Adeia (NASDAQ:ADEA) Coverage Initiated by Analysts at Roth Capital

Roth Capital assumed coverage on shares of Adeia (NASDAQ:ADEA - Get Free Report) in a report issued on Friday, Marketbeat.com reports. The brokerage set a "buy" rating and a $26.00 price target on the stock. Roth Capital's target price would suggest a potential upside of 91.04% from the stock's previous close.

Several other brokerages have also weighed in on ADEA. BWS Financial reissued a "buy" rating and issued a $18.00 price objective on shares of Adeia in a report on Tuesday, May 6th. Rosenblatt Securities reaffirmed a "buy" rating and set a $17.00 target price on shares of Adeia in a report on Tuesday, May 6th.

Adeia Stock Down 0.9%

Shares of NASDAQ ADEA traded down $0.13 during midday trading on Friday, reaching $13.61. 498,167 shares of the company's stock were exchanged, compared to its average volume of 536,594. Adeia has a 52-week low of $9.68 and a 52-week high of $17.46. The stock has a market capitalization of $1.48 billion, a PE ratio of 20.62 and a beta of 1.59. The company has a debt-to-equity ratio of 1.13, a quick ratio of 2.94 and a current ratio of 2.94. The business's fifty day moving average price is $12.96 and its two-hundred day moving average price is $13.41.

Hedge Funds Weigh In On Adeia

Several hedge funds and other institutional investors have recently made changes to their positions in ADEA. Castlekeep Investment Advisors LLC acquired a new position in shares of Adeia during the fourth quarter worth approximately $25,000. Nuveen LLC acquired a new position in shares of Adeia during the first quarter worth approximately $11,622,000. Ameriprise Financial Inc. boosted its position in shares of Adeia by 6.3% during the fourth quarter. Ameriprise Financial Inc. now owns 14,656,979 shares of the company's stock worth $204,902,000 after buying an additional 874,098 shares during the period. Invesco Ltd. boosted its position in shares of Adeia by 122.2% during the first quarter. Invesco Ltd. now owns 961,356 shares of the company's stock worth $12,709,000 after buying an additional 528,617 shares during the period. Finally, Jane Street Group LLC boosted its position in shares of 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 buying an additional 321,976 shares during the period. 97.36% of the stock is currently owned by institutional investors and hedge funds.

Adeia Company Profile

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.