing an additional 874,098 shares during the period. Hotchkis & Wiley Capital Management LLC acquired a new stake in Adeia in the 3rd quarter valued at about $8,412,000. Intech Investment Management LLC lifted its stake in Adeia by 250.9% in the 4th quarter. Intech Investment Management LLC now owns 450,303 shares of the company’s stock valued at $6,295,000 after purchasing an additional 321,970 shares during the last quarter. Finally, Systematic Financial Management LP grew its holdings in Adeia by 17.0% during the third quarter. Systematic Financial Management LP now owns 2,160,201 shares of the company’s stock worth $25,728,000 after purchasing an additional 313,741 shares during the period. 97.36% of the stock is owned by institutional investors.

Adeia Trading Up 21.7 %

The company has a debt-to-equity ratio of 1.32, a current ratio of 3.42 and a quick ratio of 3.42. The business has a 50-day simple moving average of $13.42 and a two-hundred day simple moving average of $12.50. The stock has a market cap of $1.79 billion, a price-to-earnings ratio of 45.68 and a beta of 1.37.

Adeia (NASDAQ:ADEA) last posted its quarterly earnings results on Tuesday, February 18th. The company reported $0.42 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.42. Adeia had a return on equity of 28.37% and a net margin of 12.01%. The business had revenue of $119.17 million for the quarter, compared to analysts’ expectations of $114.22 million. During the same quarter in the prior year, the business earned $0.27 EPS. Equities analysts forecast that Adeia Inc. will post 1 EPS for the current fiscal year.

About Adeia

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.