Adeia Inc. (NASDAQ:ADEA) Sees Large Drop in Short Interest

Adeia Inc. (NASDAQ:ADEAGet Free Report) saw a significant decline in short interest in January. As of January 15th, there was short interest totalling 2,860,000 shares, a decline of 8.6% from the December 31st total of 3,130,000 shares. Based on an average daily volume of 518,700 shares, the days-to-cover ratio is currently 5.5 days. Currently, 2.8% of the shares of the stock are sold short.

Insider Transactions at Adeia

In other news, insider Mark Kokes sold 20,487 shares of the business’s stock in a transaction dated Monday, November 20th. The stock was sold at an average price of $9.91, for a total transaction of $203,026.17. Following the completion of the transaction, the insider now owns 142,246 shares of the company’s stock, valued at $1,409,657.86. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.40% of the stock is owned by insiders.

Institutional Trading of Adeia

A number of institutional investors have recently made changes to their positions in the stock. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Adeia by 115.7% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 28,931 shares of the company’s stock valued at $358,000 after purchasing an additional 15,519 shares during the period. Louisiana State Employees Retirement System purchased a new stake in shares of Adeia during the fourth quarter valued at approximately $664,000. Highlander Capital Management LLC boosted its stake in shares of Adeia by 267.3% during the fourth quarter. Highlander Capital Management LLC now owns 2,086 shares of the company’s stock valued at $26,000 after purchasing an additional 1,518 shares during the period. Clear Harbor Asset Management LLC purchased a new stake in shares of Adeia during the fourth quarter valued at approximately $460,000. Finally, Saxon Interests Inc. purchased a new stake in shares of Adeia during the fourth quarter valued at approximately $183,000. Hedge funds and other institutional investors own 91.66% of the company’s stock.

Analysts Set New Price Targets

Separately, Stephens reduced their price target on shares of Adeia from $17.00 to $16.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 3rd.

Get Our Latest Report on Adeia

Adeia Stock Up 1.3 %

Shares of NASDAQ ADEA opened at $12.47 on Wednesday. Adeia has a one year low of $7.12 and a one year high of $12.72. The company has a debt-to-equity ratio of 1.68, a current ratio of 2.68 and a quick ratio of 2.68. The firm’s 50 day simple moving average is $11.19 and its two-hundred day simple moving average is $10.35. The stock has a market capitalization of $1.34 billion, a P/E ratio of 11.04 and a beta of 1.50.

Adeia (NASDAQ:ADEAGet Free Report) last issued its quarterly earnings results on Monday, November 6th. The company reported $0.34 EPS for the quarter, beating analysts’ consensus estimates of $0.24 by $0.10. Adeia had a net margin of 31.69% and a return on equity of 49.63%. The business had revenue of $101.40 million for the quarter, compared to analysts’ expectations of $89.63 million. As a group, analysts expect that Adeia will post 1.28 EPS for the current fiscal year.

Adeia Company Profile

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Adeia Inc, together with its subsidiaries, operates as a media and semiconductor intellectual property licensing company worldwide. The company licenses its innovations to media and semiconductor industries and companies under the Adeia brand. It 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 and social media companies; consumer electronics manufacturers, which includes smart televisions, streaming media devices, video game consoles, mobile devices, content storage devices, and other connected media devices; and semiconductors, including sensors, radio frequency components, memory, and logic devices.

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