Weiss Ratings Reaffirms "Hold (C)" Rating for Adeia (NASDAQ:ADEA)

Key Points

• Weiss Ratings has reaffirmed a "Hold (C)" rating for Adeia (NASDAQ: ADEA), indicating a cautious outlook for the company's stock.
• Adeia's stock has seen recent fluctuations, trading at $16.82, with a 12-month range between $10.59 and $18.25.
• The company has a consensus rating of "Moderate Buy" from analysts, with a price target averaging $19.50.

Adeia (NASDAQ:ADEA - Get Free Report)'s stock had its "hold (c)" rating reissued by equities research analysts at Weiss Ratings in a note issued to investors on Wednesday,Weiss Ratings reports.

Other equities analysts have also recently issued research reports about the company. BWS Financial reissued a "buy" rating and issued a $18.00 price target on shares of Adeia in a research note on Monday. Roth Capital started coverage on Adeia in a research note on Friday, June 20th. They issued a "buy" rating and a $26.00 price target on the stock. Wall Street Zen cut Adeia from a "buy" rating to a "hold" rating in a research note on Saturday, August 9th. Finally, Zacks Research cut Adeia from a "strong-buy" rating to a "hold" rating in a research note on Monday. Four investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $19.50.

Adeia Price Performance

Adeia stock traded down $0.27 during midday trading on Wednesday, hitting $16.82. The company's stock had a trading volume of 175,508 shares, compared to its average volume of 578,130. The stock's 50-day moving average price is $15.36 and its 200-day moving average price is $13.97. The company has a market capitalization of $1.84 billion, a PE ratio of 22.75 and a beta of 1.74. Adeia has a 12 month low of $10.59 and a 12 month high of $18.25. The company has a quick ratio of 3.09, a current ratio of 3.09 and a debt-to-equity ratio of 1.06.

Institutional Investors Weigh In On Adeia

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Ameriprise Financial Inc. lifted its holdings in Adeia by 0.7% in the 2nd quarter. Ameriprise Financial Inc. now owns 14,509,642 shares of the company's stock worth $205,166,000 after purchasing an additional 97,666 shares during the last quarter. Harvey Partners LLC lifted its holdings in Adeia by 0.5% in the 2nd quarter. Harvey Partners LLC now owns 3,189,944 shares of the company's stock worth $45,106,000 after purchasing an additional 17,444 shares during the last quarter. The Manufacturers Life Insurance Company lifted its holdings in Adeia by 19.3% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 2,765,859 shares of the company's stock worth $39,109,000 after purchasing an additional 448,274 shares during the last quarter. The Manufacturers Life Insurance Company lifted its holdings in Adeia by 6.8% in the 1st quarter. The Manufacturers Life Insurance Company now owns 2,317,585 shares of the company's stock worth $30,638,000 after purchasing an additional 147,971 shares during the last quarter. Finally, Systematic Financial Management LP lifted its holdings in Adeia by 1.4% in the 2nd quarter. Systematic Financial Management LP now owns 2,293,737 shares of the company's stock worth $32,433,000 after purchasing an additional 31,315 shares during the last quarter. 97.36% of the stock is currently owned by institutional investors and hedge funds.

About Adeia

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.

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