State of Alaska Department of Revenue Reduces Stock Position in Adeia Inc. (NASDAQ:ADEA)

State of Alaska Department of Revenue cut its stake in Adeia Inc. (NASDAQ:ADEA) by 2.5% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 62,146 shares of the company’s stock after selling 1,561 shares during the period. State of Alaska Department of Revenue owned approximately 0.06% of Adeia worth $740,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also made changes to their positions in the company. Innealta Capital LLC purchased a new stake in shares of Adeia in the second quarter valued at approximately $47,000. EMC Capital Management lifted its stake in Adeia by 27.8% during the first quarter. EMC Capital Management now owns 10,856 shares of the company’s stock worth $119,000 after purchasing an additional 2,360 shares in the last quarter. Algert Global LLC purchased a new stake in shares of Adeia during the second quarter worth $122,000. Aristides Capital LLC purchased a new stake in shares of Adeia during the first quarter worth $213,000. Finally, O Shaughnessy Asset Management LLC increased its position in shares of Adeia by 35.1% during the first quarter. O Shaughnessy Asset Management LLC now owns 20,480 shares of the company’s stock worth $224,000 after acquiring an additional 5,316 shares during the period. 97.36% of the stock is currently owned by hedge funds and other institutional investors.

Adeia Price Performance

Shares of ADEA opened at $14.05 on Thursday. The company has a debt-to-equity ratio of 1.42, a quick ratio of 3.00 and a current ratio of 3.00. The company has a market capitalization of $1.53 billion, a price-to-earnings ratio of 35.13 and a beta of 1.44. Adeia Inc. has a fifty-two week low of $8.94 and a fifty-two week high of $14.19. The firm has a 50-day simple moving average of $12.11 and a 200-day simple moving average of $11.54.

Adeia (NASDAQ:ADEA) last announced its quarterly earnings data on Tuesday, August 6th. The company reported $0.23 EPS for the quarter, beating analysts’ consensus estimates of $0.20 by $0.03. The firm had revenue of $87.35 million during 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%. On average, equities research analysts anticipate that Adeia Inc. will post 1.18 earnings per share for the current year.

Wall Street Analysts Forecast Growth

ADEA has been the topic of several recent analyst reports. Rosenblatt Securities reissued a “buy” rating and issued a $15.00 target price on shares of Adeia in a report on Thursday, October 31st. BWS Financial reiterated a “buy” rating and set a $16.00 target price on shares of Adeia in a research note on Thursday, September 26th.

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.