Adeia (NASDAQ:ADEA) Stock Price Down 5% – What’s Next?
by Michael Walen · The Markets DailyAdeia Inc. (NASDAQ:ADEA – Get Free Report) shares fell 5% on Tuesday. The company traded as low as $23.55 and last traded at $23.6830. 79,316 shares traded hands during mid-day trading, a decline of 94% from the average daily volume of 1,375,973 shares. The stock had previously closed at $24.92.
Analyst Ratings Changes
Several analysts have recently issued reports on ADEA shares. Zacks Research raised shares of Adeia from a “strong sell” rating to a “hold” rating in a research note on Monday, August 3rd. Rosenblatt Securities reiterated a “buy” rating and issued a $40.00 target price on shares of Adeia in a report on Tuesday. Weiss Ratings raised Adeia from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, September 16th. Finally, BWS Financial boosted their price target on Adeia from $30.00 to $50.00 and gave the company a “buy” rating in a research report on Friday, August 14th. Five investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $37.60.
Get Our Latest Stock Report on ADEA
Adeia Trading Down 2.8%
The business’s 50-day moving average price is $26.56 and its 200 day moving average price is $27.65. The company has a debt-to-equity ratio of 0.76, a current ratio of 3.25 and a quick ratio of 3.25. The firm has a market capitalization of $2.67 billion, a price-to-earnings ratio of 22.41 and a beta of 1.38.
Adeia (NASDAQ:ADEA – Get Free Report) last announced its earnings results on Monday, August 3rd. The company reported $0.34 earnings per share for the quarter, beating the consensus estimate of $0.31 by $0.03. The business had revenue of $96.12 million during 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, equities analysts forecast that Adeia Inc. will post 1.17 earnings per share for the current fiscal year.
Adeia Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Monday, September 14th. Shareholders of record on Monday, August 24th were issued a $0.05 dividend. The ex-dividend date was Monday, August 24th. This represents a $0.20 dividend on an annualized basis and a yield of 0.8%. Adeia’s payout ratio is currently 18.52%.
Institutional Trading of Adeia
A number of hedge funds and other institutional investors have recently modified their holdings of the business. Squarepoint Ops LLC acquired a new stake in Adeia in the second quarter valued at $3,028,000. State of Wyoming bought a new position in Adeia during the 2nd quarter valued at $1,550,000. Fifth Third Bancorp grew its holdings in Adeia by 13,439.1% during the 1st quarter. Fifth Third Bancorp now owns 56,052 shares of the company’s stock worth $1,347,000 after acquiring an additional 55,638 shares in the last quarter. BlackRock Inc. acquired a new position in Adeia during the 2nd quarter worth $573,267,000. Finally, Irenic Capital Management LP increased its position in shares of Adeia by 217.5% in the 2nd quarter. Irenic Capital Management LP now owns 634,772 shares of the company’s stock worth $20,903,000 after purchasing an additional 434,872 shares during the last quarter. 97.36% of the stock is owned by hedge funds and other institutional investors.
About Adeia
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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