BWS Financial Reiterates Buy Rating for Adeia (NASDAQ:ADEA)

Key Points

• BWS Financial has reaffirmed a "buy" rating for Adeia (NASDAQ: ADEA) with a target price of $18.00, indicating a potential upside of 26.32% from its current price.
• Other brokerages, including Rosenblatt Securities and Roth Capital, also maintain "buy" ratings for Adeia, with price objectives of $17.00 and $26.00 respectively.
• Adeia's stock price opened at $14.25 and has increased by 14.1%, with a market capitalization of $1.55 billion.

Adeia (NASDAQ:ADEA - Get Free Report)'s stock had its "buy" rating reissued by investment analysts at BWS Financial in a report released on Wednesday,Benzinga reports. They currently have a $18.00 price target on the stock. BWS Financial's price target suggests a potential upside of 26.49% from the stock's current price.

Several other research analysts also recently weighed in on the stock. Rosenblatt Securities restated a "buy" rating and issued a $17.00 target price on shares of Adeia in a research note on Tuesday, May 6th. Roth Capital initiated coverage on Adeia in a research report on Friday, June 20th. They set a "buy" rating and a $26.00 target price on the stock. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $19.50.

Adeia Trading Up 3.3%

Shares of NASDAQ ADEA traded up $0.45 during midday trading on Wednesday, reaching $14.23. 541,485 shares of the stock were exchanged, compared to its average volume of 545,156. The stock has a 50 day moving average price of $13.72 and a 200-day moving average price of $13.48. The company has a current ratio of 3.09, a quick ratio of 2.94 and a debt-to-equity ratio of 1.06. The company has a market capitalization of $1.54 billion, a P/E ratio of 19.23 and a beta of 1.53. Adeia has a 52-week low of $10.59 and a 52-week high of $17.46.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Castlekeep Investment Advisors LLC bought a new position in Adeia during the 4th quarter worth approximately $25,000. Nuveen LLC bought a new position in shares of Adeia during the first quarter worth $11,622,000. Ameriprise Financial Inc. boosted its position in shares of Adeia by 6.3% during the fourth quarter. Ameriprise Financial Inc. now owns 14,656,979 shares of the company's stock worth $204,902,000 after purchasing an additional 874,098 shares in the last quarter. Invesco Ltd. increased its position in shares of Adeia by 122.2% in the 1st quarter. Invesco Ltd. now owns 961,356 shares of the company's stock valued at $12,709,000 after buying an additional 528,617 shares in the last quarter. Finally, Jane Street Group LLC increased its stake in Adeia by 1,193.2% during the 1st quarter. Jane Street Group LLC now owns 348,961 shares of the company's stock worth $4,613,000 after purchasing an additional 321,976 shares in the last quarter. Institutional investors own 97.36% of the company's stock.

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.