Adeia Inc. (NASDAQ:ADEA) Short Interest Update

Adeia Inc. (NASDAQ:ADEA) was the target of 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. Currently, 2.7% of the shares of the company are sold short. Based on an average daily volume of 468,100 shares, the short-interest ratio is currently 6.0 days.

Adeia Stock Up 0.1 %

Shares of NASDAQ:ADEA opened at $11.20 on Tuesday. The company has a fifty day moving average of $11.11 and a 200-day moving average of $11.34. The company has a market capitalization of $1.22 billion, a PE ratio of 32.94 and a beta of 1.47. The company has a debt-to-equity ratio of 1.46, a quick ratio of 2.23 and a current ratio of 2.23. Adeia has a 52-week low of $8.11 and a 52-week high of $13.39.

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

Adeia Announces Dividend

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

Institutional Trading of Adeia

A number of large investors have recently bought and sold shares of ADEA. Norges Bank acquired a new stake in shares of Adeia in the 4th quarter valued at about $9,198,000. Vanguard Group Inc. grew its stake in shares of Adeia by 1.7% in the 3rd quarter. Vanguard Group Inc. now owns 13,941,966 shares of the company’s stock valued at $148,900,000 after buying an additional 233,675 shares during the period. Wellington Management Group LLP grew its stake in shares of Adeia by 16.1% in the 4th quarter. Wellington Management Group LLP now owns 576,745 shares of the company’s stock valued at $7,146,000 after buying an additional 80,146 shares during the period. The Manufacturers Life Insurance Company grew its stake 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. Finally, Pacer Advisors Inc. grew its stake 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 during the period. 97.36% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

ADEA has been the subject of a number of research analyst reports. BWS Financial restated a “buy” rating and set a $16.00 price objective on shares of Adeia in a report on Tuesday, May 7th. Rosenblatt Securities restated a “buy” rating and set a $15.00 price objective on shares of Adeia in a report on Thursday, June 20th.

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.