Adeia (NASDAQ:ADEA) Shares Gap Down – Here’s Why

Adeia Inc. (NASDAQ:ADEA)’s stock price gapped down before the market opened on Friday . The stock had previously closed at $14.09, but opened at $12.66. Adeia shares last traded at $12.45, with a volume of 38,741 shares trading hands.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the company. Rosenblatt Securities restated a “buy” rating and issued a $15.00 price target on shares of Adeia in a research note on Friday. BWS Financial restated a “buy” rating and issued a $16.00 price objective on shares of Adeia in a research report on Thursday, September 26th.

Adeia Trading Down 18.2 %

The company’s fifty day simple moving average is $12.13 and its 200-day simple moving average is $11.57. The firm has a market capitalization of $1.25 billion, a PE ratio of 28.80 and a beta of 1.44. The company has a debt-to-equity ratio of 1.42, a current ratio of 3.00 and a quick ratio of 3.00.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. LSV Asset Management increased its stake in Adeia by 11.6% during the 2nd quarter. LSV Asset Management now owns 3,755,894 shares of the company’s stock worth $42,010,000 after buying an additional 390,836 shares in the last quarter. Boston Partners boosted its stake in shares of Adeia by 16.5% in the first quarter. Boston Partners now owns 2,296,116 shares of the company’s stock worth $24,761,000 after acquiring an additional 325,342 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of Adeia by 6.2% during the second quarter. Dimensional Fund Advisors LP now owns 2,748,258 shares of the company’s stock worth $30,737,000 after purchasing an additional 159,254 shares in the last quarter. Vanguard Group Inc. raised its stake in Adeia by 0.9% in the 1st quarter. Vanguard Group Inc. now owns 14,117,819 shares of the company’s stock valued at $154,167,000 after purchasing an additional 132,718 shares during the last quarter. Finally, Skylands Capital LLC lifted its holdings in Adeia by 99.7% in the 2nd quarter. Skylands Capital LLC now owns 207,950 shares of the company’s stock valued at $2,327,000 after purchasing an additional 103,817 shares in the last quarter. 97.36% of the stock is owned by hedge funds and other institutional investors.

Adeia Company Profile

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.