Adeia (NASDAQ:ADEA) Rating Lowered to Strong Sell at Zacks Research

Key Points

• Zacks Research downgraded Adeia from “hold” to “strong sell.” Other analyst views were mixed: Rosenblatt cut its price target to $35 but kept a Buy rating, while the consensus remained “Moderate Buy” with a $36.60 target.
• Adeia’s latest quarter fell short of expectations, reporting EPS of $0.21 versus $0.30 expected and revenue of $80.19 million versus $98.88 million expected.
• The stock opened at $15.50, well below its 52-week high of $34.34.

Adeia (NASDAQ:ADEA - Get Free Report) was downgraded by research analysts at Zacks Research from a "hold" rating to a "strong sell" rating in a research report issued on Thursday, Zacks reports.

Several other analysts also recently issued reports on ADEA. Rosenblatt Securities reduced their price objective on Adeia from $40.00 to $35.00 and set a "buy" rating on the stock in a research report on Tuesday. Weiss Ratings cut shares of Adeia from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Tuesday, September 29th. Finally, BWS Financial reaffirmed a "buy" rating and issued a $50.00 price target on shares of Adeia in a report on Wednesday, October 7th. Four analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $36.60.

Adeia Price Performance

Adeia stock opened at $15.50 on Thursday. Adeia has a 52-week low of $11.61 and a 52-week high of $34.34. The company has a market cap of $1.71 billion, a price-to-earnings ratio of 13.51 and a beta of 1.46. The company has a quick ratio of 3.25, a current ratio of 3.25 and a debt-to-equity ratio of 0.76. The firm's fifty day moving average is $23.48 and its 200 day moving average is $25.42.

Adeia (NASDAQ:ADEA - Get Free Report) last announced its earnings results on Monday, November 2nd. The company reported $0.21 earnings per share for the quarter, missing the consensus estimate of $0.30 by ($0.09). The firm had revenue of $80.19 million for the quarter, compared to the consensus estimate of $98.88 million. Adeia had a net margin of 25.04% and a return on equity of 36.32%. Sell-side analysts forecast that Adeia will post 1.03 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of ADEA. BlackRock Inc. purchased a new position in Adeia in the second quarter worth approximately $573,267,000. The Manufacturers Life Insurance Company bought a new stake in Adeia during the 2nd quarter worth approximately $46,004,000. Deutsche Bank AG acquired a new stake in Adeia during the second quarter worth approximately $34,520,000. Bank of New York Mellon Corp acquired a new stake in shares of Adeia in the 2nd quarter valued at about $34,425,000. Finally, Bank of America Corp DE bought a new stake in Adeia during the second quarter worth about $23,679,000. Institutional investors own 97.36% of the company's stock.

About Adeia

Adeia Inc is a semiconductor intellectual property company that develops and licenses technologies used in the design, manufacture and packaging of advanced electronic devices. Rather than producing semiconductors itself, the company works with chipmakers, foundries and other industry participants to commercialize its intellectual property.

Adeia's portfolio includes technologies for three-dimensional semiconductor integration, hybrid bonding, advanced packaging, memory and chip-to-chip connectivity.

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