Maxim Group Issues Positive Forecast for Adeia (NASDAQ:ADEA) Stock Price

Adeia (NASDAQ:ADEA) had its price objective hoisted by research analysts at Maxim Group from $15.00 to $17.00 in a research note issued on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Maxim Group’s price target suggests a potential upside of 3.96% from the company’s previous close.

Other research analysts have also recently issued research reports about the company. BWS Financial increased their price objective on Adeia from $16.00 to $18.00 and gave the stock a “buy” rating in a research report on Wednesday. Rosenblatt Securities reiterated a “buy” rating and issued a $18.00 price objective on shares of Adeia in a research report on Tuesday.

Adeia Stock Performance

Shares of Adeia stock traded up $2.88 during trading hours on Wednesday, hitting $16.35. 1,359,207 shares of the company were exchanged, compared to its average volume of 468,944. Adeia has a 1 year low of $9.68 and a 1 year high of $17.27. The company has a current ratio of 3.42, a quick ratio of 3.42 and a debt-to-equity ratio of 1.32. The business has a 50-day moving average of $13.42 and a 200-day moving average of $12.50. The stock has a market capitalization of $1.79 billion, a price-to-earnings ratio of 45.58 and a beta of 1.37.

Adeia (NASDAQ:ADEA) last released its quarterly earnings results on Tuesday, February 18th. The company reported $0.42 EPS for the quarter, hitting the consensus estimate of $0.42. The business had revenue of $119.17 million during the quarter, compared to analysts’ expectations of $114.22 million. Adeia had a return on equity of 28.37% and a net margin of 12.01%. During the same quarter in the prior year, the business earned $0.27 earnings per share. As a group, analysts expect that Adeia will post 1 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Kayne Anderson Rudnick Investment Management LLC purchased a new position in shares of Adeia in the fourth quarter valued at $33,000. Picton Mahoney Asset Management increased its position in shares of Adeia by 52.1% in the fourth quarter. Picton Mahoney Asset Management now owns 2,836 shares of the company’s stock valued at $39,000 after buying an additional 972 shares in the last quarter. KBC Group NV increased its position in shares of Adeia by 74.6% in the fourth quarter. KBC Group NV now owns 6,968 shares of the company’s stock valued at $97,000 after buying an additional 2,977 shares in the last quarter. Linden Thomas Advisory Services LLC purchased a new position in shares of Adeia in the fourth quarter valued at $142,000. Finally, Cibc World Markets Corp purchased a new position in shares of Adeia in the fourth quarter valued at $142,000. Hedge funds and other institutional investors own 97.36% of the company’s stock.

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.