Adeia (NASDAQ:ADEA) Shares Gap Down - Here's What Happened

Adeia Inc. (NASDAQ:ADEA - Get Free Report) shares 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 traded.

Analyst Ratings Changes

A number of research firms have commented on ADEA. Rosenblatt Securities reaffirmed a "buy" rating and set a $15.00 target price on shares of Adeia in a report on Friday. BWS Financial reissued a "buy" rating and issued a $16.00 price target on shares of Adeia in a report on Thursday, September 26th.

Adeia Stock Down 18.2 %

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

Adeia (NASDAQ:ADEA - Get Free Report) last announced its quarterly earnings results on Tuesday, August 6th. The company reported $0.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.20 by $0.03. The company had revenue of $87.35 million during the quarter, compared to analyst estimates of $83.74 million. Adeia had a net margin of 12.87% and a return on equity of 33.28%. Sell-side analysts predict that Adeia Inc. will post 1.18 earnings per share for the current year.

Institutional Investors Weigh In On Adeia

Several institutional investors have recently added to or reduced their stakes in the stock. Quest Partners LLC lifted its position in Adeia by 76,084.3% in the 3rd quarter. Quest Partners LLC now owns 38,854 shares of the company's stock valued at $463,000 after acquiring an additional 38,803 shares in the last quarter. Seizert Capital Partners LLC bought a new stake in Adeia in the 3rd quarter valued at $197,000. Empowered Funds LLC lifted its position in Adeia by 5.3% in the 3rd quarter. Empowered Funds LLC now owns 132,316 shares of the company's stock valued at $1,576,000 after acquiring an additional 6,700 shares in the last quarter. Royce & Associates LP lifted its position in Adeia by 22.2% in the 3rd quarter. Royce & Associates LP now owns 277,630 shares of the company's stock valued at $3,307,000 after acquiring an additional 50,512 shares in the last quarter. Finally, Robeco Institutional Asset Management B.V. lifted its position in Adeia by 169.2% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 89,065 shares of the company's stock valued at $1,061,000 after acquiring an additional 55,979 shares in the last quarter. 97.36% of the stock is owned by institutional investors.

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.