Evolve Private Wealth LLC Makes New Investment in Adeia Inc. $ADEA

Key Points

• Evolve Private Wealth purchased 51,636 shares of Adeia during the second quarter, valued at approximately $1.7 million. Institutional investors collectively own 97.36% of the company.
• Adeia exceeded quarterly earnings expectations, reporting adjusted EPS of $0.34 versus the $0.31 consensus estimate, though revenue of $96.12 million fell slightly short of forecasts.
• Analysts maintain a positive outlook, with five Buy ratings and one Hold rating, producing a “Moderate Buy” consensus and an average price target of $37.60. Adeia also declared a quarterly dividend of $0.05 per share.

Evolve Private Wealth LLC bought a new position in Adeia Inc. (NASDAQ:ADEA - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 51,636 shares of the company's stock, valued at approximately $1,700,000.

A number of other hedge funds also recently added to or reduced their stakes in ADEA. Ritholtz Wealth Management grew its position in shares of Adeia by 2.5% during the first quarter. Ritholtz Wealth Management now owns 14,972 shares of the company's stock worth $360,000 after acquiring an additional 364 shares during the last quarter. GAMMA Investing LLC lifted its position in Adeia by 7.1% in the 2nd quarter. GAMMA Investing LLC now owns 7,864 shares of the company's stock valued at $259,000 after purchasing an additional 523 shares during the last quarter. ProShare Advisors LLC lifted its position in Adeia by 3.2% in the 4th quarter. ProShare Advisors LLC now owns 21,153 shares of the company's stock valued at $365,000 after purchasing an additional 656 shares during the last quarter. Redmond Asset Management LLC boosted its stake in Adeia by 0.4% during the 4th quarter. Redmond Asset Management LLC now owns 192,350 shares of the company's stock valued at $3,318,000 after purchasing an additional 727 shares during the period. Finally, Amundi grew its position in Adeia by 4.5% in the 4th quarter. Amundi now owns 19,003 shares of the company's stock worth $328,000 after purchasing an additional 827 shares during the last quarter. 97.36% of the stock is currently owned by institutional investors.

Adeia Stock Performance

Shares of ADEA opened at $26.25 on Friday. The firm has a market capitalization of $2.89 billion, a PE ratio of 24.31 and a beta of 1.39. 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 has a 50-day moving average price of $28.70 and a 200 day moving average price of $26.46. Adeia Inc. has a 52-week low of $11.61 and a 52-week high of $34.34.

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

Adeia Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 14th. Investors of record on Monday, August 24th will be issued a dividend of $0.05 per share. The ex-dividend date of this dividend is Monday, August 24th. This represents a $0.20 annualized dividend and a yield of 0.8%. Adeia's payout ratio is presently 18.52%.

Analyst Ratings Changes

Several equities research analysts have commented on ADEA shares. Rosenblatt Securities restated a "buy" rating and issued a $40.00 price target on shares of Adeia in a research note on Tuesday, August 4th. BWS Financial boosted their price objective on Adeia from $30.00 to $50.00 and gave the stock a "buy" rating in a research report on Friday, August 14th. Roth Capital reissued a "buy" rating and issued a $43.00 price objective on shares of Adeia in a report on Tuesday, May 5th. Zacks Research upgraded Adeia from a "strong sell" rating to a "hold" rating in a research report on Monday, August 3rd. Finally, Weiss Ratings raised Adeia from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Wednesday. Five equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $37.60.

About Adeia

Adeia Inc NASDAQ: ADEA is a technology licensing company that focuses on acquiring, managing and monetizing intellectual property assets in the electronics and communications sectors. The company’s core business involves the strategic purchase of patent portfolios followed by the negotiation of licensing agreements, collaborative partnerships and, where necessary, enforcement actions to generate revenue from those assets. Adeia’s technology coverage spans semiconductor design, data communications, wireless networking, imaging systems and other advanced electronics applications.

By assembling a diversified collection of high-value patent families, Adeia works closely with original equipment manufacturers, semiconductor suppliers and service providers across North America, Europe and Asia.

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