InterDigital’s (IDCC) “Buy” Rating Reiterated at B. Riley

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.

COPYRIGHT VIOLATION NOTICE: “InterDigital’s (IDCC) “Buy” Rating Reiterated at B. Riley” was posted by The Ledger Gazette and is the sole property of of The Ledger Gazette. If you are accessing this story on another publication, it was illegally copied and reposted in violation of U.S. and international copyright and trademark legislation. The legal version of this story can be read at https://ledgergazette.com/2017/12/08/interdigitals-idcc-buy-rating-reiterated-at-b-riley.html.

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.

Receive News & Ratings for InterDigital Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for InterDigital Inc. and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply