Adeia's (ADEA) "Buy" Rating Reiterated at BWS Financial

Key Points

• Adeia's stock received a "buy" rating restated by BWS Financial, with a target price of $18.00, indicating a potential upside of 0.39% from its current price.
• Consensus among analysts shows a mix of ratings, with one Strong Buy, four Buy, and one Hold, resulting in an average rating of "Buy" and a consensus price target of $19.50.
• Adeia's shares rose by 3.7% during trading on Monday, closing at $17.93, with significant interest from hedge funds that now own over 97% of the stock.

Adeia (NASDAQ:ADEA - Get Free Report)'s stock had its "buy" rating restated by equities researchers at BWS Financial in a research note issued on Monday,Benzinga reports. They presently have a $18.00 price objective on the stock. BWS Financial's target price would suggest a potential upside of 0.39% from the company's current price.

Several other analysts have also recently weighed in on the stock. Zacks Research raised Adeia to a "strong-buy" rating in a research note on Friday, August 8th. Wall Street Zen cut shares of Adeia from a "buy" rating to a "hold" rating in a report on Saturday, August 9th. Weiss Ratings restated a "hold (c)" rating on shares of Adeia in a report on Saturday, September 27th. Finally, Roth Capital assumed coverage on Adeia in a report on Friday, June 20th. They issued a "buy" rating and a $26.00 price target for the company. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and a consensus price target of $19.50.

Adeia Stock Up 3.7%

Shares of NASDAQ ADEA traded up $0.64 during trading hours on Monday, hitting $17.93. The company had a trading volume of 252,640 shares, compared to its average volume of 576,216. 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 50 day moving average is $15.19 and its 200-day moving average is $13.91. Adeia has a 1-year low of $10.59 and a 1-year high of $17.95. The stock has a market capitalization of $1.96 billion, a P/E ratio of 24.22 and a beta of 1.74.

Hedge Funds Weigh In On Adeia

Several institutional investors and hedge funds have recently modified their holdings of the company. Quarry LP purchased a new position in Adeia during the first quarter worth about $29,000. Osaic Holdings Inc. increased its stake in shares of Adeia by 714.9% during the 2nd quarter. Osaic Holdings Inc. now owns 2,632 shares of the company's stock valued at $37,000 after acquiring an additional 2,309 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S purchased a new position in shares of Adeia during the 1st quarter worth about $43,000. Brooklyn Investment Group acquired a new position in shares of Adeia in the 1st quarter valued at $44,000. Finally, GAMMA Investing LLC grew its stake in shares of Adeia by 80.9% during the 1st quarter. GAMMA Investing LLC now owns 3,603 shares of the company's stock valued at $48,000 after buying an additional 1,611 shares during the period. Hedge funds and other institutional investors 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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