InterDigital Inc. (IDCC) Short Interest Update
InterDigital Inc. (NASDAQ:IDCC) saw a large decrease in short interest in the month of October. As of October 31st, there was short interest totalling 1,387,344 shares, a decrease of 22.1% from the October 14th total of 1,781,672 shares. Based on an average daily volume of 463,007 shares, the short-interest ratio is presently 3.0 days. Currently, 4.1% of the company’s shares are sold short.
Shares of InterDigital (NASDAQ:IDCC) opened at 77.90 on Thursday. The firm has a market capitalization of $2.67 billion, a P/E ratio of 13.36 and a beta of 1.07. The firm’s 50-day moving average is $76.22 and its 200 day moving average is $65.81. InterDigital has a one year low of $41.01 and a one year high of $81.30.
InterDigital (NASDAQ:IDCC) last issued its quarterly earnings results on Thursday, October 27th. The company reported $2.99 earnings per share for the quarter, missing the Zacks’ consensus estimate of $3.08 by $0.09. The company earned $208.30 million during the quarter, compared to analysts’ expectations of $210.68 million. InterDigital had a return on equity of 33.71% and a net margin of 40.78%. InterDigital’s quarterly revenue was up 107.5% compared to the same quarter last year. During the same period last year, the firm posted $0.68 earnings per share. Equities research analysts predict that InterDigital will post $5.73 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Wednesday, October 26th. Investors of record on Wednesday, October 12th were issued a $0.30 dividend. This is an increase from InterDigital’s previous quarterly dividend of $0.20. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.54%. The ex-dividend date of this dividend was Friday, October 7th. InterDigital’s payout ratio is 20.55%.
In related news, insider William J. Merritt sold 5,000 shares of the stock in a transaction that occurred on Monday, October 10th. The shares were sold at an average price of $78.35, for a total value of $391,750.00. Following the sale, the insider now directly owns 136,072 shares in the company, valued at approximately $10,661,241.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Richard Brezski sold 6,807 shares of the stock in a transaction that occurred on Monday, October 31st. The shares were sold at an average price of $70.00, for a total transaction of $476,490.00. Following the completion of the sale, the chief financial officer now owns 20,556 shares in the company, valued at $1,438,920. The disclosure for this sale can be found here. Company insiders own 1.50% of the company’s stock.
Institutional investors have recently modified their holdings of the company. Victory Capital Management Inc. increased its position in shares of InterDigital by 77.1% in the second quarter. Victory Capital Management Inc. now owns 1,801 shares of the company’s stock worth $100,000 after buying an additional 784 shares during the period. LS Investment Advisors LLC increased its position in shares of InterDigital by 73.8% in the second quarter. LS Investment Advisors LLC now owns 2,084 shares of the company’s stock worth $116,000 after buying an additional 885 shares during the period. Smith Asset Management Group LP increased its position in shares of InterDigital by 8,400.0% in the second quarter. Smith Asset Management Group LP now owns 2,125 shares of the company’s stock worth $118,000 after buying an additional 2,100 shares during the period. Public Employees Retirement System of Ohio increased its position in shares of InterDigital by 9.5% in the second quarter. Public Employees Retirement System of Ohio now owns 2,163 shares of the company’s stock worth $120,000 after buying an additional 188 shares during the period. Finally, Acrospire Investment Management LLC bought a new position in shares of InterDigital during the third quarter worth $174,000. 69.42% of the stock is currently owned by institutional investors.
A number of analysts recently weighed in on IDCC shares. B. Riley reiterated a “buy” rating and issued a $73.00 price target (up from $69.00) on shares of InterDigital in a research report on Wednesday, August 3rd. TheStreet upgraded shares of InterDigital from a “hold” rating to a “buy” rating in a research report on Wednesday, August 3rd. Zacks Investment Research upgraded shares of InterDigital from a “sell” rating to a “strong-buy” rating and set a $75.00 price target on the stock in a research report on Saturday, August 6th. Barclays PLC increased their price target on shares of InterDigital from $65.00 to $75.00 and gave the company an “equal weight” rating in a research report on Friday, September 9th. Finally, Dougherty & Co downgraded shares of InterDigital from a “buy” rating to a “neutral” rating in a research report on Wednesday, October 5th. Four investment analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $79.67.
InterDigital Company Profile
InterDigital, Inc designs and develops technologies for wireless communications. The Company has designed and developed a range of technologies that are used in digital cellular and wireless products and networks, including second generation (2G), third generation (3G), fourth generation (4G) and IEEE 802 related products and networks.
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