Adeia Inc. (NASDAQ:ADEA) Short Interest Update

Adeia Inc. (NASDAQ:ADEA) saw a significant drop in short interest in the month of June. As of June 15th, there was short interest totalling 2,790,000 shares, a drop of 9.4% from the May 31st total of 3,080,000 shares. Based on an average trading volume of 468,100 shares, the days-to-cover ratio is currently 6.0 days. Currently, 2.7% of the shares of the stock are sold short.

Adeia Stock Up 2.6 %

Shares of NASDAQ:ADEA opened at $11.19 on Monday. The company has a debt-to-equity ratio of 1.46, a current ratio of 2.23 and a quick ratio of 2.23. The stock has a market cap of $1.21 billion, a price-to-earnings ratio of 32.90 and a beta of 1.44. The company has a 50 day moving average of $11.08 and a 200-day moving average of $11.34. Adeia has a one year low of $8.11 and a one year high of $13.39.

Adeia (NASDAQ:ADEA) last released its earnings results on Monday, May 6th. The company reported $0.21 EPS for the quarter, topping analysts’ consensus estimates of $0.19 by $0.02. The firm had revenue of $83.41 million during the quarter, compared to analyst estimates of $83.55 million. Adeia had a net margin of 11.06% and a return on equity of 33.89%. On average, sell-side analysts forecast that Adeia will post 1.2 earnings per share for the current year.

Adeia Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 18th. Shareholders of record on Tuesday, May 28th were paid a $0.05 dividend. This represents a $0.20 annualized dividend and a yield of 1.79%. The ex-dividend date was Friday, May 24th. Adeia’s payout ratio is 58.83%.

Hedge Funds Weigh In On Adeia

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ADEA. Norges Bank acquired a new stake in shares of Adeia in the 4th quarter valued at approximately $9,198,000. Vanguard Group Inc. boosted its position in shares of Adeia by 1.7% during the third quarter. Vanguard Group Inc. now owns 13,941,966 shares of the company’s stock worth $148,900,000 after purchasing an additional 233,675 shares in the last quarter. The Manufacturers Life Insurance Company grew its holdings in shares of Adeia by 4.2% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 2,441,865 shares of the company’s stock valued at $26,079,000 after buying an additional 97,792 shares during the period. Pacer Advisors Inc. increased its position in shares of Adeia by 35.4% in the 4th quarter. Pacer Advisors Inc. now owns 3,456,033 shares of the company’s stock valued at $42,820,000 after buying an additional 903,568 shares in the last quarter. Finally, Boston Partners raised its stake in Adeia by 173.0% during the 4th quarter. Boston Partners now owns 1,970,774 shares of the company’s stock worth $24,239,000 after buying an additional 1,248,949 shares during the period. Institutional investors own 97.36% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Rosenblatt Securities reissued a “buy” rating and issued a $15.00 target price on shares of Adeia in a report on Thursday, June 20th. BWS Financial reissued a “buy” rating and issued a $16.00 price objective on shares of Adeia in a research note on Tuesday, May 7th.

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.