Adeia (NASDAQ:ADEA) Lowered to "Hold" Rating by Wall Street Zen

Key Points

• Wall Street Zen downgraded Adeia from buy to hold, even though the broader analyst view remains positive with an average Buy rating and a $33.60 target price.
• Adeia reported better-than-expected quarterly results, posting $0.38 EPS versus $0.36 expected and revenue of $104.77 million versus $99.72 million estimated.
• The stock has been volatile but strong recently, rising 7.7% and trading near its 52-week high of $34.34 after starting Friday at $29.53.

Adeia (NASDAQ:ADEA - Get Free Report) was downgraded by equities research analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a note issued to investors on Saturday.

Several other analysts have also commented on the company. Roth Mkm reissued a "buy" rating and issued a $43.00 price objective on shares of Adeia in a report on Tuesday. Maxim Group set a $35.00 price objective on Adeia in a report on Wednesday. Weiss Ratings raised Adeia from a "buy (b-)" rating to a "buy (b)" rating in a research note on Monday. Zacks Research raised Adeia from a "hold" rating to a "strong-buy" rating in a research note on Monday, April 27th. Finally, Rosenblatt Securities reaffirmed a "buy" rating and issued a $40.00 price target on shares of Adeia in a research note on Tuesday. One investment analyst has rated the stock with a Strong Buy rating and five have assigned a Buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Buy" and an average target price of $33.60.

Adeia Stock Up 7.7%

Shares of ADEA opened at $29.53 on Friday. The company has a current ratio of 3.44, a quick ratio of 3.81 and a debt-to-equity ratio of 0.79. Adeia has a 12 month low of $11.61 and a 12 month high of $34.34. The stock's 50 day moving average is $25.34 and its two-hundred day moving average is $19.40. The firm has a market cap of $3.26 billion, a P/E ratio of 27.34 and a beta of 1.48.

Adeia (NASDAQ:ADEA - Get Free Report) last issued its quarterly earnings data on Monday, May 4th. The company reported $0.38 EPS for the quarter, beating the consensus estimate of $0.36 by $0.02. Adeia had a return on equity of 39.49% and a net margin of 26.50%.The company had revenue of $104.77 million for the quarter, compared to analyst estimates of $99.72 million. Analysts predict that Adeia will post 1.11 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Adeia

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ADEA. Hantz Financial Services Inc. boosted its stake in Adeia by 447.0% during the fourth quarter. Hantz Financial Services Inc. now owns 1,444 shares of the company's stock worth $25,000 after buying an additional 1,180 shares during the last quarter. Quarry LP boosted its stake in Adeia by 245.5% during the third quarter. Quarry LP now owns 1,586 shares of the company's stock worth $27,000 after buying an additional 1,127 shares during the last quarter. IFP Advisors Inc acquired a new position in Adeia during the third quarter worth $28,000. Osaic Holdings Inc. boosted its stake in Adeia by 714.9% during the second 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 last quarter. Finally, CWM LLC boosted its stake in Adeia by 436.0% during the third 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 last quarter. 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.

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