Why Adeia Shares Are Trading Higher

Adeia Inc ADEA on Tuesday signed long-term patent license agreements with Western Digital Corp WDC and Kioxia. Adeia shares are trading higher in the wake of the announcements. 

What Happened: Western Digital and Kioxia entered into long-term agreements to license Adeia's semiconductor patent portfolio, which covers hybrid bonding, semiconductor packaging and semiconductor processing technologies.

"This agreement demonstrates the long-term value proposition offered by Adeia's intellectual property portfolio," said Dana Escobar, chief licensing officer and general manager of semiconductor at Adeia.

See Also: Nasdaq, S&P 500 Futures Edge Lower: Resiliency Could Be Tested As Focus Turns To Bond Yields, Barr's Testimony

ADEA Price Action: Adeia has a 52-week. high of $11.84 and a 52-week low of $5.81. The stock was down approximately 15% over the last month ahead of the agreement announcements.

Adeia shares were up 7.02% at $8.99 at the time of writing, according to Benzinga Pro.

Photo: Dmitry Steshenko from Pixabay.

Market News and Data brought to you by Benzinga APIs
Posted In: NewsContractsSmall CapMoversDana Escobarwhy it's moving
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!