InterDigital, Inc. (NASDAQ:IDCC) Sees Large Drop in Short Interest

InterDigital, Inc. (NASDAQ:IDCC) saw a significant decrease in short interest in the month of September. As of September 30th, there was short interest totalling 3,900,000 shares, a decrease of 9.3% from the September 15th total of 4,300,000 shares. Based on an average daily trading volume, of 408,700 shares, the short-interest ratio is presently 9.5 days. Approximately 15.9% of the company’s stock are short sold.

Analysts Set New Price Targets

Several research firms recently commented on IDCC. StockNews.com upgraded InterDigital from a “hold” rating to a “buy” rating in a research note on Tuesday. Roth Mkm upped their price objective on InterDigital from $146.00 to $160.00 and gave the company a “buy” rating in a research note on Wednesday, September 11th.

Insider Transactions at InterDigital

In other news, Director Derek K. Aberle sold 2,005 shares of the company’s stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $134.40, for a total value of $269,472.00. Following the completion of the sale, the director now owns 7,639 shares of the company’s stock, valued at $1,026,681.60. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CTO Rajesh Pankaj sold 700 shares of the business’s stock in a transaction dated Monday, October 7th. The stock was sold at an average price of $142.78, for a total value of $99,946.00. Following the transaction, the chief technology officer now owns 54,984 shares in the company, valued at approximately $7,850,615.52. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Derek K. Aberle sold 2,005 shares of the business’s stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $134.40, for a total value of $269,472.00. Following the completion of the transaction, the director now owns 7,639 shares in the company, valued at approximately $1,026,681.60. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 5,205 shares of company stock valued at $716,218 over the last quarter. Company insiders own 2.30% of the company’s stock.

Hedge Funds Weigh In On InterDigital

Institutional investors have recently made changes to their positions in the stock. Wellington Management Group LLP grew its holdings in shares of InterDigital by 16.1% during the fourth quarter. Wellington Management Group LLP now owns 78,669 shares of the Wireless communications provider’s stock valued at $8,539,000 after purchasing an additional 10,926 shares during the last quarter. Duality Advisers LP grew its holdings in InterDigital by 1,380.5% in the 1st quarter. Duality Advisers LP now owns 32,320 shares of the Wireless communications provider’s stock worth $3,441,000 after buying an additional 30,137 shares in the last quarter. Allspring Global Investments Holdings LLC grew its holdings in InterDigital by 35.3% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 35,503 shares of the Wireless communications provider’s stock worth $3,780,000 after buying an additional 9,263 shares in the last quarter. Edgestream Partners L.P. grew its holdings in InterDigital by 118.5% in the 1st quarter. Edgestream Partners L.P. now owns 13,361 shares of the Wireless communications provider’s stock worth $1,422,000 after buying an additional 7,245 shares in the last quarter. Finally, Russell Investments Group Ltd. grew its holdings in InterDigital by 294,025.0% in the 1st quarter. Russell Investments Group Ltd. now owns 11,765 shares of the Wireless communications provider’s stock worth $1,253,000 after buying an additional 11,761 shares in the last quarter. 99.83% of the stock is owned by institutional investors.

InterDigital Stock Down 0.7 %

NASDAQ IDCC traded down $1.08 on Thursday, hitting $155.74. 29,022 shares of the stock traded hands, compared to its average volume of 459,184. The stock has a 50-day moving average of $139.20 and a 200 day moving average of $121.63. InterDigital has a twelve month low of $74.65 and a twelve month high of $157.15. The company has a market capitalization of $3.93 billion, a P/E ratio of 23.06, a price-to-earnings-growth ratio of 0.94 and a beta of 1.39. The company has a current ratio of 1.51, a quick ratio of 1.51 and a debt-to-equity ratio of 0.03.

InterDigital (NASDAQ:IDCC) last posted its earnings results on Thursday, August 1st. The Wireless communications provider reported $4.20 EPS for the quarter, beating the consensus estimate of $0.43 by $3.77. The company had revenue of $223.49 million during the quarter, compared to analyst estimates of $95.63 million. InterDigital had a return on equity of 44.57% and a net margin of 37.99%. As a group, analysts expect that InterDigital will post 9.04 earnings per share for the current fiscal year.

InterDigital Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 23rd. Stockholders of record on Wednesday, October 9th will be issued a dividend of $0.45 per share. The ex-dividend date of this dividend is Wednesday, October 9th. This is a positive change from InterDigital’s previous quarterly dividend of $0.40. This represents a $1.80 annualized dividend and a dividend yield of 1.16%. InterDigital’s dividend payout ratio is 26.47%.

About InterDigital

InterDigital, Inc operates as a global research and development company with focus primarily on wireless, visual, artificial intelligence (AI), and related technologies. The company engages in the design and development of technologies that enable connected in a range of communications and entertainment products and services, which are licensed to companies providing such products and services, including makers of wireless communications, consumer electronics, IoT devices, and cars and other motor vehicles, as well as providers of cloud-based services, such as video streaming.