Adeia (NASDAQ:ADEA) Shares Up 11.9% - Time to Buy?

Key Points

• Adeia Inc. shares surged 11.9% during mid-day trading, reaching up to $14.40 before closing at $13.98, following a prior close of $12.49.
• Several research firms have issued buy ratings for Adeia, with price targets ranging from $17.00 to $26.00.
• Institutional investors have significantly increased their stakes in Adeia, with hedge funds now owning over 97% of the stock.

Shares of Adeia Inc. (NASDAQ:ADEA - Get Free Report) shot up 11.9% during mid-day trading on Wednesday . The company traded as high as $14.40 and last traded at $13.98. 188,137 shares traded hands during trading, a decline of 68% from the average session volume of 583,910 shares. The stock had previously closed at $12.49.

Analyst Upgrades and Downgrades

A number of research firms have issued reports 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 for the company. Rosenblatt Securities reiterated a "buy" rating and set a $17.00 price target on shares of Adeia in a research note on Tuesday, May 6th. Finally, BWS Financial reissued a "buy" rating and set a $18.00 target price on shares of Adeia in a research report on Wednesday.

Adeia Stock Up 11.6%

The stock's 50 day simple moving average is $13.66 and its two-hundred day simple moving average is $13.46. The firm has a market cap of $1.51 billion, a P/E ratio of 20.88 and a beta of 1.53. The company has a debt-to-equity ratio of 1.13, a current ratio of 2.94 and a quick ratio of 2.94.

Hedge Funds Weigh In On Adeia

Large investors have recently made changes to their positions in the business. Bank of New York Mellon Corp increased its position in shares of Adeia by 0.6% during the second quarter. Bank of New York Mellon Corp now owns 1,074,075 shares of the company's stock valued at $15,187,000 after acquiring an additional 6,653 shares in the last quarter. Teacher Retirement System of Texas increased its position in shares of Adeia by 75.8% during the second quarter. Teacher Retirement System of Texas now owns 41,283 shares of the company's stock valued at $584,000 after acquiring an additional 17,796 shares in the last quarter. Y Intercept Hong Kong Ltd bought a new stake in shares of Adeia during the second quarter valued at approximately $424,000. Ashton Thomas Private Wealth LLC bought a new stake in shares of Adeia during the second quarter valued at approximately $204,000. Finally, Envestnet Asset Management Inc. increased its position in shares of Adeia by 97.6% during the second quarter. Envestnet Asset Management Inc. now owns 38,015 shares of the company's stock valued at $538,000 after acquiring an additional 18,776 shares in the last quarter. 97.36% of the stock is currently owned by hedge funds and other institutional investors.

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.

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