Adeia (NASDAQ:ADEA) Stock Rating Lowered by Zacks Research

Key Points

• Adeia's stock rating was downgraded from "strong-buy" to "hold" by Zacks Research, reflecting a shift in analyst sentiment regarding the company's future performance.
• Despite the downgrade, Adeia has maintained a consensus rating of "Moderate Buy" from analysts, with an average price target of $19.50.
• Adeia's stock opened at $17.09, with a market cap of $1.87 billion, and notable support from hedge funds, which collectively own 97.36% of the stock.

Adeia (NASDAQ:ADEA - Get Free Report) was downgraded by investment analysts at Zacks Research from a "strong-buy" rating to a "hold" rating in a report released on Monday,Zacks.com reports.

A number of other research analysts have also recently commented on the stock. Roth Capital assumed coverage on shares of Adeia in a report on Friday, June 20th. They issued a "buy" rating and a $26.00 price target on the stock. BWS Financial reiterated a "buy" rating and set a $18.00 target price on shares of Adeia in a report on Monday. Wall Street Zen cut shares of Adeia from a "buy" rating to a "hold" rating in a report on Saturday, August 9th. Finally, Weiss Ratings reiterated a "hold (c)" rating on shares of Adeia in a report on Saturday, September 27th. Four equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat, Adeia currently has a consensus rating of "Moderate Buy" and an average price target of $19.50.

Adeia Price Performance

Adeia stock opened at $17.09 on Monday. Adeia has a 52-week low of $10.59 and a 52-week high of $18.25. The company has a market cap of $1.87 billion, a price-to-earnings ratio of 23.09 and a beta of 1.74. The company has a quick ratio of 3.09, a current ratio of 3.09 and a debt-to-equity ratio of 1.06. The firm's fifty day moving average is $15.36 and its 200 day moving average is $13.97.

Hedge Funds Weigh In On Adeia

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Assenagon Asset Management S.A. purchased a new position in shares of Adeia in the 3rd quarter valued at approximately $3,353,000. Corient Private Wealth LLC purchased a new position in shares of Adeia in the 2nd quarter valued at approximately $146,000. Texas Permanent School Fund Corp raised its position in shares of Adeia by 1.1% in the 2nd quarter. Texas Permanent School Fund Corp now owns 399,570 shares of the company's stock valued at $5,650,000 after purchasing an additional 4,162 shares during the last quarter. Osaic Holdings Inc. raised its position in shares of Adeia by 714.9% in the 2nd quarter. Osaic Holdings Inc. now owns 2,632 shares of the company's stock valued at $37,000 after purchasing an additional 2,309 shares during the last quarter. Finally, Orion Porfolio Solutions LLC raised its position in shares of Adeia by 2.1% in the 2nd quarter. Orion Porfolio Solutions LLC now owns 59,360 shares of the company's stock valued at $839,000 after purchasing an additional 1,208 shares during the last quarter. 97.36% of the stock is 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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