NewEdge Wealth LLC Purchases Shares of 53,691 Adeia Inc. $ADEA

NewEdge Wealth LLC purchased a new position in Adeia Inc. (NASDAQ:ADEA) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 53,691 shares of the company’s stock, valued at approximately $902,000.

Several other hedge funds have also recently modified their holdings of the stock. JPMorgan Chase & Co. boosted its stake in Adeia by 39.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,049,528 shares of the company’s stock worth $17,632,000 after purchasing an additional 296,742 shares in the last quarter. Public Sector Pension Investment Board raised its holdings in shares of Adeia by 15.4% in the third quarter. Public Sector Pension Investment Board now owns 515,753 shares of the company’s stock worth $8,665,000 after buying an additional 68,745 shares during the last quarter. Illinois Municipal Retirement Fund raised its holdings in shares of Adeia by 3.4% in the third quarter. Illinois Municipal Retirement Fund now owns 56,356 shares of the company’s stock worth $947,000 after buying an additional 1,877 shares during the last quarter. Skylands Capital LLC lifted its stake in shares of Adeia by 17.5% during the third quarter. Skylands Capital LLC now owns 497,300 shares of the company’s stock worth $8,355,000 after buying an additional 74,076 shares during the period. Finally, Castlekeep Investment Advisors LLC grew its holdings in shares of Adeia by 10.2% during the third quarter. Castlekeep Investment Advisors LLC now owns 124,053 shares of the company’s stock valued at $2,084,000 after buying an additional 11,525 shares during the last quarter. Institutional investors and hedge funds own 97.36% of the company’s stock.

Adeia Trading Up 2.6%

Shares of NASDAQ:ADEA opened at $19.01 on Monday. The company has a current ratio of 3.72, a quick ratio of 3.72 and a debt-to-equity ratio of 1.01. Adeia Inc. has a 12-month low of $10.59 and a 12-month high of $20.33. The business has a 50 day moving average of $17.81 and a two-hundred day moving average of $16.00. The company has a market capitalization of $2.08 billion, a PE ratio of 29.25 and a beta of 1.44.

Analysts Set New Price Targets

A number of brokerages have commented on ADEA. UBS Group set a $20.00 price target on Adeia in a research report on Tuesday, December 23rd. Roth Mkm reaffirmed a “buy” rating on shares of Adeia in a report on Monday, December 22nd. Weiss Ratings upgraded Adeia from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, January 12th. Zacks Research upgraded shares of Adeia from a “hold” rating to a “strong-buy” rating in a report on Thursday, January 8th. Finally, Maxim Group lifted their price objective on shares of Adeia from $17.00 to $20.00 and gave the company a “buy” rating in a research note on Tuesday, December 23rd. One analyst has rated the stock with a Strong Buy rating and five have given a Buy rating to the stock. Based on data from MarketBeat.com, Adeia currently has an average rating of “Buy” and a consensus target price of $22.00.

Adeia Profile

Adeia Inc (NASDAQ: ADEA) is a technology licensing company that focuses on acquiring, managing and monetizing intellectual property assets in the electronics and communications sectors. The company’s core business involves the strategic purchase of patent portfolios followed by the negotiation of licensing agreements, collaborative partnerships and, where necessary, enforcement actions to generate revenue from those assets. Adeia’s technology coverage spans semiconductor design, data communications, wireless networking, imaging systems and other advanced electronics applications.

By assembling a diversified collection of high-value patent families, Adeia works closely with original equipment manufacturers, semiconductor suppliers and service providers across North America, Europe and Asia.