InterDigital Inc. (IDCC) Sets New 52-Week High at $66.10
InterDigital Inc. (NASDAQ:IDCC)’s share price hit a new 52-week high during mid-day trading on Monday . The company traded as high as $66.10 and last traded at $65.78, with a volume of 128,716 shares changing hands. The stock had previously closed at $65.62.
IDCC has been the subject of a number of recent research reports. Zacks Investment Research cut shares of InterDigital from a “hold” rating to a “sell” rating in a research note on Wednesday, April 20th. TheStreet upgraded shares of InterDigital from a “hold” rating to a “buy” rating in a research note on Wednesday, August 3rd. Finally, B. Riley restated a “buy” rating and issued a $73.00 price objective on shares of InterDigital in a research note on Tuesday. One analyst has rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $66.75.
The stock’s 50-day moving average price is $57.80 and its 200 day moving average price is $54.42. The firm has a market capitalization of $2.32 billion and a P/E ratio of 19.15.
InterDigital (NASDAQ:IDCC) last issued its earnings results on Tuesday, August 2nd. The company reported $1.14 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.31 by $0.83. During the same quarter in the previous year, the firm posted $0.89 earnings per share. The firm had revenue of $75.90 million for the quarter, compared to analyst estimates of $76.60 million. InterDigital’s quarterly revenue was down 36.0% on a year-over-year basis. On average, equities analysts forecast that InterDigital Inc. will post $3.01 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, July 27th. Investors of record on Wednesday, July 13th were issued a dividend of $0.20 per share. The ex-dividend date of this dividend was Monday, July 11th. This represents a $0.80 dividend on an annualized basis and a yield of 1.18%.
In related news, EVP Jannie K. Lau sold 6,132 shares of the business’s stock in a transaction on Wednesday, June 8th. The shares were sold at an average price of $59.50, for a total transaction of $364,854.00. Following the transaction, the executive vice president now directly owns 19,169 shares in the company, valued at $1,140,555.50. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Jean F. Rankin sold 950 shares of the business’s stock in a transaction on Monday, June 13th. The stock was sold at an average price of $58.36, for a total transaction of $55,442.00. Following the transaction, the director now owns 19,639 shares in the company, valued at $1,146,132.04. The disclosure for this sale can be found here.
A number of institutional investors have recently modified their holdings of IDCC. California Public Employees Retirement System increased its position in shares of InterDigital by 0.6% in the fourth quarter. California Public Employees Retirement System now owns 112,600 shares of the company’s stock worth $5,522,000 after buying an additional 700 shares during the last quarter. Trexquant Investment LP increased its position in shares of InterDigital by 87.4% in the fourth quarter. Trexquant Investment LP now owns 22,300 shares of the company’s stock worth $1,094,000 after buying an additional 10,400 shares during the last quarter. Finally, Marshall Wace LLP increased its position in shares of InterDigital by 250.4% in the fourth quarter. Marshall Wace LLP now owns 141,693 shares of the company’s stock worth $6,949,000 after buying an additional 101,256 shares during the last quarter.
InterDigital, Inc (InterDigital) designs and develops advanced 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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