B. Riley reiterated their buy rating on shares of InterDigital (NASDAQ:IDCC) in a research report released on Monday. They currently have a $100.00 price target on the Wireless communications provider’s stock.
A number of other equities research analysts have also recently weighed in on IDCC. ValuEngine cut InterDigital from a strong-buy rating to a buy rating in a research note on Friday, August 11th. Sidoti upgraded InterDigital from a neutral rating to a buy rating in a research note on Tuesday, August 8th. Finally, Zacks Investment Research upgraded InterDigital from a hold rating to a buy rating and set a $77.00 price target for the company in a research note on Friday, August 18th. One analyst has rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the company’s stock. InterDigital currently has an average rating of Hold and an average target price of $90.00.
Shares of InterDigital (IDCC) opened at $76.85 on Monday. The company has a quick ratio of 3.22, a current ratio of 3.22 and a debt-to-equity ratio of 0.34. InterDigital has a 52 week low of $67.55 and a 52 week high of $102.30. The firm has a market capitalization of $2,648.48, a P/E ratio of 10.54 and a beta of 0.97.
InterDigital (NASDAQ:IDCC) last issued its quarterly earnings data on Thursday, October 26th. The Wireless communications provider reported $1.00 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.66 by $0.34. InterDigital had a return on equity of 32.77% and a net margin of 42.94%. The company had revenue of $97.30 million during the quarter, compared to analysts’ expectations of $94.13 million. During the same quarter in the previous year, the business earned $2.99 earnings per share. The firm’s revenue for the quarter was down 53.3% on a year-over-year basis. equities research analysts expect that InterDigital will post 4.04 EPS for the current year.
InterDigital announced that its board has approved a stock buyback program on Thursday, September 14th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the Wireless communications provider to reacquire up to 4.1% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.
In related news, EVP Jannie K. Lau sold 2,561 shares of the company’s stock in a transaction on Monday, October 30th. The stock was sold at an average price of $72.31, for a total transaction of $185,185.91. Following the transaction, the executive vice president now owns 19,496 shares of the company’s stock, valued at $1,409,755.76. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Scott A. Mcquilkin sold 500 shares of the company’s stock in a transaction on Friday, September 29th. The stock was sold at an average price of $75.00, for a total value of $37,500.00. Following the transaction, the executive vice president now directly owns 79,319 shares in the company, valued at approximately $5,948,925. The disclosure for this sale can be found here. Insiders have sold 8,081 shares of company stock valued at $599,186 in the last 90 days. Company insiders own 1.90% of the company’s stock.
Hedge funds have recently made changes to their positions in the stock. Riverhead Capital Management LLC grew its holdings in InterDigital by 74.6% during the second quarter. Riverhead Capital Management LLC now owns 1,397 shares of the Wireless communications provider’s stock worth $108,000 after acquiring an additional 597 shares during the period. Mountain Capital Investment Advisors Inc acquired a new position in InterDigital during the second quarter worth $118,000. Victory Capital Management Inc. grew its holdings in InterDigital by 17.5% in the second quarter. Victory Capital Management Inc. now owns 1,616 shares of the Wireless communications provider’s stock valued at $125,000 after purchasing an additional 241 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. grew its holdings in InterDigital by 107.2% in the third quarter. Migdal Insurance & Financial Holdings Ltd. now owns 2,182 shares of the Wireless communications provider’s stock valued at $160,000 after purchasing an additional 1,129 shares during the last quarter. Finally, Advisor Group Inc. grew its holdings in InterDigital by 29.5% in the second quarter. Advisor Group Inc. now owns 2,342 shares of the Wireless communications provider’s stock valued at $181,000 after purchasing an additional 534 shares during the last quarter. 72.92% of the stock is currently owned by hedge funds and other institutional investors.
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InterDigital Company Profile
InterDigital, Inc designs and develops technologies for wireless communications. The Company is focused on three technology areas: cellular wireless technology, Internet of things (IoT) technology, and, through its Hillcrest Laboratories, Inc (Hillcrest Labs) subsidiary, sensor and sensor fusion technology.
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