Squarepoint Ops LLC Takes Position in Adeia Inc. $ADEA

Key Points

• Squarepoint Ops LLC acquired 91,946 Adeia shares worth approximately $3.03 million in the second quarter, representing about 0.08% of the company. Institutional investors collectively own 97.36% of Adeia.
• Adeia exceeded quarterly EPS expectations, reporting $0.34 versus the $0.31 analyst consensus, although revenue of $96.12 million was slightly below estimates. Analysts project full-year EPS of $1.17.
• The company declared a quarterly dividend of $0.05 per share, or $0.20 annualized, for a 0.7% yield. Analyst sentiment is “Moderate Buy,” with an average price target of $37.60 versus the stock’s reported $26.71 price.

Squarepoint Ops LLC purchased a new stake in Adeia Inc. (NASDAQ:ADEA - Free Report) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund purchased 91,946 shares of the company's stock, valued at approximately $3,028,000. Squarepoint Ops LLC owned about 0.08% of Adeia as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Ritholtz Wealth Management raised its stake in shares of Adeia by 2.5% in 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 grew its stake in shares of Adeia by 7.1% during the second 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 increased its holdings in shares of Adeia by 3.2% in the fourth quarter. ProShare Advisors LLC now owns 21,153 shares of the company's stock valued at $365,000 after purchasing an additional 656 shares in the last quarter. Redmond Asset Management LLC increased its holdings in shares of Adeia by 0.4% in the fourth 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 in the last quarter. Finally, Amundi raised 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. Institutional investors own 97.36% of the company's stock.

Adeia Stock Performance

NASDAQ ADEA opened at $26.71 on Monday. The stock has a 50-day simple moving average of $27.15 and a 200 day simple moving average of $27.32. The company has a market capitalization of $2.95 billion, a PE ratio of 24.73 and a beta of 1.38. The company has a current ratio of 3.25, a quick ratio of 3.25 and a debt-to-equity ratio of 0.76. Adeia Inc. has a 12 month low of $11.61 and a 12 month high of $34.34.

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

Adeia Announces Dividend

The company also recently disclosed 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 is Monday, August 24th. This represents a $0.20 dividend on an annualized basis and a yield of 0.7%. Adeia's payout ratio is currently 18.52%.

Analyst Ratings Changes

Several research firms have issued reports on ADEA. BWS Financial upped their price objective on Adeia from $30.00 to $50.00 and gave the stock a "buy" rating in a report on Friday, August 14th. Zacks Research raised Adeia from a "strong sell" rating to a "hold" rating in a research note on Monday, August 3rd. Rosenblatt Securities restated a "buy" rating and set a $40.00 target price on shares of Adeia in a research report on Tuesday, August 4th. Finally, Weiss Ratings lowered Adeia from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Wednesday, September 2nd. Four research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $37.60.

Adeia Profile

Adeia Inc NASDAQ: ADEA is a semiconductor and intellectual property licensing company. It develops and licenses technologies that help semiconductor manufacturers and electronics companies design and produce advanced chips and systems.

The company's portfolio includes semiconductor packaging and interconnect technologies, such as hybrid bonding and other solutions intended to improve performance, power efficiency and integration in advanced electronic devices. Its intellectual property is used across applications including data centers, communications, consumer electronics, automotive systems and other connected devices.

Adeia serves customers and technology partners internationally through licensing agreements and related business relationships.

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