Integrated Device Technology, Inc. (IDTI) Short Interest Up 25.9% in September
Integrated Device Technology, Inc. (NASDAQ:IDTI) was the target of a significant increase in short interest in September. As of September 15th, there was short interest totalling 10,032,694 shares, an increase of 25.9% from the August 31st total of 7,965,867 shares. Based on an average daily volume of 1,831,076 shares, the days-to-cover ratio is currently 5.5 days. Currently, 7.8% of the company’s shares are short sold.
Shares of Integrated Device Technology (NASDAQ IDTI) opened at 26.58 on Friday. The company has a market capitalization of $3.55 billion, a price-to-earnings ratio of 34.52 and a beta of 1.99. Integrated Device Technology has a one year low of $19.38 and a one year high of $28.08. The company’s 50-day moving average price is $24.77 and its 200-day moving average price is $24.63.
Integrated Device Technology (NASDAQ:IDTI) last posted its quarterly earnings results on Monday, July 31st. The semiconductor company reported $0.25 EPS for the quarter, missing the Zacks’ consensus estimate of $0.32 by ($0.07). The business had revenue of $196.71 million for the quarter, compared to the consensus estimate of $195.10 million. Integrated Device Technology had a net margin of 14.50% and a return on equity of 20.34%. Integrated Device Technology’s revenue was up 2.4% compared to the same quarter last year. During the same period in the prior year, the business earned $0.36 earnings per share. On average, equities research analysts predict that Integrated Device Technology will post $1.49 earnings per share for the current year.
In other Integrated Device Technology news, VP Mario Montana sold 20,374 shares of Integrated Device Technology stock in a transaction that occurred on Thursday, August 10th. The stock was sold at an average price of $24.43, for a total value of $497,736.82. Following the completion of the sale, the vice president now directly owns 67,443 shares in the company, valued at $1,647,632.49. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director S Kenneth Kannappan bought 2,000 shares of the stock in a transaction on Thursday, August 3rd. The stock was acquired at an average price of $24.32 per share, with a total value of $48,640.00. Following the completion of the acquisition, the director now owns 18,637 shares of the company’s stock, valued at approximately $453,251.84. The disclosure for this purchase can be found here. Insiders own 1.24% of the company’s stock.
A number of large investors have recently bought and sold shares of IDTI. Israel Discount Bank of New York bought a new stake in Integrated Device Technology during the first quarter valued at about $103,000. Riverhead Capital Management LLC raised its holdings in Integrated Device Technology by 77.4% during the second quarter. Riverhead Capital Management LLC now owns 4,790 shares of the semiconductor company’s stock valued at $124,000 after acquiring an additional 2,090 shares during the period. Public Employees Retirement System of Ohio raised its holdings in Integrated Device Technology by 15.7% during the second quarter. Public Employees Retirement System of Ohio now owns 4,935 shares of the semiconductor company’s stock valued at $127,000 after acquiring an additional 670 shares during the period. Advisor Group Inc. raised its holdings in Integrated Device Technology by 13.7% during the second quarter. Advisor Group Inc. now owns 4,964 shares of the semiconductor company’s stock valued at $129,000 after acquiring an additional 600 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Integrated Device Technology by 11.3% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,182 shares of the semiconductor company’s stock valued at $134,000 after acquiring an additional 525 shares during the period. 95.90% of the stock is currently owned by institutional investors and hedge funds.
A number of brokerages have commented on IDTI. Zacks Investment Research cut Integrated Device Technology from a “buy” rating to a “hold” rating in a research note on Friday, July 14th. BidaskClub cut Integrated Device Technology from a “strong-buy” rating to a “buy” rating in a research note on Thursday, June 15th. KeyCorp reissued an “overweight” rating on shares of Integrated Device Technology in a research note on Thursday, September 14th. Susquehanna Bancshares Inc raised their price objective on Integrated Device Technology from $30.00 to $33.00 and gave the company a “positive” rating in a research note on Wednesday, June 28th. Finally, Pacific Crest reissued an “overweight” rating and issued a $30.00 price objective on shares of Integrated Device Technology in a research note on Wednesday, June 21st. Two research analysts have rated the stock with a sell rating, four have given a hold rating and eight have assigned a buy rating to the company. The company has an average rating of “Hold” and an average price target of $28.36.
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About Integrated Device Technology
Integrated Device Technology, Inc develops system-level solutions that optimize its customers’ applications. The Company operates through two segments: the Communications, and the Computing, Consumer and Industrial. It offers products in radio frequency (RF), timing, wireless power transfer, serial switching, interfaces and sensing solutions.
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