73,500 Adeia Inc. $ADEA Shares Sold by Redmond Asset Management LLC

Key Points

• Redmond Asset Management cut its Adeia stake by 69.4% in the third quarter, selling 73,500 shares and retaining 32,444 shares valued at approximately $831,000.
• Institutional ownership remains high at 97.36%, with several other investors increasing their positions, including Sterling Capital Management, which boosted its stake by 529.5%.
• Adeia’s shares opened at $22.75, while analysts maintain a “Moderate Buy” consensus with an average price target of $37.60. The company recently exceeded earnings expectations, reporting $0.34 in quarterly EPS versus a $0.31 estimate.

Redmond Asset Management LLC cut its stake in Adeia Inc. (NASDAQ:ADEA - Free Report) by 69.4% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 32,444 shares of the company's stock after selling 73,500 shares during the quarter. Redmond Asset Management LLC's holdings in Adeia were worth $831,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Public Employees Retirement System of Ohio bought a new stake in shares of Adeia during the 2nd quarter valued at about $34,000. Rockefeller Capital Management L.P. increased its position in shares of Adeia by 148.5% during the fourth quarter. Rockefeller Capital Management L.P. now owns 2,980 shares of the company's stock valued at $51,000 after buying an additional 1,781 shares during the period. Farther Finance Advisors LLC raised its stake in Adeia by 66.1% in the third quarter. Farther Finance Advisors LLC now owns 2,083 shares of the company's stock worth $53,000 after buying an additional 829 shares in the last quarter. Allworth Financial LP bought a new position in Adeia in the second quarter worth about $54,000. Finally, Sterling Capital Management LLC raised its stake in Adeia by 529.5% in the third quarter. Sterling Capital Management LLC now owns 3,544 shares of the company's stock worth $91,000 after buying an additional 2,981 shares in the last quarter. 97.36% of the stock is currently owned by institutional investors.

Adeia Price Performance

ADEA stock opened at $22.75 on Thursday. The company has a debt-to-equity ratio of 0.76, a quick ratio of 3.25 and a current ratio of 3.25. The firm has a 50 day moving average price of $24.61 and a 200-day moving average price of $25.43. Adeia Inc. has a 52-week low of $11.61 and a 52-week high of $34.34. The firm has a market capitalization of $2.51 billion, a price-to-earnings ratio of 21.06 and a beta of 1.35.

Adeia (NASDAQ:ADEA - Get Free Report) last posted its quarterly earnings results on Monday, August 3rd. The company reported $0.34 earnings per share for the quarter, topping the consensus estimate of $0.31 by $0.03. Adeia had a return on equity of 39.26% and a net margin of 26.05%. The company had revenue of $96.12 million for the quarter, compared to the consensus estimate of $96.79 million. Equities research analysts forecast that Adeia Inc. will post 1.17 EPS for the current fiscal year.

Analysts Set New Price Targets

Several analysts have weighed in on ADEA shares. Zacks Research raised Adeia from a "strong sell" rating to a "hold" rating in a research report on Monday, August 3rd. Weiss Ratings downgraded Adeia from a "buy (b-)" rating to a "hold (c+)" rating in a report on Tuesday, September 29th. Rosenblatt Securities reissued a "buy" rating and issued a $40.00 target price on shares of Adeia in a research report on Tuesday, September 29th. Finally, BWS Financial reissued a "buy" rating and issued a $50.00 target price on shares of Adeia in a research report on Wednesday, October 7th. Four equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, Adeia has an average rating of "Moderate Buy" and an average price target of $37.60.

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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