Adeia (NASDAQ:ADEA) Stock Price Up 5.8% - Here's What Happened

Key Points

• Adeia Inc. shares increased by 5.8% to $16.66, despite a significant decrease in trading volume, with around 70,563 shares changing hands.
• Recent analyst ratings show a mix, with four analysts maintaining a "buy" rating and two downgrading to "hold," resulting in an average price target of $19.50.
• Adeia declared a quarterly dividend of $0.05, reflecting a 1.2% dividend yield and a payout ratio of 27.03%.

Shares of Adeia Inc. (NASDAQ:ADEA - Get Free Report) rose 5.8% during mid-day trading on Tuesday . The company traded as high as $16.56 and last traded at $16.66. Approximately 70,563 shares changed hands during trading, a decline of 88% from the average daily volume of 576,412 shares. The stock had previously closed at $15.75.

Wall Street Analyst Weigh In

ADEA has been the subject of a number of analyst reports. Wall Street Zen downgraded Adeia from a "buy" rating to a "hold" rating in a research note on Saturday, August 9th. Roth Capital initiated 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. BWS Financial reiterated a "buy" rating and set a $18.00 price target on shares of Adeia in a research note on Monday, October 6th. Zacks Research downgraded Adeia from a "strong-buy" rating to a "hold" rating in a research note on Monday, October 6th. Finally, Weiss Ratings restated a "hold (c)" rating on shares of Adeia in a research note on Wednesday, October 8th. Four analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, Adeia currently has an average rating of "Moderate Buy" and an average price target of $19.50.

Adeia Price Performance

The business's fifty day simple moving average is $15.64 and its 200-day simple moving average is $14.03. The company has a current ratio of 3.09, a quick ratio of 3.09 and a debt-to-equity ratio of 1.06. The firm has a market cap of $1.83 billion, a P/E ratio of 22.59 and a beta of 1.74.

Adeia Announces Dividend

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Quarry LP purchased a new position in Adeia in the first quarter worth $29,000. Osaic Holdings Inc. boosted its holdings in shares of 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 purchasing an additional 2,309 shares during the period. BI Asset Management Fondsmaeglerselskab A S purchased a new stake in shares of Adeia during the first quarter worth about $43,000. Brooklyn Investment Group purchased a new stake in shares of Adeia during the first quarter worth about $44,000. Finally, GAMMA Investing LLC boosted its holdings in shares of Adeia by 80.9% during the first quarter. GAMMA Investing LLC now owns 3,603 shares of the company's stock worth $48,000 after purchasing an additional 1,611 shares during the period. 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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