Adeia (NASDAQ:ADEA) Shares Gap Down – Time to Sell?

Adeia Inc. (NASDAQ:ADEA)’s stock price 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.

Analyst Ratings Changes

ADEA has been the subject of a number of research analyst reports. BWS Financial restated a “buy” rating and set a $16.00 target price on shares of Adeia in a report on Thursday, September 26th. Rosenblatt Securities restated a “buy” rating and set a $15.00 target price on shares of Adeia in a report on Thursday, October 31st.

Adeia Stock Down 17.7 %

The business has a fifty day moving average of $12.15 and a 200 day moving average of $11.55. The company has a market capitalization of $1.26 billion, a PE ratio of 35.23 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.

Adeia (NASDAQ:ADEA) last announced its quarterly earnings data on Tuesday, August 6th. The company reported $0.23 EPS for the quarter, topping analysts’ consensus estimates of $0.20 by $0.03. Adeia had a return on equity of 33.28% and a net margin of 12.87%. The business had revenue of $87.35 million during the quarter, compared to the consensus estimate of $83.74 million. Equities research analysts anticipate that Adeia Inc. will post 1.18 EPS for the current year.

Hedge Funds Weigh In On Adeia

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Texas Permanent School Fund Corp boosted its holdings in Adeia by 1.3% in the first quarter. Texas Permanent School Fund Corp now owns 93,797 shares of the company’s stock valued at $1,024,000 after purchasing an additional 1,215 shares in the last quarter. LSV Asset Management boosted its holdings in Adeia by 59.8% in the first quarter. LSV Asset Management now owns 3,365,058 shares of the company’s stock valued at $36,746,000 after purchasing an additional 1,259,857 shares in the last quarter. Empowered Funds LLC boosted its holdings in Adeia by 8.2% in the first quarter. Empowered Funds LLC now owns 444,173 shares of the company’s stock valued at $4,850,000 after purchasing an additional 33,590 shares in the last quarter. Illinois Municipal Retirement Fund boosted its holdings in Adeia by 2.3% in the first quarter. Illinois Municipal Retirement Fund now owns 62,915 shares of the company’s stock valued at $687,000 after purchasing an additional 1,420 shares in the last quarter. Finally, ProShare Advisors LLC boosted its holdings in Adeia by 7.4% in the first quarter. ProShare Advisors LLC now owns 21,579 shares of the company’s stock valued at $236,000 after purchasing an additional 1,483 shares in the last quarter. 97.36% of the stock is owned by institutional investors and hedge funds.

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.