Adeia (NASDAQ:ADEA) Sets New 52-Week High - Should You Buy?

Key Points

• Adeia Inc. (NASDAQ: ADEA) reached a new 52-week high, trading at $18.25, with a last trading price of $17.09 and a trading volume of 977,692 shares.
• Analysts have mixed opinions on Adeia, with Roth Capital setting a $26.00 price target and a "buy" rating, while Wall Street Zen lowered the stock to a "hold" rating.
• Adeia has recently announced a quarterly dividend of $0.05 per share, reflecting an annual dividend yield of 1.2% and a payout ratio of 27.03%.

Adeia Inc. (NASDAQ:ADEA - Get Free Report) reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $18.25 and last traded at $17.09, with a volume of 977692 shares changing hands. The stock had previously closed at $18.01.

Analysts Set New Price Targets

Several research firms have weighed in on ADEA. Roth Capital began coverage on Adeia in a research note on Friday, June 20th. They set a "buy" rating and a $26.00 price target on the stock. Zacks Research raised Adeia to a "strong-buy" rating in a report on Friday, August 8th. Wall Street Zen lowered Adeia from a "buy" rating to a "hold" rating in a research report on Saturday, August 9th. BWS Financial reissued a "buy" rating and set a $18.00 price target on shares of Adeia in a research report on Monday. Finally, Weiss Ratings restated a "hold (c)" rating on shares of Adeia in a research note on Saturday, September 27th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus price target of $19.50.

Adeia Stock Performance

The firm has a fifty day moving average of $15.36 and a 200 day moving average of $13.97. The company has a debt-to-equity ratio of 1.06, a current ratio of 3.09 and a quick ratio of 3.09. The stock has a market capitalization of $1.87 billion, a price-to-earnings ratio of 23.09 and a beta of 1.74.

Adeia Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 16th. Stockholders of record on Tuesday, August 26th were issued a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a dividend yield of 1.2%. The ex-dividend date of this dividend was Tuesday, August 26th. Adeia's payout ratio is 27.03%.

Institutional Trading of Adeia

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Nuveen LLC acquired a new position in shares of Adeia during the 1st quarter worth approximately $11,622,000. Invesco Ltd. increased its holdings in Adeia by 122.2% in the 1st quarter. Invesco Ltd. now owns 961,356 shares of the company's stock worth $12,709,000 after acquiring an additional 528,617 shares in the last quarter. The Manufacturers Life Insurance Company raised its position in Adeia by 19.3% during the second quarter. The Manufacturers Life Insurance Company now owns 2,765,859 shares of the company's stock worth $39,109,000 after acquiring an additional 448,274 shares during the period. JPMorgan Chase & Co. raised its position in Adeia by 110.7% during the second quarter. JPMorgan Chase & Co. now owns 752,786 shares of the company's stock worth $10,644,000 after acquiring an additional 395,462 shares during the period. Finally, Jane Street Group LLC lifted its holdings in Adeia by 1,193.2% during the first quarter. Jane Street Group LLC now owns 348,961 shares of the company's stock valued at $4,613,000 after purchasing an additional 321,976 shares in the last quarter. Institutional investors and hedge funds own 97.36% of the company's stock.

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.

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