Short Interest in Adeia Inc. (NASDAQ:ADEA) Grows By 12.1%

Adeia Inc. (NASDAQ:ADEA) was the target of a significant growth in short interest in August. As of August 31st, there was short interest totalling 3,710,000 shares, a growth of 12.1% from the August 15th total of 3,310,000 shares. Based on an average trading volume of 490,400 shares, the short-interest ratio is currently 7.6 days. Currently, 3.6% of the company’s stock are short sold.

Hedge Funds Weigh In On Adeia

A number of large investors have recently made changes to their positions in ADEA. Sanctuary Advisors LLC bought a new position in Adeia during the 2nd quarter worth $404,000. Systematic Financial Management LP increased its holdings in shares of Adeia by 1.4% during the second quarter. Systematic Financial Management LP now owns 1,846,460 shares of the company’s stock worth $20,653,000 after purchasing an additional 25,796 shares during the period. Algert Global LLC bought a new stake in shares of Adeia in the second quarter valued at approximately $122,000. Select Equity Group L.P. grew its position in Adeia by 12.6% during the second quarter. Select Equity Group L.P. now owns 653,425 shares of the company’s stock worth $7,309,000 after buying an additional 73,204 shares in the last quarter. Finally, Mackenzie Financial Corp increased its stake in Adeia by 24.1% during the 2nd quarter. Mackenzie Financial Corp now owns 68,340 shares of the company’s stock worth $764,000 after acquiring an additional 13,290 shares during the period. Institutional investors own 97.36% of the company’s stock.

Adeia Stock Up 1.4 %

ADEA stock opened at $12.26 on Wednesday. Adeia has a 1-year low of $8.11 and a 1-year high of $13.39. The business’s 50 day simple moving average is $11.58 and its 200 day simple moving average is $11.18. 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 has a market capitalization of $1.33 billion, a PE ratio of 36.06 and a beta of 1.46.

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

Adeia Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 17th. Stockholders of record on Tuesday, August 27th were given a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 1.63%. The ex-dividend date of this dividend was Tuesday, August 27th. Adeia’s payout ratio is 58.82%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on ADEA shares. Rosenblatt Securities reissued a “buy” rating and issued a $15.00 price objective on shares of Adeia in a report on Thursday, June 20th. BWS Financial reiterated a “buy” rating and issued a $16.00 price target on shares of Adeia in a research note on Thursday, August 8th.

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.