Adeia Inc. (NASDAQ:ADEA – Get Free Report) was the recipient of a significant decline in short interest during the month of December. As of December 31st, there was short interest totalling 3,130,000 shares, a decline of 23.8% from the December 15th total of 4,110,000 shares. Approximately 3.1% of the shares of the stock are short sold. Based on an average daily volume of 535,400 shares, the short-interest ratio is presently 5.8 days.
Analysts Set New Price Targets
Separately, Stephens reduced their price objective on Adeia from $17.00 to $16.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 3rd.
Adeia Stock Performance
Shares of ADEA stock opened at $11.29 on Friday. The company has a market capitalization of $1.21 billion, a P/E ratio of 9.99 and a beta of 1.50. Adeia has a fifty-two week low of $7.12 and a fifty-two week high of $12.72. The company has a debt-to-equity ratio of 1.68, a quick ratio of 2.68 and a current ratio of 2.68. The stock has a 50 day moving average price of $10.64 and a two-hundred day moving average price of $10.30.
Adeia (NASDAQ:ADEA – Get Free Report) last posted its quarterly earnings results on Monday, November 6th. The company reported $0.34 EPS for the quarter, beating analysts’ consensus estimates of $0.24 by $0.10. The company had revenue of $101.40 million during the quarter, compared to analyst estimates of $89.63 million. Adeia had a net margin of 31.69% and a return on equity of 49.63%. Analysts expect that Adeia will post 1.28 earnings per share for the current year.
Adeia Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Monday, December 18th. Investors of record on Monday, November 27th were paid a $0.05 dividend. The ex-dividend date was Friday, November 24th. This represents a $0.20 annualized dividend and a dividend yield of 1.77%. Adeia’s payout ratio is presently 17.70%.
Insider Transactions at Adeia
In related news, insider Mark Kokes sold 20,487 shares of the firm’s stock in a transaction dated Monday, November 20th. The stock was sold at an average price of $9.91, for a total transaction of $203,026.17. Following the transaction, the insider now directly owns 142,246 shares of the company’s stock, valued at approximately $1,409,657.86. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.40% of the company’s stock.
Institutional Inflows and Outflows
Hedge funds have recently bought and sold shares of the business. BlackRock Inc. grew its position in shares of Adeia by 4.3% in the 2nd quarter. BlackRock Inc. now owns 17,395,494 shares of the company’s stock worth $191,524,000 after buying an additional 717,508 shares during the last quarter. Vanguard Group Inc. lifted its stake in Adeia by 1.7% in the third quarter. Vanguard Group Inc. now owns 13,941,966 shares of the company’s stock worth $148,900,000 after acquiring an additional 233,675 shares during the period. Ameriprise Financial Inc. bought a new stake in Adeia in the first quarter valued at $108,275,000. Rubric Capital Management LP increased its position in Adeia by 1.0% during the 3rd quarter. Rubric Capital Management LP now owns 4,640,009 shares of the company’s stock valued at $49,555,000 after purchasing an additional 47,448 shares during the period. Finally, Dimensional Fund Advisors LP bought a new position in Adeia in the 1st quarter worth $32,577,000. Hedge funds and other institutional investors own 91.66% of the company’s stock.
About Adeia
Adeia Inc, together with its subsidiaries, operates as a media and semiconductor intellectual property licensing company worldwide. The company licenses its innovations to media and semiconductor industries and companies under the Adeia brand. It 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 and social media companies; consumer electronics manufacturers, which includes smart televisions, streaming media devices, video game consoles, mobile devices, content storage devices, and other connected media devices; and semiconductors, including sensors, radio frequency components, memory, and logic devices.