Adeia Inc. (NASDAQ:ADEA) Sees Significant Decrease in Short Interest

Adeia Inc. (NASDAQ:ADEA - Get Free Report) was the recipient of a large drop in short interest in March. As of March 31st, there was short interest totalling 2,450,000 shares, a drop of 24.6% from the March 15th total of 3,250,000 shares. Based on an average trading volume of 691,900 shares, the days-to-cover ratio is presently 3.5 days. Currently, 2.3% of the company's stock are short sold.

Institutional Trading of Adeia

A number of institutional investors have recently modified their holdings of the business. Castlekeep Investment Advisors LLC acquired a new stake in Adeia in the fourth quarter valued at $25,000. Kayne Anderson Rudnick Investment Management LLC purchased a new stake in Adeia during the fourth quarter worth about $33,000. Picton Mahoney Asset Management grew its position in Adeia by 52.1% during the fourth quarter. Picton Mahoney Asset Management now owns 2,836 shares of the company's stock worth $39,000 after buying an additional 972 shares during the period. GAMMA Investing LLC increased its holdings in Adeia by 80.9% in the first quarter. GAMMA Investing LLC now owns 3,603 shares of the company's stock valued at $48,000 after buying an additional 1,611 shares in the last quarter. Finally, KBC Group NV lifted its position in shares of Adeia by 74.6% during the 4th quarter. KBC Group NV now owns 6,968 shares of the company's stock valued at $97,000 after acquiring an additional 2,977 shares during the period. 97.36% of the stock is currently owned by hedge funds and other institutional investors.

Adeia Stock Performance

Shares of ADEA stock traded down $0.22 during midday trading on Monday, hitting $11.66. The company had a trading volume of 541,817 shares, compared to its average volume of 535,518. Adeia has a 52-week low of $9.68 and a 52-week high of $17.46. The company has a debt-to-equity ratio of 1.15, a current ratio of 3.53 and a quick ratio of 3.53. The company's 50 day simple moving average is $13.71 and its 200 day simple moving average is $13.16. The stock has a market cap of $1.26 billion, a price-to-earnings ratio of 20.46 and a beta of 1.47.

Adeia (NASDAQ:ADEA - Get Free Report) last announced its quarterly earnings data on Tuesday, February 18th. The company reported $0.42 EPS for the quarter, hitting analysts' consensus estimates of $0.42. Adeia had a net margin of 17.19% and a return on equity of 32.81%. The company had revenue of $119.17 million during the quarter, compared to the consensus estimate of $114.22 million. During the same quarter in the prior year, the firm earned $0.27 EPS. Research analysts anticipate that Adeia will post 1.09 earnings per share for the current fiscal year.

Adeia Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 10th were paid a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.72%. The ex-dividend date of this dividend was Monday, March 10th. Adeia's dividend payout ratio (DPR) is 35.09%.

Wall Street Analysts Forecast Growth

ADEA has been the subject of a number of research analyst reports. BWS Financial reissued a "buy" rating and issued a $18.00 target price on shares of Adeia in a research report on Tuesday, April 15th. Rosenblatt Securities reiterated a "buy" rating and issued a $20.00 price target on shares of Adeia in a research report on Friday, February 28th. Finally, Maxim Group lifted their price objective on shares of Adeia from $15.00 to $17.00 and gave the company a "buy" rating in a research note on Wednesday, February 19th.

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.