Adeia (NASDAQ:ADEA) Shares Gap Up to $9.99

Adeia Inc. (NASDAQ:ADEA)’s share price gapped up prior to trading on Tuesday . The stock had previously closed at $9.99, but opened at $10.50. Adeia shares last traded at $10.54, with a volume of 71,512 shares traded.

Wall Street Analyst Weigh In

Several research firms have weighed in on ADEA. Rosenblatt Securities began coverage on Adeia in a report on Friday, February 23rd. They issued a “buy” rating and a $15.00 price target on the stock. BWS Financial reissued a “buy” rating and issued a $16.00 price target on shares of Adeia in a research note on Tuesday.

Adeia Trading Up 0.4 %

The company has a debt-to-equity ratio of 1.46, a current ratio of 2.02 and a quick ratio of 2.02. The stock has a market capitalization of $1.22 billion, a P/E ratio of 19.03 and a beta of 1.43. The firm’s 50 day moving average price is $10.63 and its 200 day moving average price is $10.81.

Adeia (NASDAQ:ADEA) last released its quarterly earnings data on Tuesday, February 20th. The company reported $0.24 earnings per share for the quarter, topping the consensus estimate of $0.23 by $0.01. Adeia had a return on equity of 42.74% and a net margin of 17.33%. The business had revenue of $86.87 million during the quarter, compared to analysts’ expectations of $89.23 million. As a group, equities research analysts expect that Adeia Inc. will post 1.18 earnings per share for the current fiscal year.

Adeia Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 18th. Stockholders of record on Tuesday, May 28th will be paid a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.78%. The ex-dividend date of this dividend is Friday, May 24th. Adeia’s payout ratio is presently 33.90%.

Institutional Trading of Adeia

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. boosted its position in shares of Adeia by 0.3% in the 4th quarter. Vanguard Group Inc. now owns 13,985,101 shares of the company’s stock worth $173,275,000 after purchasing an additional 43,135 shares in the last quarter. Rubric Capital Management LP grew its position in Adeia by 1.0% during the 3rd quarter. Rubric Capital Management LP now owns 4,640,009 shares of the company’s stock valued at $49,555,000 after purchasing an additional 47,448 shares during the last quarter. Pacer Advisors Inc. increased its stake in Adeia by 35.4% during the 4th quarter. Pacer Advisors Inc. now owns 3,456,033 shares of the company’s stock valued at $42,820,000 after purchasing an additional 903,568 shares in the last quarter. LSV Asset Management raised its holdings in Adeia by 59.8% in the first quarter. LSV Asset Management now owns 3,365,058 shares of the company’s stock worth $36,746,000 after buying an additional 1,259,857 shares during the last quarter. Finally, The Manufacturers Life Insurance Company lifted its stake in shares of Adeia by 1.1% in the fourth quarter. The Manufacturers Life Insurance Company now owns 2,467,711 shares of the company’s stock worth $30,575,000 after buying an additional 25,846 shares in the last quarter. 97.36% of the stock is owned by hedge funds and other institutional investors.

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.